LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Creative Agencies Industry - Procurement Intelligence Report.
With the shifting consumer preferences, the task to gauge consumer sentiment is becoming cumbersome. There is no doubting the fact that this difficulty will pave the way for more investments in the creative agencies industry. However, the talent pool to cater to this rising demand is gradually shrinking which will hurt the growth prospects in the creative agencies industry. The failure of the creative agencies suppliers to scale up to the dynamic expectations is inhibiting their ability to justify the investments made on them. It has been observed that a number of brands have not been able to register any rise in their market shares despite the increase in advertising spend. These factors will challenge the prospects of spend growth in the creative agencies industry that has the potential to touch a value of over USD 150 billion through 2023.
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What are the creative agencies price trends that are driving the overall price structure in the global creative agencies market?
The intense supply market competition during the forecast period is expected to reduce the fees for creative agencies. A number of consultancy and IT firms are entering the market and providing more integrated options to buyers. They are also acquiring independent creative agencies to provide a one-stop solution to buyers.
- In the creative agencies industry, suppliers are replacing a significant portion of their workforce with automated tools and artificial intelligence for functions like video editing, video production, media planning, and media buying. This minimizes the chances of rising labor wages, thereby stabilizing the expenditure in the creative agency industry.
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What are the scopes of optimizing procurement spend in the creative agencies industry?
Strategic supplier selection is the key to optimizing procurement spend in the creative agencies industry. In view of this, this report has enlisted the key creative agencies suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the suppliers.
Predictive analytical capabilities are must-haves for creative agencies
The ability of creative agencies to use predictive analytics to obtain meaningful consumer insight data can help them create better targets and personalized messages. Hence, buyers need to evaluate the abilities of agencies to analyze and obtain such insights.
Ability to deliver customized campaigns
Buyers assess agencies based on their ability to deliver customized/personalized campaigns by following the preferences given by customers. The campaigns should reach the targeted set of consumers group and achieve set goals of the campaign
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Some of the key topics covered in this report are:
- Creative agencies market spend segmentation by region
- Total cost of ownership analysis in the creative agencies market
- Regional spend opportunity for creative agencies suppliers
- Creative agencies suppliers cost structure
- Creative agencies suppliers selection criteria
- Creative agencies suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the creative agencies market
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