As agency leaders face increasingly complex challenges, the Agency Core Study of 2024 delves into critical issues shaping the future of small and mid-sized agencies. Conducted with a commitment to unbiased, independent research, this study aims to give agency professionals clear insights into current challenges and reveal strategies their peers are using to navigate a changing landscape.

Here’s a preview of the themes that emerged as focal points in this year’s research, offering a snapshot of the issues that matter most to today’s agencies.

• Adapting Economic and Market Shifts

  Economic shifts and changing client behaviors have pushed agencies to adapt both strategy and operations. The 2024 study delves into how agency leaders are responding to these changes, from recalibrating service offerings to refining internal processes.

  The study asks how agencies are mitigating risk and capitalizing on opportunities brought about by economic fluctuations and a competitive landscape​.

• Strategic Partnerships and Collaboration

  Agency partnerships are becoming more strategic, with leaders exploring new ways to expand capabilities through alliances. The study uncovers how agencies are embracing partnerships, the challenges they face when sharing client work, and the measures they take to protect their reputation.

  This theme highlights agency leaders’ cautious but open approach to partnerships, seeking the right balance between competitive advantage and collaborative growth​​.

• Responding to In-house Marketing Teams

  With more clients building in-house teams, agencies face unique challenges and opportunities in maintaining relevance. The study examines the types of work agencies perform for clients with internal marketing capabilities, such as focusing more on strategic advisory roles.

  It also addresses the hurdles agencies encounter when collaborating with in-house teams, ranging from scope definition to expectations management​​.

• Agency Differentiation and Specialization

  A key theme in the 2024 study is the continued importance of specialization. Agencies are increasingly recognizing the need to stand out by focusing on niche expertise or unique service areas. Leaders are using this strategy to position themselves as thought leaders, building trust and appeal among clients who prioritize depth of expertise.

  This year’s findings also explore which differentiation strategies are most successful in attracting and retaining clients​​.

• Building First-party Data Assets

  First-party data has become an invaluable resource for agencies looking to maintain competitive relevance and deliver customized client solutions. The 2024 study investigates how agencies are building, managing, and leveraging first-party data as privacy regulations evolve and clients demand greater personalization.

  From data collection strategies to data-driven decision-making, the study uncovers approaches that agencies are adopting to stay ahead​.

• Talent Retention and Flexibility Initiatives

  Agencies continue to face staffing challenges, with leaders actively seeking ways to retain skilled employees in a tight labor market. Flexibility in work location and scheduling stands out as a successful retention strategy, along with regular engagement between senior leadership and staff.

  The study offers insights into the programs agencies are deploying to keep talent engaged, from employee appreciation to professional development initiatives​.

The findings of the 2024 study underscore a dynamic agency landscape where success is increasingly tied to adaptability, collaboration, and specialization. By addressing these critical themes, agencies can better prepare for shifting client expectations and a competitive marketplace.

Interested in seeing the full results? Stay tuned for the public release, or subscribe to Agency Core’s newsletter to receive early access and exclusive insights from industry experts.

The Agency Core 2024 study promises to offer essential insights and actionable strategies for agency leaders. These focus areas illustrate how the industry is evolving to meet current demands and prepare for the future.

By analyzing economic trends, exploring strategic partnerships, adjusting to in-house marketing teams, focusing on specialization, building data assets, and retaining top talent, agencies can position themselves for long-term success.