STRATEGY

Study identifies the key challenges facing agency strategists in 2024

By our African Marketing Confederation News Team | 2024

Proving the value of strategy is even more important in the age of AI. But core skills are under threat.

Warc has released The Future of Strategy 2024, a global study encapsulating insights from over 1,000 marketing strategists.  

 

Explains Lena Roland, Content Director at Warc Strategy: “Our annual report acts as a temperature check for how strategists are feeling about the state of the discipline.  

 

“The report looks at how strategy careers are evolving, the biggest forces impacting the function, and the core values strategists can bring to help marketers get a more realistic understanding of people and cultural trends.”  

 

Among the top challenges facing agency strategists:

 

Lack of ‘whole’ strategy thinking

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Specialists’ roles are important, but the ‘splintering’ of strategy can be problematic, especially if teams are not connected to clients’ broader brand and business goals.  

 

Comments Suzanne Powers, founder and CEO of Powers Creativity, a creativity consultancy: “Specialism is incredibly important, but perhaps all the tiny cuts and/or slivers of the strategic skill set, while well-intentioned to bring in needed expertise, have eroded the power and magic of ‘whole’ strategy thinking – a.k.a. diagnosing, designing and activating the plan for the total system.” 

 

Strategy is undervalued 

 

Only one in four strategists (24%) agree that clients pay sufficiently for the value of their work, while half (48%) disagree that clients pay sufficiently for the value of their work. This is consistent across all markets. 

 

“Great strategy can have a profoundly positive impact on clients’ business, yet the impact of strategy can be hard to measure and prove,” notes Warc. 

 

According to the survey, the dominant agency time-based business model needs a rethink: 44% of strategists prefer a fixed/project-based fee. 

 

Core skills are under threat 

 

Only 43% of strategists agree that their company invests in training to support their professional development. Reduced training budgets, tight deadlines, hybrid working, and senior talent leaving agencies mean a skills gap is emerging. 

 

“Strategists must hone their critical thinking or risk becoming mere transmitters of information,” comments Warc. 

 

“Proving the value of strategy is even more important in the age of AI. Strategists must identify the skills that AI cannot replace, such as getting buy-in for a strategy, and double down on them.” 

 

You can find out more about the study here.

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