The marketing agency industry is a rapidly evolving and changing space. While this changing environment has clearly brought a lot of upside and opportunity to many businesses across the country, it has also left the door wide open for unscrupulous behavior to take place. Below I outline some of the issues with the space in 2017.
Complexity of Marketing in Today’s Day and Age
The marketing agency business has evolved over the years. What was once a straightforward service based relationship where an agency would offer TV, Radio, Direct Mail or Flyers to their clients has now become a much more complicated experience. The work being done by an agency in the past was easily quantifiable and traceable. There was very little a marketing agency did that the business owner wasn’t aware of and on top of. With the internet and all the complexities of today’s marketing environment, it is impossible for a business owner to keep a full grip on everything a marketing agency is doing. Not only is it complex, it is also time consuming to monitor. This complexity has lead many marketing agencies down a path that is not only detrimental for the agency industry but for the clients they service.
Chasing the Money
Agencies charge a lot more in this day and age then they ever could of in the past. The internet has brought a lot more revenue potential to companies who learn how to properly market. A good marketing campaign done in as little as a couple days could generate millions of dollars in revenue for a business. With this much possibility, comes a lot of promises. This has led many business owners to overpay for services based on the dream they were sold.
New Agencies Enter the Market Everyday
With the cost of starting a business becoming almost nil and with the emergence of online education, the wave of new agencies entering the market has exponentially grown over the years. What once had a decent barrier to entry now requires very little effort or commitment. This has led to a lot of inexperienced agencies jumping into the market with very little experience or actual passion and care for the craft. This has become a problem for business owners as identifying between who is qualified and who isn’t has become difficult. Building a reputable looking marketing agency website is very easy to do so differentiating between qualified and unqualified agencies has become more and more difficult.
Above are just a few examples of the problems the marketing agency industry has today. It is important to note that regardless of all the issues, the value that a good marketing agency partner can provide is immeasurable. That’s why finding the right marketing agency partner should be every business owner’s main priority.