There was a feature in Campaign’s Media section on 13th November which exactly mirrors our own experience of the market during 2009, particularly in recent months.
Cormac Loughran and Euan Hudghton, the new biz head honchos of Mediaedge:cia and PHD respectively are musing about the unprecedented number of new business opportunities that have come about as a result of the economic downturn (Cormac states that almost 10% of the market is at pitch).
And it’s not just the media planning/buying discipline that’s seeing this trend – it’s across the board. The logic to this is simple but obvious; in a tough economic environment all brand owners need to achieve the maximum value from their marketing budgets. They want fresh ideas and a streamlined service and they know that there will be plenty of agencies falling over themselves for the opportunity to prove they can deliver this.
Agencies that have rested on their laurels by relying on incumbent accounts may find themselves in a very precarious position going into next year while those with a coherent new business strategy will be reaping the rewards – and this is the message we’ve been sending out all year.