As demands on event agencies constantly shift, agency leaders are left trying to battle their way through an array of challenges to remain competitive. The CN Agency Leaders Summit serves as a critical platform for agency leaders to address these challenges head-on, offering a collaborative space to share insights, debate strategies, and shape the future of the industry.
This year, Noble Events’ founder and CEO, Penny Noble, had the honour of moderating a panel and immersing herself in discussions that are pivotal for anyone steering an agency through today’s evolving marketplace. Here are Penny’s key takeaways from this enlightening event.
1. Mergers and Acquisitions Among Agencies
Mergers and acquisitions (M&As) are a hot topic in the agency world, yet navigating them successfully is far from straightforward.
The stats are striking: 70-90% of M&As fail. This sobering reality set the stage for a compelling conversation. One crucial piece of advice to emerged was the value of thorough pre-planning on due diligence. Bringing an adviser into your organisation well ahead of a deal can save significant time and reduce stress. It’s not just about crunching numbers; it’s about ensuring that cultural and team values align between both parties. After all, you’re not just merging services – you’re integrating people and ideologies.
Top Tip: Always have a robust post-sale communication plan in place. This will help set your management team up for success and ensure the legacy you leave behind is one of pride and clarity.
2. Changing Roles, Evolving Models: Why Agencies Must Avoid Stagnation
In a fast-moving world, staying the same is moving backwards.
One of the less controversial but equally crucial sessions revolved around adapting to change. Whether you’re considering a B-Corp certification or shifting to an Employee Ownership Trust (EOT), both paths can bring about positive transformations, including increased openness and accountability. The insights shared on evolving organisational models were invaluable, especially in understanding the importance of aligning your agency’s structure with modern values.
Another key discussion point was the need to future-proof skills and roles within the organisation. Roles such as ESG specialists, Community Leads, and Network Builders are becoming increasingly relevant, reflecting the industry’s shift towards sustainable practices and community-driven initiatives. Apprenticeship schemes were also highlighted as critical to cultivating the next generation of talent, with some agencies dedicating over 15% of their workforce to apprenticeship roles.
Top Tip: Regularly assess job titles and functions to ensure they resonate with a modern, forward-looking agency. Celebrating team successes also came up as a simple yet impactful way to maintain morale and drive engagement within evolving roles.
3. Innovative Synergy: How Strong Partnerships Drive Agency Growth
We can be stronger together. In a competitive industry like events, strong partnerships can be the difference between growth and stagnation. The panel discussion Penny moderated focused on how agencies can cultivate partnerships that feel less transactional and more like an extension of their team. This open and collaborative approach builds trust and is essential for a seamless working relationship that ultimately benefits clients and agencies alike.
In the post-COVID era, client expectations around response rates, technical support, and RFPs have evolved. Agencies have been challenged to streamline their collateral, transitioning from lengthy proposals to concise bullet points that capture the essence of their offerings. The introduction of focus groups has been pivotal in keeping agencies and partners informed about emerging trends and innovative technologies that enhance client experiences.
Top Tip: Open dialogue on pricing structures builds trust and encourages transparency. For example, longer-term partnerships often come with mutual commercial benefits, reducing competition while solidifying both parties’ commitment to shared success.
Agencies leaders need to keep talking
Reflecting on the CN Agency Leaders Summit, Penny added: “It’s clear that our industry is driven by a collective passion for innovation, resilience, and growth. The summit provided a fantastic opportunity for agency leaders to connect, share strategies, and collectively tackle the challenges that lie ahead.
At Noble Events, we’re committed to supporting this spirit of collaboration and to bringing valuable insights back to our clients and partners.
Thank you to the Conference News team for the invitation and to all the panellists and attendees for their inspiring contributions. Noble Events looks forward to continuing these important conversations and leveraging our insights to deliver exceptional experiences across the industry.”