Many global brands still rely on one agency partner to help with their marketing efforts.
However, a new research-based guide shows that few CMOs are actually satisfied with the overall products and services they are receiving.
In Developing a Modern Agency Ecosystem, The CMO Club in thought leadership with Globality surveyed 106 CMOs (mostly from global B2C and B2B brands) about their experiences with the traditional Agency of Record (AOR) model.
Among the report’s insights and findings:
- Just under half (46%) of CMOs surveyed are still using the traditional AOR model; but only 14% reported being very satisfied. The most common reason for CMO dissatisfaction was a lack of creativity and innovation within AORs.
- CMOs also reported feeling dissatisfied with their AORs’ ability to handle the ongoing day-to-day demands associated with generating quality content for social and digital platforms.
- Meanwhile, CMOs also believe their AORs’ capabilities are too narrow for their needs, resulting in brands having to diversify and expand their stream of providers (in some cases, eschewing the AOR altogether).
- The tide seems to be turning toward the use of smaller and mid-sized agencies for marketing – with CMOs reporting they have more specialized knowledge, increased value, more creativity, and better market knowledge.
- However, CMOs also say that researching, vetting and ultimately changing agencies is a time-consuming and difficult process.
In addition to providing an overview of the current and changing landscape, Developing a Modern Agency Ecosystem also shares alternative ecosystems that global brands are turning to.
Click here to read how Georgia-Pacific, Kelly Services, Keds, Diageo, Bayer, and HP have shifted their strategies – helping them acquire the best innovative thinking, expertise and efficiencies from partners on all marketing fronts.