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Agency ambitions remain high despite Brexit uncertainty
As Prime Minister Theresa May triggers Article 50 today, our latest findings have shown that agency ambitions remain high despite Brexit uncertainty. A massive 90% of creative and digital agencies in the UK expect to increase their turnover in 2017.
Our sixth annual BenchPress Report analyses data from influential owners at 471 UK agencies in the creative, digital, media and marketing sectors, highlighting key statistics and trends.
Brexit was a key theme in this year’s survey and while 84% of agency owners admitted opposing the UK’s impending departure from the European Union, plans to grow agencies across the country remain firmly on the table.
Effects of the Brexit referendum
While an overwhelming majority of agency owners would prefer to remain part of a single European market, more than half (52%) have yet to notice any knock-on effect on their businesses following a decisive public referendum in June 2016.
Indeed, less than a third of agencies (29%) have experienced clients cancelling projects as a result of uncertainty around Brexit, while 11% have instead recorded increases in overseas work as a result of the devaluing of the Pound.
Meanwhile, more than half of owners (55%) intend to increase their prices in 2017 – up from just 24% during the last recession – providing a buffer against any future impact of Brexit, while also funding agencies’ expansion plans.
A third of agencies plan to increase turnover by more than 26% in 2017
Of the agencies that expect to increase turnover in the face of wider economic uncertainty, a third are targeting growth over 26% – and almost two-thirds expect to increase revenues by 11% at the very least in 2017.
A boost for the UK job market?
As companies grow, the report suggests there could be positivity for the UK jobs market in 2017 – with two-thirds of participating agencies stating their intention to recruit this year, strengthening their workforce by an average of 26%.
Having this knowledge is particularly important as the Brexit terms of departure are negotiated. We’re committed to sharing best practice with agencies, to help them to stay ahead of the curve despite the uncertainties.
Watch our recent webinar where we discussed our BenchPress results in more detail and shared insights into how to be a top performing agency, despite Brexit.
To view the results, you can get your copy of BenchPress 2017.
Watch our webinar