Advertising Industry Insight
Today we would like to share some insight on the dynamics of the advertising industry. Written by our very own VP & Group Director of Brand, Ms. Pamela Bishop, this blog post delves into the “new era” of advertising.
Is this the end of the advertising age as we know it? Well maybe that statement is a bit strong. At a minimum, I think we can all agree that the dynamics of our industry are changing rapidly. With the advancement of technology, consumer content as king and the need for lightning speed to market, our industry is experiencing a revolution, not an evolution. Recently, there have been several articles published that directly speak to this phenomenon. Two well respected, thought-leading organizations have approached this shift from different angles. Harvard Business Review from the creative resource perspective and Digiday from a technological and strategic perspective.
- Harvard Business Review – “The End of the Traditional Ad Agencies”: http://blogs.hbr.org/cs/2013/05/the_end_of_traditional_ad_agen.html
- Digiday – “5 Ways Brands are Cutting Out Agencies”: http://www.digiday.com/brands/5-ways-brands-are-cutting-out-agencies/?utm_medium=linkedin
Nonetheless, gone are the days of “Mad Men,” where the agency had all the “big ideas.” What are agencies to do with this shifting of power? Who will be the agencies that survive? I’m glad you asked…
In my opinion, small agencies are in the best position to retool themselves for this “new era” for three basic reasons we learned from our childhood:
- We have learned to “play nice with others.” Whether we are collaborating with larger agencies or working with freelancers, media agencies, or 3rd party tracking services; small agencies have learned to respect the diversity of ideas and the notion that a good idea can come from anywhere. Therefore concepts like crowdsourcing are not really new to us. By embracing technology, crowdsourcing allows us to further expand our network of creative ideas more efficiently.
- We have learned the concept of “others first.” Smaller agencies are heavily reliant on good relationships, not only with clients, but with suppliers as well. Sometimes we all must be willing to sacrifice our bottom line for the good of the overall project and ultimate client satisfaction.
- We have learned to “roll with the punches.” Small agencies must learn to be quick and nimble in order to remain competitive in this industry. While many times we don’t have the expanded resources of some of our larger counterparts, we are still expected to deliver work that is on par with them. In order to do this, we must constantly challenge ourselves to adapt and persevere, despite the “David and Goliath” scenario we often face.
Whether large or small, all agencies must realize that we will never go back to the “good ol’ days.” Therefore it is incumbent upon us to learn the new rules of the game, so that our best days are yet to come.