Joining Omar Oakes (Editor, The Media Leader), Ryan Kangisser highlights some of the themes and reaction coming out of the recent report into the Future of Agency Models, and ultimately how marketers are seeking to optimise their agency model in 2024.
With only 1 in 10 (11%) major multinational brands believing the current agency model fits their future needs and 1 in 4 big brand marketers believing the current agency model is “unfit for future purpose”, findings from the WFA & MediaSense Future of Media Agency Models report calls for a new breed of agile, specialist and tech-focussed agencies.
Topics discussed:
- The shift, particularly in the last two-three years, where brands have become more precise, intentional and direct about what they expect from their media agency models
- How findings from the report calls for a new breed of agency that adds more value to a centralised model that better mirrors advertiser’s internal needs
- The move away from a fixed-fee model, instead, focusing on outcome-based approaches for agency incentives and remuneration
- How brands are reconsidering the role of paid media in relation to earned and owned media and aiming for a more effective combination
- Industry talent and the shift from recruitment crisis to current emphasis on retaining talent
Reports & Research Referenced:
WFA & MediaSense Future of Media Agency Models Report
WFA & MediaSense Media’s Got Talent? Report
MediaSense’s Media 20:20 Research Programme