An agency which has individuality and can create uniqueness will survive in the future. That was one of the key messages delivered by Dominic Proctor, Global CEO, Mindshare Worldwide. Speaking at the 8th edition of exchange4media Conclave, held in Mumbai on July 15, 2011, Proctor also challenged Indian media and marketing leaders to take a global view of business if they wanted Indian agencies to be ready for the future. Jagran Group was the presenting partner of e4m Conclave.
Speaking on ‘Agency of the year 2016’, Proctor predicted agencies that created deep understanding of technology would be the ones who sat on the high table with clients.
According to Proctor, for the agency of the future, the key would be to integrate all media. He further said that media agencies were best placed to manage the changing scenario and client expectations.
Given the increasing complexity of the environment, Proctor predicted that brands would need agencies that could manage the entire ecosystem. According to him, “There will many types of agencies needed to do that. No single agency will be able to do it. However, there will be one agency needed that can manage and partner all other agencies and partners. And media agencies are best placed to play that role.”
And to be able to that, agencies would need seven key attributes. There are: Understanding of data and being able to analyse them real time, being innovative to beat competition from new models like Google, collaboration with media, understanding digital as mobile will be the most key medium, understanding new commercial realities, investing in cutting edge technology to manage increasing complexity in environment, and lastly, thinking and working global as the new ecosystem is global.
The biggest challenge, according to Proctor, was money to re-purpose and re-train the talent pool. “It will take a while bunch of people to navigate it. And it will take a lot of relearning,” he felt.
On clients and brands
Talking about the post-recession scenario, Proctor said that the challenge for clients was driving top line growth. He noted that those clients who actively allowed agencies to work together would succeed. “The focus will be more on the consumer than the brand,” he felt.
For media owners, Proctor emphasised on their greater need to monetise content. “Content is still is very valued, but has become far less valuable due to free distribution. Media owners will have to focus more on protecting IP,” he stressed.
Proctor also predicted that media owners would have to lead the charge towards digital.
Talking about the Indian market, Proctor rued the fact that talent pool in India was not deep or wide enough and also that India was still insular as a market. He noted, “Not enough Indian businessmen in media and marketing are taking a global enough view. If India wants to be at the forefront of innovation in marketing and media, a broader view needs to be taken.”
Making a last point about expanding the talent pool in the media agency business, Proctor said, “We are well past the time where we worked with stealing people from each other. We need to bring new talent into industry from outside.”
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