It can be hard to imagine that change will actually happen.
Oftentimes, we are blind to the forces that will cause our business offerings and services to become devalued or worse, irrelevant. After all, we have to believe wholeheartedly in our agencies and what we do to be able to survive the late nights and weekend hours.
This attitude makes us vulnerable, but the future -- and we’re only talking about the next four years -- needs to be faced. The changes currently happening in the marketing industry and the needs of brands are too significant to not have an affect on the way we partner with these organizations in the future.
“Because the best marketers are increasingly looking for multiple best-in-class marketing partners -- not AOR relationships -- agencies will have to get better at playing a supporting role instead of just a ‘lead agency’ role," said Tim Williams (@TimWilliamsICG), founder of Ignition Consulting Group and aptly called the “brand doctor for brand doctors." He presents on, consults, and provides guidance on creating value in agencies, the evolution of the industry, and the challenges agency owners need to be prepared for.
“It's basic economics -- what's scarce is valuable,” Williams said. “If what you're providing in 2020 is the same as everybody else, and it's widely available, then you're not going to have a very good business. You're not going to be able to get any margins. You won't have any pricing power at all.”