As the pandemic continues, more marketers are shaking up their agency mix. The latest is Visa, which announced Wednesday it was conducting a review for a creative global agency of record. A spokeswoman noted that it is “regular practice” for such an evaluation by Visa of external partners.
“This is a natural inflection point, a time of great introspection and change, and we want to challenge ourselves and our partners to ensure that the Visa brand continues to be one of the most powerful in the world, and a core asset of the Visa story,” she said in a statement. “It is a good time for us to understand the diversity of agencies and talent available to ensure that we bring our work to life globally in the most compelling and impactful way.”
Visa has been working with Omnicom agencies BBDO and TBWA for more than three decades. The brand currently works with BBDO and Saatchi & Saatchi; both were invited to pitch to retain the business. The estimated annual global media spend for Visa is $200 million, according to data compiled by Comvergence. The review is expected to conclude by the end of the year.