This is a presentation I often give to B-School students who are interested in marketing and advertising. It is a long one and so here's part one. Part two involves a group exercise to map out future scenarios of ad agencies and how they'll be transformed. I have four scenarios of "agencies of the future" and all require significant transformation.
Bob Greenber (CEO of RG/A, an IPG Co.) has written another article in Adweek saying: "Talent alone will not transform agencies from a traditional model to one rooted in digital technology. The transformation also requires changes in thinking, culture and process that are painful and difficult - but not impossible - to make."
I see that almost every agency is undergoing such a transformation. I think many of them will never make it. It is about deep rooted "assumptions" and "attitude" as it is about talent. Some people say the future of advertising is that there isn't any. Yes and No. I think the future of advertising is simply great products that have marketing "embedded" in them and the role of advertising agencies will be taking that story and bringing it to live in a transmedia environment. See my presenation below for the full story.
The question is: Which ones will survive and which ones won't.
Yes, we all know advertising agencies are dinosaurs.