A new report predicts that two-thirds of advertising agencies are not prepared for the industry changes prompted by social networks and new forms of digital media. The report prepared by The Institute of Practitioners in Advertising (IPA) also warns that if advertising Agencies don’t adjust to the challenges of Social Media, they will face market declines.
My own opinion is that majority of Social Media solutions that are available on the market today are not scalable, they are non-standardized, hard to implement effectively, and unproven. This is in sharp contrast to state of other media today. We need to be cognoscente of these issues as leaders in the Social Media space.
We not only need to be easy for an advertising agency to work with, we need to be their guides, we need to be SHERPAS. We need to take the creative assets they understand and have developed and make them work inside the social media space. We need to constantly deliver above and beyond what the agencies expectations are. We need to take the time out, to explain results of campaigns, and suggest new methods for upcoming ones. We need to support all results with meaningful data that spell out metrics of success for each campaign (we may need to help the agencies develop those metrics to begin with.)
This is our unique challenge; we are not like other media where agencies know exactly what to do. Our success is tied to the success of our agency partners.
One important note about the report that was covered by the Financial Times; two-thirds of the projected decline could be made up by creating new forms of web content that contains branding messages, and by analysis the data expressed on the web. The later initiative is one that Lotame has demonstrated leadership and expertise.
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