2021 still looks like economic uncertainty. The digital marketers have indicated that the agencies are being remarkably resilient. This is according to the CallRail survey of 167 global marketing leaders. The findings are proving that the Outlook for digital marketing agencies will end 2020 on a high, with the annual revenue expected to exceed that of 2019.
The agencies overall have had a satisfactory report across different business areas based on talent, expertise, customer service, and positioning. When they were asked about their ability to sustain and attain key growth, like client leads and closing a new business, most of the agencies have expressed strong confidence that it is possible.
88% of agencies indicated that they are satisfied with the financial health of the agency. Only 3% of them were extremely unsatisfied. In the findings, the agencies have also anticipated that they are going to exceed the 2019 revenue by a fair margin.
Kyle Shurtz, who is the vice president of performance at Avalaunch Media, reported an increase in business. "Because we focus more on online advertising, we had more number of businesses come as people have shifted from offline to online.” He further added that the same is expected in 2021 as well and their goal is to grow by about 20% year-over-year.
Even for the handful of those companies or agencies who are seeing a dip in the revenue, they will still have a silver lining by the end of 2020.
Molly Randolph from The Barbauld Agency said, "Pandemic forced them to look at their business and make decisions they wouldn't have made otherwise. We have known to became more profitable because we shrunk so much. But, we would never have gotten rid of our offices or our subscriptions. We would have let them linger without COVID."
Dale Powell, managing director of Atomic Marketing, concurs. "We had a lot of time to assess and think about the direction of our business and the types of clients we wanted to work with." "So we made some calculated decisions to move pricing up a notch and take a more steady hold to say 'this is our price,' which has eliminated the time wasters." Powell also predicted that his agency would see a revenue rise compared to that of 2019.
The best news is that it's not all doom. There are many organizations that are being too optimistic about the future. Having spent most of the year helping clients in sectors like law, education, and healthcare, the future looks bright in a few areas of marketing. It conclude the Outlook for digital marketing agencies will end 2020 on a high.