We’re only a month away from a new year, but it seems like only yesterday when the world halted because of the coronavirus. Most businesses were forced to adopt a new strategy, but what does this great shift mean for agencies leading into the new year?
Below is our list of how we anticipate digital marketing agencies to change due to COVID-19.
Reposition, restrategize, reinvent
Many would like to believe that digital marketing organizations will be left unscathed by the current pandemic. How would they be affected when they’ve had online operations since day one?
The answer: wrong. All industries have taken a hit, and digital agencies are no exception. According to a survey, 68% of these agencies reported experiencing losses in overall revenue over the past few months. Experts predict that COVID-19’s impact will last from six to 12 months, so it’s crucial to keep an eye on any cost or market changes.
Expanded services for new clients
With age-old brands and brick-and-mortar shops finally going digital, the current market is flooded with clients from different industries. This allows agencies to diversify their portfolio and educate newcomers on digital marketing.
Branching out and accepting a mixed bag of clientele is undoubtedly a worthwhile experience. Not only does it keep the agency afloat, but you’re also cashing in on the decreased competition!
More flexible agency-client partnerships
Almost all companies and shops were badly hit by the pandemic. Some businesses had to close, while most had to let go of people and cut back on expenses. Believe it or not, everyone is practically in the same boat.
With that in mind, agencies have become more open to flexible partnerships that allow more freedom and scope on both sides.
Increased investment in outsourcing
Everyone’s a bit more careful with how they spend their money these days. Most countries have already entered a recession, while some have been slowly rebuilding after a drastic economic dip.
Some firms and institutions may want to consider outsourcing instead of hiring full-time employees. For example, outsourcing to a digital advertising agency in Melbourne comes with reduced risks, and you still get the service you need. It’s a terrific option, especially for agencies who want to conserve cash.
There’s no doubt that the pandemic tremendously changed the scope of the year for all of us. But being able to recover and further develop your business during this time will prove successful to those businesses that are proactive and are able to tackle the challenges head on.