Agencies Are Facing a Turbulent Marketplace. What They Can Do to Stay Competitive

TL; DR: Wix Studio and Agency Hackers have joined forces to release the Agency Forecast Report. This report dives deep into the current agency landscape and spotlights future trends, emerging challenges, and new opportunities shaping the industry. The two companies launched the report to help agencies take on challenges, make informed decisions, and keep up with a rapidly evolving market. The inaugural Agency Forecast Report is now available for download.

One of my favorite shows growing up was “That’s So Raven.” I didn’t always have cable as a kid, so I would watch it at my aunt’s house. Of course, Raven Symone’s hilarious antics and the iconic theme songs made the Disney show for me. But the premise was the real captivating point.

If you know, you know. But for those who don’t, the Disney Channel show followed Raven, a teenage psychic who could see glimpses of the future. Her visions would lead her either on a wild goose chase or often down the right path, as she tried to make them come to life her way.

Knowing bits of the future would be an interesting ability to have. It could help you make decisions to either alter unwanted outcomes or encourage the actualization of favorable premonitions, depending on what you see.

I know for one thing that visions would come in handy in the business world. Owning a business can often feel like a game of chance. When making a decision, business owners usually have to choose between several pathways forward and take risks to drive growth.

While businesses may not be able to see into the future, that doesn’t mean the future has to be a complete mystery. As it happens, Wix Studio and Agency Hackers have teamed up to help agencies navigate future uncertainty by identifying and sharing trends with them.

Agency Hackers, one of the world’s largest communities for independent agencies, and Wix Studio partnered to release the Agency Forecast Report to provide teams with actionable insights and data on trends that can prepare them to meet the future head-on.

“Agencies today are navigating a landscape that demands adaptability, creativity, and strategic foresight, and this report explores how leaders are finding their footing in this fast-paced, ever-changing landscape,” said Kobi Gamliel, Head of Agency Growth at Wix Studio.

Below, we’ll explore the quickly changing agency landscape, how agencies are faring, and how the newly released Forecast Report can help agencies in their decision-making.

Growing an agency in today’s consumer landscape can be tricky. Teams have to accommodate emerging technologies, customer demands, and a variety of in-house challenges all at the same time.

In a market that demands adaptability, agencies need tools and information to keep up with constant shifts in business strategies. But good thing agencies don’t have to go at it alone.

Resources such as Wix Studio and Agency Hackers are built to help agencies find those tools and data to change the trajectory of their businesses.

“At Wix Studio, we’re helping them to stay ahead of the curve by innovating new products that not only help agencies keep pace with industry changes but also elevate the quality and efficiency of their output,” said Kobi.

Wix Studio offers a complete digital studio platform to design sites and bring visions to life with full-stack business and management solutions built in. It gives teams the tools to streamline their workflows, develop projects rapidly, and integrate data analytics.

As for the realm of community support, agencies can go to Agency Hackers for resources and events on everything agency-related. Agency Hackers is a membership community that allows independent agencies to come together and connect on shared ideals and challenges.

Established agencies can sign up to join its membership network, which features live and online events, forums, leadership programs, and coaching groups.

Agencies are facing a turbulent marketplace. But how exactly are they faring?

Agency Hackers and Wix Studio conducted a survey to assess the current agency market. They interviewed 80-plus industry leaders about how their agency is performing. Among the questions industry leaders were asked was to rank their confidence score, and the average score leveled out at 6.6 out of 10.

A 6.6 out of 10 isn’t the highest, but it does portray that agencies aren’t out of the race. It reflects resilience and that agency teams are maintaining a positive stance in today’s dynamic business environment.

The current market may be difficult to navigate. But businesses aren’t backing down from the challenge. They are identifying their obstacles and finding solutions while evolving to meet client needs.

Other findings highlighted in the survey include:

• 72% of agency leaders surveyed cite talent acquisition and retention, particularly in tech roles, as a significant challenge.
• 62% of surveyed leaders are exploring new market opportunities or niche offerings.
• 55% report a rise in client demand for shorter contracts or project-based work.
• 75% plan to increase investment in their own marketing efforts.
• 55% of surveyed leaders are focused on strengthening existing client relationships as a primary growth strategy.
• 42% of agencies reported seeing revenue growth in the last six months.

“The agency world is facing real challenges, but it is, as always, remaining resilient in a turbulent marketplace. What especially stands out in our inaugural Agency Forecast Report is how independent agencies, especially within the Agency Hackers community, are adapting,” said Ian Harris, the Founder of Agency Hackers.

Consulting a psychic with a crystal ball won’t help you with your business. But checking out the Agency Forecast Report can give you the answers you need to advance your operations with agility. The report takes the pulse of the happenings in the independent agency industry.

Data analytics can play a significant role in a business’s success. It can influence decisions, enrich strategies, and empower teams to launch projects with confidence. The Agency Forecast Report reveals the current state of the agency market to help teams assess and compare their standing to other agencies.

The report not only shows agencies that they are not alone in their challenges but also gives them access to what fellow agencies are doing to stay afloat. This way, it helps serve as a source of inspiration and influence for their decision-making.

“Identifying future trends is vital for an agency’s success. We’re proud to partner on this report with Agency Hackers and to continue supporting agency leaders as they chart their path forward,” said Kobi.

The report dives into the current state of the agency world, spotlighting key trends, emerging challenges, and new opportunities shaping the marketing industry. Teams will be able to learn about how other agencies are taking on initiatives and specific aspects of business, so they can implement new strategies and improve their road maps.

“From navigating client demands to exploring new markets and embracing AI, agencies are finding practical ways to stay competitive and future proof their businesses. While the uncertainty isn’t going away, what’s clear is that agencies are evolving to meet it head-on,” said Ian.

The Agency Forecast Report is available for download here.