New Business Trends: Q2 2023 Ripe for Agency Hires

April 19, 2023

Winmo’s sales lead resource, WinmoEdge is on the front line of agency hire trends, tracking accounts on the move, decision-makers shifts, struggles, and other indicators of agency changes on the horizon, with 80%+ accuracy in review predictions.

We looked at the more than 200 Agency of Record (AOR) hirings WinmoEdge reported on in 2022 and discovered an important shift in the timing. Read on for key trends and exclusive insight of 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, not including project-based work. Note, the total number of reviews in 2022 and 2021 was down compared to 2020, and we’re seeing this rise in 2023. 

This timing is in contrast with prior years when Q1 tended to show a higher rate of opportunity. If the trend repeats in 2023, it means agencies prospecting for new business are entering a fruitful period of relationship changes. With key Q2 timing in mind, we’re surfacing a few of the agency new business opportunities our prediction gurus at WinmoEdge have their sights on.

Agency Opportunities: Projected Reviews in Q2-Q3

If you’re looking to capitalize on this shift in timing, here are a few key opportunities are team has on their radar 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, according to Winmo, and as it continues to build its roster under recently promoted CMO, Leif Sunderland, agencies should reach out. TravisMathew has increased YTD digital ad spend by approximately 364% from 2022 per Winmo Pro. The brand is likely to continue increase ad spend, continue working with celebrity influencers, and continue building out its agency roster.

2.  Future Opportunity: Walmart

Walmart’s recent partnership with Innovid to enhance its connected TV (CTV) activity presents an interesting opportunity for agencies. With Walmart expected to increase its CTV spend and diversify display advertising and sponsored search, the retail giant is likely to seek new agency partners under a new, recently hired marketing VP who is likely to continue upping digital spend to target Gen-Z and millennials. The brand’s current agency roster includes Publicis North America, FCB Chicago, and Deutsch, among others, per Winmo. Agencies seeking to work with one of the world’s largest retailers should act fast to secure a partnership with Walmart.

3.  Under-the-Radar Prospect: Mad Rabbit

Mad Rabbit’s recent $10m Series A funding round, led by Lucas Brand Equity, presents an opportunity for agencies. The company seeks to ramp up its digital ad spend, build out its marketing team, and expand its product offerings. Mad Rabbit’s target demographic is millennial men, and YTD data shows it has spent approximately $141.9k on digital display ads, with 18.8m impressions via Facebook and Instagram. With a current agency roster that only includes Beach House PR, the company may use a portion of the new funds to expand its agency partnerships.

4.  When one hire can lead to another: New Belgium Brewing

New Belgium Brewing just awarded its media remit to Exverus. And — considering agency changes typically follow one another — this as an opportunity for creative, PR, digital analytics, social media management, influencer, multicultural, and experiential services. New Belgium will likely 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.

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Industry Insights:

Industries like Consumer Goods and Food & Bev account for the lion’s share of agency appointments reported by Winmo 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% of reviews in 2022.

If you liked this blog post, check out:

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  2. Tech Layoffs Will Prompt CMOs to Seek New Agency Partners
  3. B2B Email Subject Lines That Get Opened in 2023

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