Institutionalizing change: What's ahead for agencies in 2022
A new article on Marketing Dive reports that Forrester predicts agencies will embrace changes forced by the pandemic and try to innovate on fronts like staffing, digital media and the metaverse.
Agencies will face a myriad of issues and opportunities -- often with significant overlap between the two -- in the months ahead, including staffing, a possible leadership crisis, ongoing growth for in-house agencies and retail media networks, and the rise of the metaverse, according to a pair of fresh reports from Forrester Research provided to Marketing Dive.
The Great Resignation
Forrester's "Predictions 2022: Agencies" report asserts staffing will be a concern throughout the year. The report estimates the industry is currently facing an acute staff shortage of perhaps 50,000 people globally. This shortfall is a result of several factors, including the rise of remote work, the gig economy, layoffs and the so-called Great Resignation resulting from people's shifting post-pandemic priorities.
Finding a lifeline
In addition, Forrester predicts in-house agencies will begin taking a larger role in setting and creating their companies' marketing campaigns. According to Forrester's research, 77% of in-house agencies reported that the number of projects increased during the pandemic, and 75% of in-house department leaders said their departments had expanded their capabilities. The trend does not appear to be slowing; according to Forrester's August 2021 CMO Pulse Survey, 44% of CMOs said they plan to move more marketing in-house over the next year, which will expand their in-house teams.
A tsunami of shoppable video ads
Agencies will also look to demonstrate their creativity in direct-to-consumer e-commerce channels, including retail media. In a separate report, "Predictions 2022: Media and Advertising," Forrester projects revenue from the retail media category will reach $50 billion as more retailers develop networks and more brands feel they need to be a part of them.
Agencies will face a myriad of issues and opportunities -- often with significant overlap between the two -- in the months ahead, including staffing, a possible leadership crisis, ongoing growth for in-house agencies and retail media networks, and the rise of the metaverse, according to a pair of fresh reports from Forrester Research provided to Marketing Dive.
The Great Resignation
Forrester's "Predictions 2022: Agencies" report asserts staffing will be a concern throughout the year. The report estimates the industry is currently facing an acute staff shortage of perhaps 50,000 people globally. This shortfall is a result of several factors, including the rise of remote work, the gig economy, layoffs and the so-called Great Resignation resulting from people's shifting post-pandemic priorities.
Finding a lifeline
In addition, Forrester predicts in-house agencies will begin taking a larger role in setting and creating their companies' marketing campaigns. According to Forrester's research, 77% of in-house agencies reported that the number of projects increased during the pandemic, and 75% of in-house department leaders said their departments had expanded their capabilities. The trend does not appear to be slowing; according to Forrester's August 2021 CMO Pulse Survey, 44% of CMOs said they plan to move more marketing in-house over the next year, which will expand their in-house teams.
A tsunami of shoppable video ads
Agencies will also look to demonstrate their creativity in direct-to-consumer e-commerce channels, including retail media. In a separate report, "Predictions 2022: Media and Advertising," Forrester projects revenue from the retail media category will reach $50 billion as more retailers develop networks and more brands feel they need to be a part of them.
