Stagwell Chairman and CEO Mark Penn said last week that the holding company’s new business pipeline is 50% higher than last year—more evidence of an overall uptick in agency reviews. But there’s a catch: the accounts in review are significantly smaller than in the past, leading to a more competitive environment overall for the industry.
New business has its typical cycles. There are likely to be increases in new business opportunities at the end of the year and the start of the year as well as in May, as companies plan for back-to-school season, said Tombras Chief Growth Officer Maggie Jennings. Jennings said she is seeing reviews last longer than usual and fewer consultant-led pitches. Full-service creative review scopes have also changed as clients look to make their budgets work harder, she said.