Large and medium-sized UK agencies pursued 48 new business opportunities on average, as per JFDI and Opinium New Business Barometer 2020 study.
According to the report, as COVID-19 impacted core priorities, most agencies shifted attention to new business procurement practices. Large (54%) and medium (36%) agencies concentrated on filling pipelines and pitch conversions. Smaller agencies (76%) focused on filling pipelines.
Large and medium-sized agencies lowered revenue targets by 46% to £2.21 million, and smaller agencies dropped it to 19% to £1.07 million. However, as agencies chased opportunities, the average value of those opportunities went down.
The total average value of opportunities for medium and large agencies dropped 8% to £5.18 million. Getting client’s attention, converting the attention into a pitch, and building client relationships were the biggest challenges. Many agencies, however, tried remote pitches and would like to see hybrid pitch models in future.
[3 minute read]