The only constant is change. Heraclitus
Here is a quick go at a top 5 of the threats and the opportunities facing creative agencies that are created by technological change.
- Decline of Paid media models e.g. Newspaper ads revenue, Online Display CTR decline. Impact of on- demand/connected/OTT TV to linear TV ad revenue
- Platform brands (e.g. Google, Facebook etc) forging direct relationships with clients
- DSPs /programmatic buying taking up more client spend and therefore requiring less agency engagement
- Move from brands telling stories in paid media to brands creating value with their behaviour in owned and earned media and through utility and entertainment
- Media fragmentation leading to change in the role of agency partners as downstream providers of services/deliverables and the move of ownership of the idea towards clients. Ultimately leading to the “hour” we sell ever more commoditised
- Shareable ideas/memes and their manifestation in content, conversation, services and products are the currency of the web and creative agencies are all about ideas
- Fewer barriers to sharing/spreading ideas than in the industrial era means more ways of reaching consumers without huge spend
- Opportunity to use agency skills of understanding culture and what people need to better understand what people want from technology, and help clients shape their use of technology so that it is Open, Human centric, Diverse, Collaborative, Value based, Expressive
- Attention is more scarce than ever as media fragmentation overwhelms people with noise. Creativity has never been more relevant as a way for brands to be the signal in all that noise
- New ways of demonstrating tangible added value and theoretically more ways to get paid more fairly for creativity – more on this in my next post.
Last list-based post for while I reckon….