Nancy Hill, President & CEO, 4A's: Agencies have a great opportunity to play a larger role in addressing (and delivering) better metrics. During an economic downturn -- especially during a downturn -- agencies should take the opportunity to have an open dialogue with their clients and make sure that everyone's business interests are aligned. The 4A's can help by providing our members with best practice guidance on agency compensation -- among other things -- and a solid framework to advance the conversation.

SmartBrief: The 4A's has been in the forefront of encouraging diversity in the upper and lower ranks at ad agencies. How do you keep that drive going during tough times?

David Prince, SVP, Training, Education & Development, 4A's: We all know that during economic downturns, it's sometimes necessary to 'right-size' agency staff and maximize resources. However, it's critical for agencies always to understand (and embrace) the business value of diversity, and continue to maintain a database of diverse talent. This economy will turn around … eventually. The last thing we need is for agencies to need to start from square one in building their pool of diverse talent because they suspended the search during a slowdown in hiring.

SmartBrief: Is this a good time to experiment with new media strategies?

Chick Foxgrover, SVP and Chief Information Officer, 4A's: Digital, new media and social strategies had solid momentum before the current downturn. Now, more than ever, clients will be looking for the more measurable results that digital strategies can add to their marketing mix. But careful attention to what's appropriate and applicable will also be mandatory in a challenging economic environment.

SmartBrief: In the year to come, what can agencies expect from a Barack Obama administration?

Dick O'Brien, EVP, Director of Government Relations, 4A's: As the new government overhauls the regulation of the financial industry, their belief in 'regulation as a cure' will almost certainly spread to other areas as well. In our case, we should expect a serious push for new regulation of prescription drug advertising, advertising to children, green marketing, the behavioral tracking of consumers online -- and a number of other issues that are only now starting to bubble to the surface.