Marketing spend is up. But that’s not what it feels like.

The latest IPA Bellwether report points to growth in marketing spend. That sounds great, especially after last quarter’s insights. But in the conversations I’m having, it’s more of a mixed bag.

Some agencies are flying. They’ve got more opportunities than they can handle. Others are dealing with stalled projects, delayed decisions, and clients really pulling back. It’s certainly not a rising tide lifting all boats. It’s a split. And there aren’t many in the middle. 

B2B marketers are gearing up for AI going mainstream, and it’s already changing what they’re willing to pay for. Production-heavy work is under scrutiny while demand is building around thinking, direction, and judgment. That’s where the briefs are still coming in thick and fast.

More strategic opportunities are coming through, but they’re way harder to land. Sales cycles are dragging. Priorities shift mid-process. There’s more scrutiny, more stakeholders and more “do we actually need this?”

Inside agencies, that manifests as teams being busy… but the numbers don’t reflect it. The “busy fools” problem rears its ugly head again.

The agencies doing well are clear on where they add value, and where they don’t. They’ve nailed their ICP, doubling down on them. They’re staying close to the thinking and away from work that’s drifting towards commodity.

Interestingly, they’re also putting proper focus on existing clients, not just the next pitch. And that’s important. There’s no point pouring effort into a new business if the bucket’s leaking.

The Bellwether shows a positive outlook, but it’s uneven for agencies. Plenty will stay busy. Fewer will grow. That makes it an operating problem, not a growth one.