Brand Management Services
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Brand Management Services Industry Benchmarks
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Brand Management Services market report transcript
Brand Management Services Global Market Outlook
The global branding market is expected to grow to $5-7 billion in 2021 at a CAGR of 5-6 percent.
The independent firms continuing to outperform their publicly-held peers although publicly-held firms account for around 30-40 percent of the overall global market
This growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges
Impact of COVID-19 on Brand Management Services Industry
Technology, sensitivity and local awareness are seen as essential tools to navigate a sense of ongoing crisis as business reopens in 2021. The biggest communications challenge as companies enter the recovery phase is earnings and customer disruption.
As businesses are faced with unexpected closures and demand uncertainties, the demand for Branding services has decreased significantly
Many sectors will increase budgets to recover
The HCP and technology sector will continue to have a high demand for Branding.
Coordinating between global, regional and local offices, has been a complex challenge that may lead to minor changes in corporate structure
Global Brand Management Services Market: Drivers and Constraints
Buyers are looking to work with their incumbents to create measurable Key Performance Indicators (KPIs), which consider both quantitative and qualitative variables. However, the difficulties in measuring and evaluating agencies would remain a major constraint for the industry
Rapid Use of Social Media: Increased adoption of social media is leading to increased spend in digital, with earned media being the dominant revenue driver
Growth Driven by Content: A majority of the top buyers estimate that future growth is mainly derived from creating relevant content on traditional and digital mediums with an objective of building reputation among various stakeholders
Rise in Technology Adoption: The industry is experiencing changes in response to new technology, expansion of new communication channels and greater use of data analytics
Talent Crunch: In North America, agencies are recruiting from rival firms, due to the lack of skilled resources in the industry. Mid-level talent is cited as a major concern in North American agencies
Constrained Branding Budgets: Client-side budgets decreased by an average of just 3–5 percent in 2020, and budgets are expected to increase even more slowly during the next five years, by roughly 1–2 percent per year. This is mainly due to the difficulties in measuring and evaluating the results of any of the Branding campaigns
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