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has made it possible to quantify the impact of marketing efforts in granular detail.
Technology Can Help Solve a Talent De cit
In Pakistan agencies lose one out of three employees each year on average. This turnover creates unnecessary headaches in an industry that is fully dependent on its resource’s brainpower, whilst generating extra replacement and training costs. The problem is most acute amongst millennials, aspiring to join glamorous organizations rather than lower-paying agency positions. It is
true that in terms of employee remuneration, agencies have a hard time competing with large organizations as they are dependent on client fees and timely payments.
There is one thing, however, the agencies excel
at: a more holistic training and flexible working experience for millennials. New working habits, including working remotely, have become a new currency for millennials. Agencies have the unique opportunity to differentiate themselves as being modern and flexible. Adopting tools like workflow management, customer relationship management and project management softwares increase
the opportunity to beat large organizations at attracting talent.
Focusing on Smaller Brands
Instead of working solely with industry giants with ample marketing budgets, agencies can now
eye smaller companies as sources of business. Digital channels do not require heavy marketing budgets to get the messaging out to the right audience. As smaller brands look towards marketing and communication individuals for guidance, agencies have the opportunity to build new models to service them.
There is no denying that technology is revolutionizing how we do business. It is putting more sophisticated capabilities into the hands
of clients and their consumers, raising their expectations in the process. To stay relevant, agencies must re-engineer the way they operate.
It starts with overcoming skill gaps, through the acquisition of smaller agencies or new hires. Furthermore, they must re-define their added
value. Technology can do a lot of things, but it can’t provide strategic advice or make tactical choice regarding content, frequency, tone or call to action. This is the one area where agencies will always bring value through a cumulative set of experience that A.I. is yet to match. Strategic thinking and creativity will always be our added value – that we cannot forget. Now all we Mad Men need to do is combine intellect with adaptability to get our mojo back.
Thoughtleader
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THE EDIT ISSUE 7 | Q3 2017