It’s a jungle out there.
And for the modern agency, it’s adapt or die. Consider this quote from Michael Kassan, the chairman and CEO of MediaLink.
He says: “Nobody has a crystal ball and nobody can say the agency of the future will be this way or that way. But what we can say is that there has to be a true willingness for the agency of the future to be more adaptive and reflective of clients’ needs. Only the ones who can adapt will survive.”
So, in such a complex environment, perhaps the biggest asset an agency can have is adaptability. For smaller and mid-sized agencies, there’s an ability to be more nimble than the bigger players. This is an asset.
But even for these agencies, there are obstacles to adaptability.
How do you structure your talent? How do you put the right people in place to meet marketers’ needs when those needs can be so disparate and wide-ranging?
How do you approach data? At what point in your process do you utilize it? In a world where privacy is paramount, how do you mitigate risk when it comes to using data?
Finally, what happens when there’s a massive client opportunity on the table, but you’re not in a position to meet that clients’ needs? It’s a dilemma any good agency inevitably faces.
These are all obstacles to adaptability. But within each of these obstacles lies a number of key opportunities.
We spoke to Oleg Korenfeld, President at TMG, and Jerry Tolk, Senior Partner and General Manager at FleishmanHillard. They answered these questions, and then some.