2009 has become the year to forget for the advertising industry.
“If you look at 2009, we have not seen a convergence of so many issues and crises at the same time. It was the perfect storm,”says Maurice Levy, chief executive of Publicis Groupe, one of the world’s largest ad companies, with clients including General Motors, Procter & Gamble and Coca-Cola.
It’s “the worst” the business has seen since Zenith began tracking ad spending 21 years ago and “likely the worst since World War II,” says Steve King, Zenith’s global CEO. “It’s been between bad and horrific.”
Over 163,400 advertising jobs lost since the beginning of the recession.
A round-up of some predictions for the advertising industry for 2010 may be brighter but still a difficult year ahead.
For Ad Industry, 2010 Promises Scant Relief – WSJ
More Firing Than Hiring at Ad Agencies – Ad Age
Seven Predictions for 2010 from eMarketer’s CEO
‘Great Race’ Between Traditional, Digital Shops – ADWEEK
Four ways technology will change advertising in 2010 – CSMonitor.com
How To Fix A Broken Advertising Industry – Forbes
Convergence at Heart of Top 2010 Ad Trends – Nielsen
A lot of small-to mid-size ad agencies have been the exception to the gloom and doom of 2009. Many have actually prospered during this period. 2010 could be a break out year for your agency’s new business if your agency has a consistent inbound new business pipeline generated by a clear focus and appealing point of differentiation to a specific target audience.
Additional articles that may be of interest:
- IBM Study: The end of advertising as we know it
- Is it the end for cold calling as an agency new business tactic?
- Social Media Impacts Ad Agency New Business
- A Revolutionary Time for Ad Agency New Business
- Agencies Gaining New Business Opportunities Using Social Media
- Unconventional Times Call for Unconventional New Business Methods
- Four Ways Social Media is Changing Advertising Agencies New Business
if 2009 is the year to forget, i think 2010 will be the year to remember. Clients will climb out of their shell and be more knowledgeable than their agencies. Those who can respond instead of react should have some big opportunities.