B2B marketing expertise will shift to agencies in 2023: What are the adland predictions? – Marketing Interactive

B2B marketing expertise will shift to agencies in 2023: What are the adland predictions? – Marketing Interactive

Talent is a company’s greatest asset and also an area that companies normally struggle with, especially when it comes to retaining good talent. The marketing and advertising scene is not spared from the talent crunch either, having to deal with the Great Resignation and quiet quitting. The hybrid working model has also changed how employees interact with one another.
As agencies gear up for 2023, some talent transformation is expected, and according to Forrester, they will eventually force a culture change in agencies. Here are the five ways agency culture is expected to shift.
1. Race to acquire B2B marketing expertise
Forrester predicts that about 3% to 5% of client-side B2B marketing expertise will shift to agencies next year, as marketers move more dollars into B2B digital and marketing transformation.
This flow of talent signifies another culture shift within agencies as the worlds of B2B versus B2C, specialist versus generalist, and client versus agency collide next year.
According to Forrester, B2B marketing services open up a significant revenue channel for B2C agencies and B2B agencies themselves. In fact, the market for B2B marketing services is expected to hit US$30 billion. Even traditional holding companies have doubled down on their B2B ambitions, with dentsu consolidating DWA and Gyro into Merkle, for example, and Publicis Groupe purchasing Octopus Group.
2. Digital media function to be outsourced
The digital media function is expected to be outsourced to agencies next year from brands that are reluctant to take responsibility over consumer privacy in paid media. Also, 20% of media management master services agreements are expected to be rewritten in the new year to ensure that media agencies will take more consumer privacy and data risks.
As big tech makes changes to its policies in line with consumer privacy and the regulatory environment requires brands to do more for privacy accountability, Forrester said brands will not allow in-house media centres of excellence to take on uncapped liability for a breach. However, agencies will factor in uncapped and capped privacy liability into their costs and contracts, and Forrester added that buying power will mitigate agencies‘ exposure.
At the same time, responsibility over digital media strategy is expected to fall back on agencies as in-house digital media capabilities only exist in fewer than 20% of in-house agency operations.
3. Hybrid work a disadvantage to agencies’ creative culture
The agency’s physical culture is expected to be replaced by a virtual one next year. Unfortunately, the virtual culture will no longer provide the same dynamism of in-person collaboration or presentation that so strongly differentiates agencies. This comes as the hybrid working model has become a norm now, changing how agency employees interact and collaborate with one another.
4. Product-plus-service opportunities will lead to change in agency leadership
The skillset and role of a client services leader will be replaced by a product marketing leader in 2023. While agencies have relied on the former for more than a century, Forrester said a product marketing leader is more suited to manage the growing portfolio of products and solutions within agencies.
A new type of leader who has expertise in product marketing and strategy expertise will now take charge, with more product-savvy leaders helming positions such as president and CEO within agencies. Forrester cited IPG as an example, explaining that the traditional holding company appointed software entrepreneur turned agency executive Philippe Krakowsky to succeed Michael Roth in 2019.
5. Web3/metaverse follies to accelerate digitisation of creative/media agency skillsets
Given the rise in popularity of Web3 and the metaverse in recent times, agencies will double down on their investments in this space. In fact, their investments will involve the following.
– Building or purchasing creative/design for digital interfaces
– Consulting services for metaverse and Web3 strategy
– Media and platform partnerships with companies such as Meta, Roblox, and Fortnite.
Positions in analytics, computer sciences, and digital interface design are also expected to grow by 20% within agencies in the new year, just like how they did in 2019 and 2021. In fact, the growth in the digital jobs is also expected to be fuelled by layoffs within tech and media companies such as Netflix, Shopify, and Tesla.
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