Small and large agencies alike have endured cuts of varying size since the crisis began. In the past few months, WPP, McCann, VaynerMedia, R/GA, Omnicom Group, MullenLowe, Giant Spoon and others have reportedly either laid off or furloughed employees. Advertising agencies accounted for more than half of all reported layoffs as of May, according to Forrester, while digital and media agencies were less affected—partially thanks to their accelerated focus on digital media.
Agency headcount might not return to pre-pandemic levels, according to Forrester. And with an overall decline of 13.5%, it could hinder CMOs as they try to navigate increasingly complex marketing challenges. To address the changes, Pattisall says CMOs should start thinking about how to compensate agencies in a way that’s based not just on people but also the fees for tech. He says the evolution also will help CMOs to restructure resources inside of agencies.
Even before the Covid-19 crisis, brand marketers were increasingly looking to bring some marketing functions internally. According to a report published back in February by WARC and MediaLink, around 30% of marketers surveyed last fall said they manage ad-tech and programmatic buying in-house while 38% reported still using media agencies and 17% had a hybrid model.
“This is an opportunity for CMOs, CFOs and agency executives to restructure resources and the economic model for services,” Pattisall says. “CMOs need to take on compensation as part of the broader transformation initiative to drive growth.”
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