Agency once again claims ADWEEK's Global Media Agency of the Year award for second year in a row
In 2024, PHD found itself in a tight spot. Following its triumph as ADWEEK's Global Media Agency of the Year, a whopping 37% of its client base decided to call for a review, jeopardizing $4 billion in billings. The timing couldn't have been worse as Volkswagen Group, HP, Unilever, Sainsbury's, Singapore Airlines, and Vitasoy all pushed the start button on their reviews simultaneously.
This perfect storm left PHD defending its turf for most of the year. As Guy Marks, the global CEO of PHD Worldwide, put it, "It was a level of danger you don't usually come across in your career. The magnitude was just unequivocal."
Despite the odds stacked against it, PHD managed to hold on to an impressive 85% of its business in play and even topped COMvergence's new business rankings for the year.
There are several factors that might have played a role in PHD's remarkable retention rate in 2024. For instance, the agency is known for its robust retention rates, indicating they have some effective strategies for maintaining client relationships[1]. They also expanded their presence in regions like China[1], a strategic move that could have reassured clients and strengthened their position.
Moreover, PHD has demonstrated the ability to retain a high percentage of its business, with reports suggesting a retention rate of up to 94% in certain circumstances[4]. This client loyalty certainly helped its cause. Additionally, the agency was successful in winning more business than other global media agencies in some areas. Of course, this strategic approach could have helped retain existing clients[4].
PHD's emphasis on innovation and adaptability, evident through their use of technology and new media strategies, may have kept them competitive in a rapidly evolving market. Lastly, the quality of their client relationships and their ability to offer top-notch service likely played a key role in retaining business, especially during challenging times.
While the exact factors contributing to PHD's 2024 success remain unclear, these insights give us a glimpse into the strategies that might have helped the agency hold on to its clients during a difficult year.
- The overlapping reviews from Volkswagen Group, HP, Unilever, Sainsbury's, Singapore Airlines, and Vitasoy in 2024 put PHD's industry position in jeopardy, potentially leading to a loss of $4 billion in billings.
- The agency's robust retention rates, coupled with strategic expansion into regions like China, may have played a significant role in PHD retaining 85% of its business in 2024, despite the challenging circumstances.
- Reports suggest that PHD has demonstrated a retention rate of up to 94% in certain situations, indicating strong client loyalty, which undoubtedly helped during the 2024 industry-wide reviews.
- PHD's strategic focus on innovative and adaptable new media strategies, exemplified by their technological approaches, likely contributed to their competitive edge in a rapidly changing market during 2024.
