It is no new knowledge that advertising has changed over the last few decades. From print magazine ads and large billboards to digital banner displays and video ads, the business of advertising is being challenged by a new business model.
As a result of this paradigm shift, many agencies are facing five disruptive elements that will drive their performance in the next five, ten, and fifteen years:
• The need for a startup mindset:
Agencies must shift from being product-centered alone to being customer-focused and agile enough to deliver value to their clientele.
• The opportunity for innovation:
Innovation is a primary differentiating factor between average agencies and great agencies. Dynamic agencies with innovative strategies can capture outsized returns.
• The creative must be relevant:
Customers are drowning in noise. Therefore, creative elements must be relevant to their needs and delivered at the right time and through the right channel.
• Data drives decisions:
Gut feelings are no longer enough to make adequate decisions. Companies must make the effort gather and analyze data and allow these results to drive the decision-making process.
• Global capabilities:
Agencies that desire to grow must be able to capture business wherever it happens in the world. This requires global capabilities and appropriately connected systems.
To build, sustain, and thrive in the competitive marketplace, agencies must ensure they acknowledge and utilize these five disruptive elements to drive company performance and stay ahead of the competition.
If you want to know more about solutions for driving agency performance in a changing world, click the link below for more information.