The only constant in advertising is change. To maintain success, you have to keep up. That isn’t easy. Especially with this revolutionary change we’re experiencing in communications. I try to learn something new every day. I know that to do so is essential for my ability to survive, let alone succeed.
“In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.”
Eric Hoffer, American Social Writer
I have great respect for Tim Williams. He is the author of the book Take a Stand for Your Brand, an important read for every small-to mid-size agency CEO. In a recent AdvertisingAge article he writes,
“… we’re at the nexus of the Great Recession and the Great Transformation of Marketing. In circumstances like these, a strategy of “just try harder” won’t take you very far.”
Tim shares 15 things your agency can’t afford to risk during these current times of change:
- A skill set built mostly around interruption instead of engagement.
- A digital department in place of a digital competency.
- Core competencies focused on “one to many” instead of “one to one.”
- Creating brand-to-consumer communications at the expense of consumer-to-consumer communications.
- Lack of analytics and tools to measure effectiveness.
- Production systems that are linear instead of organic.
- Developing media plans instead of channel plans.
- Placing media instead of creating media.
- Creating brand transactions instead of brand relationships.
- Focusing on “the big idea” instead of “big multichannel ideas.”
- Traditional production staff instead of “producers.”
- Expecting account executives to be both strategic leaders and project managers.
- Continuing to allocate client budgets to media instead of creative.
- A business strategy that attempts to support high-value offerings (strategy and ideation) as well as increasingly low-value offerings (basic production and execution).
- Selling hours worked instead of value created.
I would add a 16th risks that agencies can’t afford to take:
Beginning 2010 without a written new business strategy, that includes social media as a primary component, to generate inbound leads.
Read the entire article, Agencies: 15 Risks You Can’t Afford Not to Take
Social Media is also impacting ad agency new business …
- Four Ways Social Media is Changing Advertising Agencies New Business
- Ad agency having explosive new business growth by leading with social media
- Ad Agency Survey Finds Traditional New Business Methods Aren’t Working
- “Social Media ‘Teaches’ Ad Agencies to Promote Themselves the Right Way”
[...] 16 Risks Small-to Mid-size Ad Agencies Can’t Afford to Take [...]
[...] 16 Risks Small-to Mid-size Ad Agencies Can’t Afford to Take [...]
[...] 16 Risks Small-to Mid-size Ad Agencies Can’t Afford to Take [...]