The findings are based on a quantitative survey of 200 senior brand-side decision-makers responsible for selecting and managing agency relationships, with marketing budgets of between £1m and £250m, and 20 in-depth interviews with chief marketing officers, senior marketers, agency leaders and industry commentators.

There is a disconnect between what clients currently perceive they are getting from their agencies and what they see as valuable, the research found.

For example, 83% of clients rate what the research termed ‘stretch and growth thinking’ as ‘extremely’ or ‘very’ valuable, but 48% of clients perceive they are receiving this.

Around three quarters ( 77%) of respondents rated ‘challenging our brief and assumptions’ as ‘extremely’ or ‘very’ valuable, with 43% stating that they receive this service currently.

There was also a gap in ‘bringing cultural insight and the outside world in’ – while 75% of clients see this as valuable, 47% say they get it from their agencies.

However, the research found that client-agency relationships are largely positive, with nine out of 10 clients expecting their use of agencies to increase or remain the same over the next three years.

There is a strong desire from clients for their agencies to help with boardroom recognition, with 82% of respondents agreeing with the statement that agencies could ‘help me more in getting the customer heard at board level’ in their organisations.

The research also found that two-thirds of client respondents ( 66%) agree that the way agencies charge undervalues their work, and that they are interested in exploring alternatives. When asked about alternative remuneration models, outcome-based fees were cited as the most preferred option (by 54%) of respondents.

Marcos Angelides, chair of the IPA commercial leadership group and Publicis Media’s managing director of L'Oréal Lab & head of AI operations: “The research shows that clients continue to place enormous value in agency partnerships, but it also highlights a clear opportunity. Clients want agencies to push their thinking further, challenge assumptions and bring new perspectives to the table.

“To do that effectively, agencies need to combine creativity and expertise with robust data and insight that guarantees competitive advantage. Agency partners that do that will help clients make better business decisions, unlock growth opportunities, and prove marketing’s contribution to commercial success."