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The advertising sector in Australia is currently undergoing a seismic shift. 2023 saw a string of redundancies across advertising agencies of all sizes, leaving businesses in a quandary over how to keep hold of skilled professionals while also managing their budgets. Stepping into the breach and filling the void is the subscription-based agency model, offering a lifeline to firms looking to stay afloat amidst these challenging times without breaking the bank or committing to long-term contracts.
The Welcome Tides of Change
Advertising has always thrived on its ability to reinvent itself, but the economic rumblings of 2024 have led many traditional agencies to rethink their staffing strategies, culminating in some difficult decisions and job losses. With talks of a looming recession being on everyone’s lips for the past twelve months, signs of the times are now making their physical appearance, especially amidst multiple rate-hikes, ‘shrinkflation’, and now the supermarket crisis hitting Australian shores.
Businesses are now taking a more frugal approach to their marketing and advertising expenditures, leaning on digital more-so over the past 12 months resulting in traditional media channels taking a hit to their bottom line resulting in redundancies across the board. With a surplus of talent now on the market, companies are cautious about permanent hires in an unpredictable climate but are keen to retain brand presence and scale consideration. So what do you do?
Enter the World of Subscription-Based Agency Models
Australia has grown immensely with its digital capabilities and workforce over the past 15 years (even I was fished from across the pond) however as many larger agencies are feeling the pinch moving on from the last 12 months, Australian businesses seem to have woken up to their surroundings. Even top-tier agencies like M&C Saatchi, CHEP, and Dentsu have made significant cuts to their workforce over the course of 2023. The ever changing face of consumerism, generational trends and technology have brought forward a new era for digital advertising and support services and it’s definitely shaking things up.
Subscription-based digital marketing agencies represent an agile solution that businesses need when they are trying to find a balance between maintaining a skilled workforce and reducing overheads. The perfect combination when looking to retain the competitive edge without breaking the bank. So what makes it a perfect fit for businesses who are downsizing their advertising needs but not wanting to sacrifice themselves to competition? Let’s dive into that a bit more.
- Cost-Effectiveness: It’s a no brainer really. Subscription services ensure you invest solely in the expertise you need, enabling a more flexible financial commitment. This model helps companies avoid the overhead associated with full-time employment (not to mention the rising software costs) offering a pay-as-you-go structure that aligns with fluctuating project demands and business cycles. You’re not sacrificing time to achieve quality, in-fact the onus is on the subscription agency to deliver more. Say ‘buh bye’ to billing by the hour.
- Expertise on Tap: A subscription gives you a gateway to an assortment of specialists and digital expertise, ensuring you have the right skill set for every unique project or campaign. The added bonus is that the people behind these subscription agencies are usually highly passionate about their craft…so you’re getting access to top tier talent at a fraction of the cost of a full-time employee. Minimal risk and maximum reward!
- Adaptability: As market demands fluctuate, subscription models enable you to adjust your marketing efforts without the constraints of a permanent workforce or fixed marketing retainers. Scale up or down as required, or put things on hold. MarketingSubs offers no contracts for this very purpose, so you can scale your digital marketing and support needs as needed pending on the skill-set required.
- Fresh Ideas: Ever heard that phrase about a ‘fresh pair of eyes’ when working on a project? It’s actually the problem most agencies have is avoiding the dreaded “cookie cutter” syndrome most commonly seen in digital strategy development. A diverse array of professionals can contribute new ideas and innovative strategies from an outside perspective, helping your business stay ahead of the curve.
- Consistency: Despite its flexible nature, a subscription-based agency model can provide consistency in your marketing activities and brand messaging overall. It also provides you with an avenue of support, working with a trusted partner you know will get the job done right who just ‘gets’ your business and objectives. This will only grow stronger over time too as you develop a working relationship with your chosen digital agency.
Changing with Good Reason and Trusting the Process
Australia’s advertising industry is unmistakably transforming, but with good reason. As a growing nation with only 25.6 million people, Australia is inundated with digital professionals and advertising agencies that have set a standard for the past 15 years. It’s easy to see why large scale advertising conglomerates have set up shop here given the market demands, yet within this new transformation lies a chance to rethink our approach to delivering agency services and employing talent behind marketing performance.
In my opinion, I strongly believe that subscription-based agencies provide companies with a comprehensive and strategic approach to achieving success and fostering brand growth, particularly in uncertain and ever-changing circumstances. These agencies offer a multitude of benefits and advantages that can be instrumental in not only surviving but thriving in the long run.
By opting for a subscription-based model, companies can tap into a wide range of resources, expertise, and support that would otherwise be costly and time-consuming to acquire independently. This approach allows businesses to leverage the collective knowledge and experience of industry professionals, gaining access to cutting-edge strategies and insights that can propel their brand forward. Furthermore, subscribing to such agencies ensures a consistent and ongoing partnership, as they are invested in the success of their clients and are committed to providing continuous support and guidance. This long-term collaboration enables companies to adapt and evolve their marketing strategies as needed, staying ahead of the competition and capitalising on emerging trends and opportunities.
Ultimately, embracing the subscription-based agency model can be a game-changer for businesses, equipping them with the tools they need to navigate the complexities of the modern market and achieve sustainable growth in the face of uncertainty.
As we move into and through 2024, it has become abundantly clear that being adaptive is not just advisable; it’s essential to sustainable success and remaining competitive. Embracing a digital marketing agency subscription models guarantees that your business is resilient, reactive, and ready for whatever lies ahead.
author:StuartMarketingSubs.com.au is the subscription digital marketing service that challenges the traditional agency retainer model. Simply select a monthly plan that suits your needs, create your tasks and prioritise your workload. You'll work directly with a marketing professional, with 22 years of experience to achieve your tasks and keep you on the right path. Check it out.
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