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 do you consider your biggest challenge this year?
More than 40% indicate the constant need to maximize revenue and improve profitability.
1 in 4 agencies has the need for visibility of all their operational information in one place.
Increasing billable hours was highlighted by 22%, pointing out the constant need to optimize efficiency and maximize revenue.
Currently, creative agencies face a series of challenges that directly impact their profitability and efficiency.
Among these challenges, the lack of visibility in operations, difficulty in measuring worked and billed hours, and the need to optimize resource allocation stand out. These pain points have become obstacles that hinder the growth and sustainable success of agencies.
Optimizing profitability begins with transparency and internal visibility of projects and resources. Lack of visibility in this aspect can lead to underutilization of resources and a decrease in profitability.
Transparency not only builds strong relationships with clients by sharing internal processes but is also essential for effective time and resource management.
We need to address what we consider the root of the main problems in every agency: the discrepancy in time between what is sold and what is executed. Consuming more time than estimated makes profitable work unprofitable, and teams that would be available for new projects end up overloaded with new requirements for the same deliverable.
This highlights the need for agencies to have a clear and transparent understanding of their daily operations in order to make informed and effective decisions.
The first step in ceasing to viewvisibility as a problem and transforming it into a benefit is to have all the project information in one place, thereby enabling the identification of deviations.
