News outlets have been warning of a potential recession for a while now, and it’s no secret that marketing services are often the first items to go in the event of a recession. In 2009, the last year of the Great Recession, United States advertising spend fell by 12%, while it plummeted 9% globally. What’s more, a February 2019 survey of CMOs revealed that most CMOs are “on the fence” about the U.S. economy.
So what can agency leaders do to prepare for a recession properly? Based on interactions AMI has had with our partner agencies, we have identified these top four trends that may affect how your agency prepares for the future.
I recently contributed this article to SpinSucks.com discussing some steps agency leaders can take to prepare for another recession. I hope it provides some valuable insights into how to run a more productive agency, and I look forward to hearing your feedback on it!