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When Angela Laubmeier, vp of corporate brand strategy at Lincoln Financial Group, led a creative review late last year, she found that 29 of the 48 agencies on her initial list declined to participate in the request for proposal process. That number was staggering—but not unexpected.
Most marketers knew an influx of RFPs had oversaturated the market and created challenges for agencies that laid off employees en masse in 2020. In the pandemic’s early days, agencies could make do with smaller workforces because marketers cut their budgets and work dried up.