Happy Days Are Here Again
The S&P is at an all-time high. The Dow is over 14,000 — more than double January 2009. Warren Buffet says “opportunities abound in America.” Believe him, he knows what he’s doing. It took 5 years, but our nation survived George W. Bush and is prospering once again. We leapfrogged the fiscal cliff and we’ll kick aside sequestration (like a Government shutdown would be such a bad thing?). All this can go bust with the flick of a Bic; but, as they say in the Google search bar: I’m feeling lucky. By the way, Google’s stock price closed at $821 per share today, another record high.
I see a turnaround. I see agencies pitching a lot of business. I see agencies recruiting and hiring good people. I haven’t seen it quite like this since the glorious Clinton administration in the creative advertising industry. Yes, a lot of the growth has transpired in the Digital sector; but we’ve also seen growth in more traditional agencies that have transformed themselves into hybrids. This transformation is driven by talent — not just by simply adding disciplines, but by recruiting and attracting the best talent in the marketplace.
Notice that I say “in the marketplace” and not “on the marketplace”. The bad economy of the past four years caused a lot of bad habits, which are listed below. But, I’m happy to report that the era of agencies and clients playing it ultra-safe and conservatively is over. To prosper in the new economy, agencies must once again focus on their inventory: the talent pool.
5 Habits Agencies Must Break to Exploit the New Economy:
1. Category-driven Prospecting — As Donny Deutsch said in 2003, “kill the category lists.” The bad economy forced clients to seek “round-peg/round hole” solutions. Fortunately, we can be marketers once again. Our reputation can rest on our creative product and its connection to effectiveness, and not on category expertise.
2. Specialization-based Positioning — In the doom-and-gloom darkness of the past few years, agencies have been forced to move away from their real point of differentiation: Creativity. And for good reason, creative had become a devalued commodity — like home values during the housing crisis. But, creativity is back and content is once again, king. We can get back to being creative companies, and not “fully integrated whatever.”
3. Online Recruiting — If you want top creative talent, they are not going to respond to an ad on a job board. Your ad will attract unemployed candidates, job-hoppers, underachievers and folks that want to “get into advertising because it’s cool.” You will attract the best available talent ON THE MARKET. You will never get the top 10% of talent IN the market. FACT. The best people are busy creating great work. I’m happy to report that most creative agencies with pride in their product recognize this as well. This is not to say there’s not a place for online job resources, just not for leadership and key positions at your agency.
4. Jobvites/Employee Referrals — More short-cut, cheapskate nonsense propagated by a bad economy. Once again, these practices produce what’s available. This tin can is so rife with worms that it ensures a fishing expedition. What if the hire doesn’t work out? What if the internally referred candidate is not quite as good as another? What if that candidate uses you for a counter-offer? What if they are not the right cultural fit?
5. Collaboration Platform — Why do agencies talk about collaboration so much? Is it unusual for a vendor to listen to their clients? Seems that way. Luckily, we can move away from this and back to leadership, stewardship and seeking out clients with like-minded missions and purposes. To drive this point home, let’s quit on Wieden + Kennedy’s Philosophy — leaders attracting leading brands:
At Wieden+Kennedy, we do communication. Creativity. Ideas. We build big brands and deep relationships.
We help create brands that lead popular culture, not merely reflect it. Because we believe brands that influence culture sell more.