New Business Trends: Q2 2023 Ripe for Agency Hires
WinmoEdge's analysis reveals that Q2 and Q3 of 2023 are prime periods for agency hires and reviews, with brands like TravisMathew significantly increasing digital ad spend and Walmart expanding connected TV initiatives, signaling lucrative new business opportunities for agencies amid shifting review timings and decision-maker changes.
Winmo’s sales lead resource, WinmoEdge, tracks agency hire trends, monitoring accounts on the move, decision-maker shifts, struggles, and other indicators of agency changes, with over 80% accuracy in review predictions.
An analysis of more than 200 Agency of Record (AOR) hirings reported by WinmoEdge in 2022 revealed a significant shift in timing. Here are key trends and exclusive insights into brands heading toward reviews now, according to WinmoEdge predictive analysis.
In 2022, the majority of agency of record hires took place in Q2 and Q3, with May and August being the most active months:
Data from Winmo (excluding project-based work) shows that the total number of reviews in 2022 and 2021 was down compared to 2020, but this number is rising in 2023. This timing contrasts with prior years when Q1 typically had a higher rate of opportunity. If the trend continues in 2023, agencies prospecting for new business are entering a fruitful period of relationship changes. With key Q2 timing in mind, here are some agency new business opportunities that WinmoEdge is monitoring.
Agency Opportunities: Projected Reviews in Q2-Q3
If you’re looking to capitalize on this shift in timing, here are a few key opportunities for this quarter and next:
1. Apparel Opportunity: TravisMathew
TravisMathew has launched a new campaign featuring Chris Pratt targeting male millennial golfers through CTV, YouTube, and social media. The brand’s current creative agency partner is The Kimba Group. As TravisMathew continues to build its roster under recently promoted CMO Leif Sunderland, agencies should reach out. TravisMathew has increased year-to-date digital ad spend by approximately 364% from 2022. The brand is likely to continue increasing ad spend, working with celebrity influencers, and building out its agency roster.
2. Future Opportunity: Walmart
Walmart’s recent partnership with Innovid to enhance its connected TV (CTV) activity presents an opportunity for agencies. With Walmart expected to increase its CTV spend and diversify display advertising and sponsored search, the company is likely to seek new agency partners under a new, recently hired marketing VP. The brand’s current agency roster includes Publicis North America, FCB Chicago, and Deutsch, among others. Agencies interested in working with Walmart should act quickly to secure a partnership.
3. Under-the-Radar Prospect: Mad Rabbit
Mad Rabbit’s recent $10 million Series A funding round, led by Lucas Brand Equity, presents an opportunity for agencies. The company aims to ramp up its digital ad spend, build out its marketing team, and expand its product offerings. Mad Rabbit targets millennial men, and year-to-date data shows it has spent approximately $141,900 on digital display ads, with 18.8 million impressions via Facebook and Instagram. With a current agency roster that only includes Beach House PR, the company may use some of the new funds to expand its agency partnerships.
4. When One Hire Can Lead to Another: New Belgium Brewing
New Belgium Brewing recently awarded its media remit to Exverus. Since agency changes often follow one another, this presents opportunities for creative, PR, digital analytics, social media management, influencer, multicultural, and experiential services. New Belgium is likely to launch a new campaign, shift strategy, and continue increasing digital spending. Additionally, expect a return to higher national TV spend in Q2 2023. Exverus will lead New Belgium’s media strategy, planning, and buying across linear TV, connected TV, social media, streaming video, and direct mail partnerships.
Industry Insights
Industries such as Consumer Goods and Food & Beverage account for the majority of agency appointments reported by Winmo over the last three years. However, Consumer Goods has seen modest declines, from 76 reviews in 2020 to 54 in 2022. Restaurants, meanwhile, are on the rise, accounting for 5% of reviews in 2020 and 8% in 2022.
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