Ad Agency Business Performance so far in ’24: 3 Takeaways Ep. 105
Ad Agency Business Performance so far in ’24: 3 Takeaways Ep. 105
Welcome to “3 Takeaways”, our agency new business video series where we give you three takeaways to help improve your new business program.
We just released our 2024 RSW/US Mid-Year Progress Report-we surveyed ad agencies and marketers at the end of June as a follow up to our 2024 New Year Outlook Report in January, and we’ve got some stats to report to you agencies out there.
The first one comes from this question we asked agencies:
How was your business performance the 1st half of 24 versus the first half of 23?
Happy to report 62% of agencies said there was some improvement, or it was significantly better.
’23 was rough, agencies needed this.
So let’s dig into some of the reasons behind this stat, and a few things to be aware of for the rest of the year.
Here’s your first takeaway:
Sales pipelines increased
One agency responded with “We have a solid sales pipeline again”.
We’re not out of those 2023 woods all the way yet, but if your agency is not actively pursuing new business, you need to start yesterday, because pipelines are generally stronger so far in 2023.
Alright, second takeaway:
Specialized agencies are in a better position
One agency responded: “We have really honed our niche and are actively promoting it. Starting to see returns!”
I’ve said it before in this series, specialization doesn’t mean you only focus on one vertical.
But you do need focus, that’s what prospects are looking for.
And your third takeaway:
Mixed project sizes and client spending caution
Not all roses and rainbows at this point.
Activity is increasing, but certainly seeing some agencies experiencing a mix of larger and smaller projects.
One agency said:
More activity, but with smaller projects to supplement, while working to retain all our current clients
And then despite an increase in leads and pipeline, some agencies are still seeing some slower deal closures, reminiscent of 2023.
One agency said: “greater lead volume and pipeline activity, still slow to close”.
Look, if nothing else, you’ve got to take advantage of what’s coming in the rest of 2024 and you’ve got to get that business development strategy and process in place as soon as possible.
So, again, not completely out of the 2023 woods yet, but definite signs of optimism at this halfway point in the year, and more stats and data for your agency in our latest report, which you can download now at no cost.
All right, we’ve got more videos around our report coming in the next several weeks.
Thanks for watching.
You can get more of our content at rswus.com, just hit that resources drop down.
