Explore public sector work
The United States Government is the largest purchaser of goods and services in the world. Collectively, federal agencies and departments spend more than $2 billion each year on services related to marketing communications. While half of that is gobbled up by the advertising industry’s largest holding companies, the rest goes to firms of all shapes and sizes. If you have the experience the government seeks, you might be able to parlay it into a sizable new revenue stream.
There are plenty of federal agencies, departments, and programs with missions related to health care. If you helped a medical device company with a rebrand, for instance, or drove a big increase in membership for a primary care network, there’s a good chance your experience would at least attract their attention when choosing a partner to unveil a new program or attract new qualified specialists.
Local and state governments need marketing communications services too, and unlike federal agencies, every marketing communications firm has one of these prospects essentially in their own backyard. Major programs such as state lotteries, tourism initiatives and public health campaigns can become significant revenue sources for the firms chosen to oversee them—and states generally don’t set the same past performance requirements found in federal RFPs.
Make a deal
Merger and acquisition activity in the marketing industry remains elevated, to say the least. Even amid growing fears of a recession, research recently published in the Wall Street Journal indicates year-over-year deal volume increased by 38% during the first half of 2022, while global M&A contracted by 20%.
Whether selling to a larger competitor, a private equity firm, a group of employees or members of your own family, if you approach a sale strategically, you could set yourself and your agency up for a bright future. For leaders of well-performing businesses who aren’t thrilled at the prospect of leading their company through another recession, this could be a prudent option.
Whether we’re truly entering a recession, the marketing sector will face important challenges soon. There will also be opportunities. Combining your resources and capabilities with a rival, strengthening loyalty with top customers or adding new revenue streams are just a few ways you could achieve short-term growth and make your agency more resilient in the long run.