Agency – Up until recently it had been reported that media agencies or an agency that specialises in media planning and buying only, were being made redundant by the larger full service agencies. Press reports claimed that the media agency ‘is dead’ and that their position within the market ‘is now deemed irrelevant’..
Financial conditions as they are, the media agency has even more importance than ever. Whilst creative agencies still try to cost their work as if each piece deserved to be auctioned at Sotheby’s, and media owners still rely on trading from rate card with traditional discounts, the media agency(s) are the only industry faction that have truly cemented their place as realists within an industry haemorrhaging funds with each and every ‘tap tap’ of the Financial Directors calculator!
Business’s desperately need more and more accountable and cost effective media, the people with the most access to this are the agencies that prepared for it many years ago. Agencies that buy the full range of media from Television to Inserts, with a range of client strategies; from Direct Response to Branding, who haven’t relied upon the fact that the old media marketplace was a safe market that would never change.
The successful agencies will be the early embracers of digital media, and they will not only survive the harsh market conditions, but thrive!
The good media agency by now has an established and experienced digital team that is up to date with the likes of social, mobile and content marketing. They are acutely aware of the shifting market and how to take advantage of it. Media that was possibly too expensive to clients before may now be within reach, media that wasn’t created before is now a necessity. With sound and calculated choices financial downturns are the perfect times to promote growth. Advertisers who continue to advertise whilst relying on innovative and informed agencies will emerge on the other side of this shrinking market lean, mean and even more keen to promote their wares and services.
The market will still provide challenges to media agencies and without doubt there will be a decline in numbers as late adopters try to catch up and advertisers choose not to spend, however, whilst marketers and business’s as a whole need even more competitively priced media and even greater ROI, the remaining media agencies will prosper and become even more important in the advertising arena.
Do you think that media agencies are better placed to survive a financial downturn?
Looking for a media buying agency? Check out https://www.improvemarketing.co.uk/media-buying
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