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If you read this blog on a somewhat regular basis, you know that I've been waiting a really, really, long time to watch Lemonade The Movie. I watched the full-length version for FREE (special thanks Erik Proulx/PFTA)! The documentary met all of my expectations and was inspiring to the very last drop! But something that Hank Leberin said in the documantary, really stood out in my mind. He said,
"The market is so out of whack. A lot of businesses don't need to go to agencies anymore. There are smarter ways to do it now."
No need to twist my arm! I totally believe in the power of conversation and the idea that you don't need thousands of dollars to promote a product or service properly. But, the idea that Advertising Agencies could simply disappear, never ACTUALLY crossed my mind. But after I heard it said out loud, it all made sense!
Advertising Agencies are hired for their expertise in executing the "promotion" portion of a marketing plan. Let me remind you that this is only 1/3 of the big picture. Don't forget that there are four parts to any decent marketing strategy; Product, Price, Place (distribution), and Promotion. Combine this, with the fact that Social Media guru positions are becoming more and more standard in today's job market. I see these positions becoming available on both the client and publisher sides, but not on the agency side. Unless agencies really make an effort in carving out and developing a specific Social Media department, they might be left in the dust? I've worked at agencies who gave a few dismal attempts at understanding Social Media, but it appears, for most part, that agencies prefer to leave Social Media in the hand's of the client. This practice, may in fact, lead many agencies to have their business slip away in the night, in the near future.
Small size/BIG idea shops like AgencyNil, believe that
"There is no more advertising: It's conversations that are relevant and it changes every hour."
Shops like this, will be credited for the shift in the way agencies do business, on both a financial level and a creative level, very soon. By putting talent and worth of work, above all else, has only allowed AgencyNil to stay relevant in today's economy, despite the recession, consistent decline in ad sales and the changing ideals of consumerism. I'm curious where do you see this intersection of Social Media/Technology/Advertising going?
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Comments
01.18.10
To answer the question fully, we need to know what % of people social media will reach. Are 10% on Twitter or maybe 15%? How does that compare to the number of people in the US who will watch the Super Bowl?
We also need to know the % by segment (18-49, 55 and above, college students, farmers, what) that social media can reach. For our product, I encourage our marketing manager to match her effort on social media by its reach. If 20% use it, then don't spend more than 20% of the effort no matter how alluring the metrics are.
01.18.10
I definitely agree with you that data and metrics will play a huge role in determining whether Advertising Agencies will be prevalent in the future.
Working on the agency side, I'm all too familiar with ridiculous inflated "agency" fees, insane amounts amount put towards new business pitches, and singular one-way conversation campaigns.
I'm excited to see where it all goes.
01.18.10
From my perspective, I am equally interested in the data to show how relevant social media will be in the future. Is Twitter usage going to every break 10% of the western world? Will Facebook plateau and become a bastion for 30% of the boomers. Will Millenials than leave Facebook and join My Twit Face?
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