Forrester recently published its predictions for 2020 and with it came some very insightful predictions. According to Forrester 2020 predictions, agencies will have to upgrade or fade away. In the blog post speaking about its predictions, Jay Pattisall, Principal Analyst at Forrester stated that 2020 will be a year where agencies of every size will have to deconstruct and reassemble their model. Agencies will have to do this in the face of economic uncertainty, looming regulatory action, and a compounding pressure to both perform and transform simultaneously. According to Pattisall, if they are unable to do all this they at risk of falling further into irrelevance.
On the blog post discussing the Forrester 2020 predictions, Pattisall stated that “In 2020, anticipate that agencies, under the guidance of new, operational-minded leaders, will reshape their processes and capabilities around centralized structures that can deliver services in a coordinated manner.” Forrester believes that the speed of the 2020 agency transformation will determine the viability of agencies’ futures. According to them if agencies and its employees are unable to embrace the rapid value upgrade, they will fade further into irrelevance.
Here are some of the Forrester 2020 predictions below
Key Forrester 2020 Predictions
Automation will reshape the agency workforce and the creative process
According to the Forrester 2020 predictions, AI and automation will transform a vast majority of jobs in 2020. They believe that AI will transform the industry for the next decade. It will collapse responsibilities and foster new, hybrid roles across disciplines. Forrester believes that automation will also affect the creative process. They believe that agencies will start to incorporate data-driven approaches into their creative toolkits.
New operations-focused leaders will centralize more agencies
Forrester believes that holding companies will centralize their operations, technology, data and smaller agencies. They predict that holding company media groups will actively consolidate their buying power to fend off the looming in-house threat.
In-house agencies expand their media remit
Forrester predicts that in 2020 a third of in-house agencies will include media operations that control substantial portions of the paid media budget.
CX will continue to bifurcate
Forrester believes that firms that have made the least headway will cut their programs in frustration. But firms who just started realizing the benefits of CX will double-down, simultaneously shoring up their fundamentals and innovating.
CMOS will rally around customer value
To establish a successful ecosystem, CMOs will thread the needle between employee experience, customer experience, brand purpose, creative, and technology, imbuing all these crucial areas with customer obsession.
For more on the Forrester 2020 predictions, please click here.