The complexities of the digital world are prompting many advertisers to rethink how they plan and buy media. MediaCom's Nick Lawson explains how media agencies should respond.
New technology has created new challenges for brands. Since 2012, the time consumers spend with traditional media has dropped in 29 key markets around the world – including in the US and UK – and brands are being forced to rethink how they communicate.
Worryingly, some marketers are questioning whether agencies can help them solve these challenges; 55% now say existing roster models are not fit for purpose, and, in 2017, three out of four considered reviewing their agencies. Some even started bringing media in-house.
What’s more, media agencies are facing new competition from outside of the industry. They’re not only competing against other agencies for business but increasingly, consultants and media owners.
Coupled with the increasing complexity of the consumer journey and the fact that clients are under pressure to cut costs, it’s no surprise that some agencies are having an identity crisis. So, how should they respond?
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