The Marketing Industry Needs New Companies, Not More Startups!
“Would you join a revolution or start your own?”
Much of the chat from the Cannes Lions 2016 Festival was the global dominance of Google and Facebook on the advertising industry. There seems to be a ‘them and us’ mentality in the sphere that surrounds media and marketing. Established brands hold on to market share as new innovative products are launched. Media outlets compete against a new breed of social first publications and in the marketing services space, new agencies and technologies vie for a place at the table.
All this competition is healthy for the most part. However, it should also encourage the evolution of the consumer industry, rather than fragmenting and simultaneously over complicating things.
On one side, there are the old companies; those first movers who have market share. On the other are the innovators; the start-ups.
“Here are some opinions relating to how the status quo of organizations is changing:”
- Those who strive to innovate from within, the ‘entrepreneurs,’ are few and far between. Those who succeed in implementing change are unlikely to remain put and their departure takes organizations a step back.
- Consumer goods companies, media companies and marketing services companies are relying on brand equity and some innovations (Marketing / R&D) to adapt, rather than re-inventing their companies.
- Startups are driven by one word: disruption. Being the next Uber seems to be a mantra that is the given as the key to success. Every company is setting out to take the world by storm. Uber was a pioneer in affecting consumers at a granular level, and this level of influence seems to be the goal of newly established organizations.
For those who have studied their trade to a point where we are ready to go it alone, and create a new company. It is worth considering how to go about creating an innovative company with impressive and even groundbreaking services. A company that is designed based upon current market dynamics.
If you left one of the below-specialized industries, would you take a take the learnings you have and apply them to improving your industry? Or would you join an existing start-up?
Finance: Would you join the fin-tech sector or set up a new financial firm? How would the financial sector have been affected had the Lehman Brothers remained employees rather than innovators?
Marketing: Would you join a tech company or set up a fresh ad agency, using your insights and experience? Could you create an institution that is more in tune with new media and the demands of clients and consumers? If Mindshare or Leo Burnett were incepted today, what would they look like?
There is a need for a ‘New Order’ in media advertising. While startups like Facebook and Google were can lead the charge, they are not establishing the form. A new order needs to be established from within the industry, this can be done by new companies set up by industry professionals, rather than an exodus to start-ups or ad tech companies. I write this at a time when I am about to launch a new company. These are some of the thoughts that motivated and inspired what I hope will be my revolution.
I write this at a time when I am about to launch a new company. These are some of the thoughts that motivated and inspired what I hope will be my revolution.
More to come…