So here it is December 16th and I'm a bit surprised by the lack of blog postings and articles that usually come out this time of year with predictions for the advertising and marketing space for the following year. Perhaps we'll see a flurry next week, but it's still a bit quiet out there.
Why?
One of tow things: people don't have a clue about what's really going to happen, or there is absolute paralysis about trying to figure it out.
The advertising business has really never seen a convergence of negative factors like we are seeing now. I had lunch yesterday with a friend of mine, now retired, who was for a long time a very, very senior guy in one of the large global agencies. he said he had to go back to the early 70's gas crisis to recall anything resembling the negativity in the marketplace we are seeing now. Now this is a guy who has seen everything possible happen over his career, so his perspective says a lot.
That said, I think next year will be a mixed bag of pain and opportunity. For those who can raise above the fear and worry, there will be a lot of opportunity to gain new clients and do great work. The concern I have right now is I see almost everyone treading water mentally, and not really attacking the issues.
So here are my thoughts, suggestions, and a few predictions for next year.
1. Protect what you have. Everyone, and I mean everyone, will be even more aggressive on the new business front. The last ten years of just sitting back and awaiting for opportunities to roll in (hopefully you have been more proactive than that, but some have treated the market from a reactive, rather than proactive stance...a big mistake) are over. Agencies will be out in full force going after new revenue. That means they will be calling, writing, and wining and dining your clients.
It's never been more important to make sure your clients see you as a valuable partner. One that understands their business and is being proactive about your bringing smart and innovative ideas to them...even when it is not asked for.
2. Remember what's important. Money will be king in 2009. How much, and little clients can spend and still get what they want. I predict that we'll see many more large consolidation like the Dell/WPP and J&J/WPP, IPG consolidations. Clients will be looking for greater efficiency, and that means they want the most they can get for as little as possible. Take another look at your current agreements with your clients. Should you be gong to them pro actively with a pov on their fees and scope? It might seem a little protectionist, but if you secure the relationship, it also opens you up to additional opportunities that will ultimately lead to more revenue.
I don't subscribe to this kind of thinking on a regular basis but 2009 is going to be a unique year. All CMO's and brand managers will be under tremendous pressure to lower costs while raising relationship and operational efficiency. There will be plenty of these types of opportunities coming from the market through the agency search consultants, but they key is how many can you create on your own.
3. Innovation is still king. At the end of the day, we are still in the business of developing great ideas for our clients. A few months ago I wrote a post about 2009 being the year that digital finally goes big. Now that it's not a major factor in our business, but I've been feeling that as an industry we've just been kind of playing around the edges of what digital (and I include mobile in that) can do.
So in 2009 I think we will see a greater and more dramatic move towards solutions where digital is the tip of the spear, rather than just a piece of the pie. It's highly target-able, highly measurable, and when used correctly, helps to build the most important factor in any marketing program: word of mouth.
So that's it. My thoughts on next year. It's going to be a wild ride. Would love to know what all of you think.
A healthy happy holiday season to you and yours.
