The 2008 recession was a challenge for many agencies and their clients.

The 2020 pandemic was an even bigger challenge for many agencies and their clients.

But what we’re dealing with today is different.

It feels different, it’s happened faster, and it’s impacting the marketing and advertising world in what appears to be a much more significant way.

We walked into the year with the media telling us a recession was looming. We’ve been living with high inflation and even higher interest rates, and we’re all dealing with generally lower consumer confidence.

But it does appear like things are moving in a slightly better direction.

We’re seeing more of our agency clients win new business.  More of our agency clients connecting with you marketers.

While we’re all digging our way out of the challenges presented to us this year, I believe 2024 will bring better things to both marketers and agencies…if they play it right.

How are YOU feeling about 2024?

In our latest New Year Outlook survey (which will be released in January), we are seeing a leaning toward more optimism, which is a good thing. This has been a tough year for marketers and for agencies. Cutbacks have really hurt agencies. Saw recently that Wray Ward, one of Charlotte’s biggest agencies, has laid off 25% of their staff in recent months.  Seeing these stories about agency cutbacks – what seems like weekly.

We’ve also seen companies feel the same pinch and have to make the same hard cuts in internal staff.

Puts everyone in a tough position going into 2024 – fewer resources internally, lesser resourced agency partners externally.

What to do?

If you value your agency partnerships, as the New Year turns and new budgets reveal themselves, get back on that horse and kick new project activity back into gear.  If your agency is consistently the recipient of lack of work, it will only impact you and your brand.

You also need to take a look at the agencies you’re working with.  During the pandemic many were hit hard and the assist that marketers used to get from their firms became harder to get because they didn’t have the same level of resources to support their clients’ businesses.  Seeing that right now with a search we’re running for a big SW health system. Smaller agency pre-pandemic.  Even smaller post pandemic – and has never really recovered.

If you feel like one or more of your agencies is in this kind of position, and you’re feeling like you’re ready to turn things back on after the turn of the year, might be time to think about agency alternatives to support your business.  Take a hard look at your firm and make sure they’re as equipped today to carry your business forward as they were a year ago.  If you sense they might not be, have that hard conversation with them about the state of their affairs, be honest with them about your plans for the New Year, and make sure they’re ready and able to move your brand and company forward as we move into 2024.

Need help finding a new agency?  Or want to talk about your current situation.  Feel free to drop us a line (mark@rswas.com).

Here’s to a great 2024!

Also, if interested, here is a link to our New Year Outlook survey:  NYO Survey.

We would welcome your perspective!