'Optimistic, but we're not out of the woods yet': IPA Bellwether analysis
While the fourth quarter of 2020 failed to stem marketing spend free-fall, budgets are likely to recover in the upcoming financial year, according to the latest IPA Bellwether report. Andras Vigh, managing director UK, FirmDecisions comments on the findings.
"While none of us will look back on 2020 with fondness, we must recognise the knowledge it gave us. The past 10 months have been a learning curve for us all. For some, the decision to cut adspend last March was the only option - especially considering the future was very unclear - and we continue to see the impact of those decisions today. Now, with more understanding of the pandemic, companies are reviewing their actions.
Where spend continued, there were potential compliance issues within the industry. Many were put on furlough overnight, there was a serious shortfall in revenue for all partners and working remotely and changes to service levels all played their part.
There are definite signs of green shoots on the horizon – also recognised by most advertising forecasts for 2021 and beyond. The new now is the norm and that creates innovation and tenacity from all players in the marketing ecosystem.
With the government rolling out vaccines, the optimists among us are looking to the future and hopes of normality returning, predicting growth and recovery in 2021 (vs 2020) and a more real growth recovery in 2022."
To read the article in full in Mediatel, click here.
First featured 21/01/2020.