The World Economic Summit currently underway in Davos Switzerland should be recreated once a year for all the leaders of the advertising and marketing communities. We should probably throw in a few economists just to keep the event grounded; after all, the real prize is money.
The polyglot array of marketing agencies which make up client rosters today is insanely inefficient and needs to be fixed. Some big global companies have 50 plus ad agencies. Add to that public relations shops, direct marketing companies, digital, events/promotions, and the newly coined social media shops and you can begin to imagine the waste. The donut and bagel budget alone must be incalculable. And all the people needed to effectively manage these many agents is also a big honkin’ number. Plus communications, travel, entertainment, etc. Smart agencies and holding companies should take the lead on this — but that’s not likely to happen.
Davos for Marketers will, no doubt, be held in Cincinnati and it should be broken into two parts: all agencies then agencies plus marketers. No golf, no awards, no spousal programs, just hard work intended to optimize the silos, the workflow, outputs, integration, proper spending and measurement. I suspect the first year will be a mess. — metal detectors will be a good idea – but the reality is, for marketers and their agents it will be an important step toward building a more effective marketing future. Peace!
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