Of the reasons why it was “harder or a lot harder” to obtain new business, the majority of agencies said prospects were more difficult to reach and there was fewer new business opportunities.
Observation: Agencies tend to put new business practices on the back burner when times are good and they are busy. Then attempt to jump-start their new business pipeline in difficult times. When we experience a down market usually agency referral business dries up.
Michael Gass Consulting recently sponsored the 2008 Advertising Agency New Business Survey, a national online survey of small to midsize advertising agencies. The purpose of the survey was to gain insight into the perceptions and trends regarding agency new business in light of the current tumultuous economic climate.
Our sample came from a database of 4,955 U.S. full-service advertising agencies ranging in staff size from 5 to 80 full-time employees. An online link to the survey was also made available. We emailed the survey advertising agency CEOs and new business directors in August and kept the survey open through October 5, 2008 using an online questionnaire. There were 302 agencies that responded.
The survey was developed and results analyzed by Michael Gass Consulting, with greatly appreciated support and input from Dr. Phillip S. Rogers. Special thanks to THE LIST for providing the data sampling.