Marketing & Advertising Trends 2024
Navigate through the current trends and challenges faced by agencies with our monthly highlighted chart from the COR Report. Discover an exclusive analysis of critical insights and industry benchmarks each month.
What percentage of your team's time is dedicated to rework?
Most agencies estimate that between 15% and 40% of their team’s time is dedicated to rework.
The industry is facing a structural problem in its business models and suggests critical areas for improvement in project management and alignment with client expectations.
Requests for changes in work are among the main reasons why a project may undergo budget changes. Each time there is a change in this regard, it means that the established budget may become outdated and the profit margin may not be as originally agreed.
The lack of tracking changes in each project can lead to operational inefficiencies and potential loss of revenue.
It is important to make periodic adjustments to the scope of work and not wait for a long period of time to take corrective actions:
Along with clear and open communication, periodic reviews of the scope of work are crucial: Budgets are adjusted periodically by reviewing the hours and resources used and enabling with concrete data the tracking of fees and not waiting to charge for something that happened a year ago.
It is important to recognize that these types of improvements cannot occur without having complete information about our operations.
