It was interesting to read Gideon Spanier’s article in the Evening Standard last night.
The gist of it is that there is an increase in the number of smaller, more specialist breakaway PR agencies forming, coupled with the consolidation of some of the bigger firms. The good money is on these smaller specialist agencies taking business from larger PR firms, as more and more brands are starting to think they are over-paying their current mid-large size incumbents. Equally, the larger firms are all merging, thereby hoping to secure more global accounts from multinational brands.
What struck me most about the article is that we have been sending out mailers to agencies for several years with similar messages – certainly since the rumours about economic slowdown started circulating prior to the 2008 recession.
This practice of forming breakaway specialist agencies crosses many other marketing disciplines in times of recession, as the tide of accounts flowing between agencies doesn’t just stop – brands will always need to get their messages out there in one way or another.
If anyone reading this has formed a new agency and would like advice on how to maximise your potential to win new business, or similarly if you feel you are one of the agencies in danger of being left adrift then help is at hand, so give us a call.