There is notable polarisation regarding what the role of the future agency will be in helping brands meet the most pressing changes expected to impact the consumer landscape over the coming decade, for which a pendulum of five models will be called upon.
These are the findings of a significant new IPA report, The Future of Brand and Agency Relationships, carried out by the Foresight Factory under Nigel Vaz’s presidential agenda and unveiled at the IPA’s Business Growth Conference.
Divided into three key areas, the report draws on new 2020 consumer research to analyse how consumer futures will be impacted in the 2020s using a framework of core human needs and macro consumer drivers. It examines the most significant developments that will shape brand and agency approaches to effective marketing in the 2020s via interviews with leading brand and agency experts and, crucially, it identifies the five core models of brand and agency relationships that will prove most effective in meeting the challenges and needs presented by these predicted changes to the consumer and industry landscape. Each of these models has its strength and weaknesses, ways of working, remuneration and measurement and varying degrees of growth potential.
The Future of Brand and Agency Relationships report
This report comes at a pivotal moment for agencies and their clients and should give us all food for thought. For agencies, it affords an opportunity to consider which business model will best suit them and help their clients to identify and realise value. For clients, it acts as a guide to which of their agency partners can help, how and when. The report concludes – as many of us intrinsically know to be true – that despite disruptive change, and sometimes because of it, there is an incredible opportunity ahead for agencies to become long-term and integral business partners to their clients, fundamental to their commercial success and sustainable growth.
Says Meabh Quoirin, CEO, Foresight Factory: “As our research shows, the consumer world is in a state of flux. We’ve never seen so many consumer trends being impacted and knocked-off course as we have due to the pandemic. Nevertheless, our analysis allows the industry to see beyond the immediate upheaval, enabling brands and agencies to imbed agility into their business practices over the coming decade, and empowering them to respond to a fluid and ever-changing consumer landscape.”