Agencies Show Confidence Going into 2015
December 08, 2014 | 11:07am
-Primary Challenges for Agencies Emerge-
As agencies prepare for 2015, data from STRATA’s most recent Quarterly Agency Survey show they are reporting strong numbers in business growth.
Almost half of the agencies polled in our third quarter agency survey say they see their business increasing more this quarter when compared to last year (46%). With an increase in business, hiring plans are also up as 29% of agencies plan to hire staff this year, which is up 33% from last year. A small amount of agencies (only 4%) reported that they plan on decreasing their staff.
The positive numbers, however, are also mixed with emerging challenges for agencies. Reflective of the continued changes to the advertising landscape, media mix came in as the time agency challenge for the first time in the history of the STRATA Agency Survey at 28%. Client attraction was the second most reported challenge for 27% of agencies, a 34% fall from a year ago to second place.
While these numbers should give the ad industry confidence as they ring in the New Year, 2015 will also likely be a year for many agencies to address these new challenges.