Smart Brand Managers are forever scrutinizing the value they are gaining from their agencies.
The ad industry is forever trying to accurately respond to the old quip, attributed to John Wannamaker, “Half of the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Recently, Marc Pritchard of Unilever announced their “People First” initiative. As stated in CampaignLive; “a structure in which talent from roster agencies across holding groups are brought together under one roof to service the FMCG giant’s North American fabric care business.”
This is a client doing everything he can to unlock value from these relationships for his brands. Multiple agencies, multiple brands, massive media spend, redundancy and not enough of a payoff; or at least that’s what we can infer from the directive.
I don’t know Marc Pritchard, but really appreciate his efforts not to throw the baby out with the bath water. In the article he talks about bringing all the various agency creative together as a new model effort to find value by uniting the agencies in one collaborative effort.
I’ve run huge global brand development sessions with agency partners and client brand teams from all over the world. The largest initiative included participants from 16 countries. The approach can work miracles in ideation and equally important in getting everyone on the same page. Getting everyone on the same page with a big brand idea requires great talent in the room, a hugely collaborative effort, and egos left behind.
Believe it or not, it is rarely the creatives who do not play well with others.
The minute the big idea is agreed, it’s the agency business leads who start tearing at the budget like lions on a kill. Unless a client is willing to address the budget and compensation in an equally unilateral manner, it is very tough to make the collaboration stick.
I’ve worked on both Unilever and P&G brands and these are smart people with massive resources and still they are struggling to realize the promised value in the age of “new media.”
A big culprit is the industries’ addiction to its own hype.
The ad industry did not invent Google, or Facebook or any of the other super creative things that are reshaping the world; all we do is figure out how to monetize these things to our advantage and now clients are finally asking; How do all these exciting pieces of content you create make me money and build my brand? Clearly there is benefit; but how much return is in that investment? Spending less on creative and eliminating this redundancy is helpful to a brand if all the collaboration works out; but this is a client-driven attempt to solve an industry problem. We need to get better; showing and proving our value in context of the media and not just the execution itself.
Possibly one of the worst things to have happened in the advertising industry is when media was cleaved off from the agencies and became independent. It is not a matter of church and state; it is a matter of execution of ideas, and ideas cannot be separated from the media that gives voice to their expression.
Blockchain could save the media environment for brands. There has been much written about how blockchain might result in greater transparency in media buying and tracking. If it all works as conceived, it will also be a boon for content creators, enabling direct engagement with audiences and direct payment too. This has the potential to put more leverage back on the side of creators like musicians, film makers, photographers, writers and journalists too. The early interest in NFT’s point to success. Time will tell.
Blockchain has potential to minimize fake news and level set social media.
This is particularly important for brands. Of course, the success of any given blockchain at minimizing fake news will entirely depend on the integrity of its creators and managers. It could just as easily be used to legitimize fake news and fake news sources.
For legacy media outlets, with legitimate journalistic integrity, like the NY Times, fake news is rarely, if ever, an issue. Ads served in this context are elevated by the integrity of the enterprise.
In social media, brands end up in the unchecked context of the user; uncorroborated reporting, fabricated events and misinformation.
Corroborated reporting is a hallmark of journalistic integrity.
Blockchain has the potential to force down a governance of integrity through corroboration and help social platforms maintain social integrity. In effect, this would give brand managers and media buyers leverage, insight and security.
This would also reward journalistic integrity of the blockchain with greater ad volume and minimize fake news, slowly choking off its source of income. Fake news has become a game that is undermining our culture. Advertisers on social platforms have an obligation to uphold the integrity of media environments because there is so much at risk.
Fake news is a not just a race to the bottom, it is the bottom.