The COVID-19 pandemic has taken a heavy financial toll on companies and has dramatically altered the operations and business models of those that remain.
A survey of executives by Chicago-based digital marketing shop Digital Third Coast shows that marketing and advertising agencies haven’t been exempt from this phenomenon.
DTC’s survey, which asked executives about their agency’s experience since the start of the pandemic and how their business has been impacted, as a result, found that nearly three-quarters (74 percent) of agencies polled were forced to make financial changes because of COVID-19.
Additionally, more than two-thirds (68 percent) said COVID-has altered how their company operates as well.
Three-quarters (75 percent) of executives polled said the pandemic has forced their agency to change their service offerings in some way. Among them, nearly half (48 percent) said they’ve amended their current service offerings, while nearly a third (29 percent) said they now offer new services in light of COVID-19. 16 percent said they’ve reduced the price of their services while an additional 16 percent said they’ve brainstormed new potential service offerings.
Only six percent said COVID-19 has resulted in the agency offering fewer services or increasing the current prices of its services.
DTC’s survey polled 30 marketing and advertising agency executives between August and September.