The ritual of the year-long, seven-figure holdco beauty contest is losing its status as the default route to a big agency appointment. Across recent earnings calls, the leaders of the major holding companies described a pitch market that is tighter, more focused and increasingly shaped by advertisers who already know what they want.
Havas CFO and COO François Laroze said the group is focused on more integrated pitches. Publicis Groupe CEO Arthur Sadoun observed that more clients are running tighter processes that put one or two holdcos against each other, while Omnicom CEO John Wren pointed to helping clients extract value from their technology investments.
Those comments reflect real account moves. Coca-Cola’s North American media review ultimately came down to Omnicom and Dentsu after WPP sat out, with Omnicom winning. PepsiCo moved its global media account in September without a pitch, and Dyson settled on Omnicom after assessing the three big holdcos at the start of the year. Jaguar Land Rover went looking for a single holdco that could build a bespoke end-to-end unit.
Why the big review is being reconsidered
The market has been rearranged enough to make the traditional contest feel expensive. Omnicom absorbed IPG, Publicis has momentum, WPP is mid-rebuild, and Dentsu and Havas have gone more regional. Meanwhile, independent agencies are being taken more seriously.
For many marketers, the full review can eat the best part of a year without making the options look distinct. One media director who ran a pitch with every holdco in contention said logistics dominated the process: staged briefs, contracts, a law firm, scorecards and scheduling around holidays and school half term. After all that effort, the final call was close. “It came down to fine margins,” the executive said.
David Muldoon, global managing director of marketing transformation at Ebiquity, said change now starts earlier. “We’re working with clients three, four, sometimes even five, months in advance of a pitch process to ensure that they have that clarity before going to an agency,” he said.
New routes to choosing a holdco
Instead of one default path, advertisers now weigh several options:
- Closed pitch: invite one or two holdcos to compete, rather than staging an open contest.
- Stay put: skip the review and renegotiate with the incumbent.
- Open market: run a full review when pricing evidence matters.
- Split the business: divide the account by capability or geography.
The biggest change is that clients are examining their own organisations first and identifying what they want to own in-house, according to Muldoon. That clarity helps them decide whether an agency review is even necessary.
There are constraints, too. A brand whose rival already sits at one of the big three global groups may have only two realistic holdco options left, and some advertisers decide not to review at all.
What marketers should do
A closed pitch does not automatically save as much time as advertisers expect. The capability assessment may be shorter, but “negotiation is just as long,” Muldoon said. Pitch management firms remain busy, with a wave of launches expected as soon as the first quarter of 2027.
The full review still has a role because it puts a price on the market and gives large advertisers proof that they secured the best terms. It can also be used as leverage, even by brands that plan to stay with their incumbent.
Source: Digiday
