Tuesday, 29 September 2009

The "Marketing 3.0" Ad Agency

Some weeks ago I mentioned (link) a comment by Patrick Meyer on an AdAge article. He's a partner in a new agency called (link) "NOW Inc." based in Miami and with all the interest my last post has been getting, I wanted to feature his thinking regarding one take on what the successful agency of the future will have to do.  What he describes is essentially the need to stop being ad agencies and become strategic planning focused.  With his permission, here's part of his comment on AdAge:

"The consumer and technologies are leading and it has left most marketers scrambling.  The antidote? Re-invent yourself -- move to the new Marketing 3.0 Model.

"In our prior marketing company Fusion 5, we were the front edge of marketing--driving the shift from 1.0 to 2.0. Now in 2010 we are championing Marketing 3.0. How?
  1. Insights:  As Donna Hoffman's McKinsey article mentions "listen".  Immerse yourself in insights around current attitudes and behavior--on everything from social marketing to post Desperation Economy attitudes and everything in between.  Then spend a few hours with Twitter and do some hash-tag research of your own--and it will open your eyes.
  2. Brand Strategy:  Yes, this discipline still applies yet it is the inputs and implications that are usually different.  The brand positioning and strategic platform is still the cornerstone--yet evolving attitudes challenge you to find the connective tissue for your brands.
  3. Innovation:  For this news value and innovation hungry population--you need to have a pipeline of ideas.  And these innovations are more than product, package or service applied--it has to be marketing innovation. We have teams in Bangalore, India building iPhone/Facebook apps (generation ahead--fraction of the cost).
  4. Marketing Connection 3.0:  There is an evolved marketing purchase funnel.  Personal experience is the number 1 driver, then family/friends word of mouth (including digital WOM); then 3rd party endorsement in the form of an expert blog, a massive barrage of Twitter responses or Consumer Reports online.  Then personal research online is the 4th driver.  All of these factors are in the 72% to 52% level of importance. (advertising is between 10%-30% at best).
"And this is where the obsolete marketer/agency issue is. If you are on Marketing 1.0 or 2.0 you are vulnerable. You have to be in today and tomorrow's game.

"Now add a piece that every CEO and most CMO's are screaming for in the recessionary economy--DELIVER MARKETPLACE PERFORMANCE. Deliver sales/share/profits. Recently one of our clients told his agency head: "bring me ideas to turnaround our sales decline!". Truth be told, the agency has no/limited expertise in turning around or driving sales thru marketing solutions. And this is the biggest challenge that is unknowingly inside of Marketing 3.0 (it is not just about Facebook and iPhone apps).

"At NOW, we champion Marketing 3.0 in its performance delivering form.  We have NOW SWAT teams that do projects rapidly in less than 6 weeks. Our teams include ethno/cyber insights, 3.0 strategy, digital innovation/design, SEO expertise for online and social planning , cyber PR, Blog & Tweet teams, etc.

"So it is your choice, shift to 3.0 (or go the way of most of Madison Ave.)

Patrick Meyer, CEO, NOW Inc.  Follow him on Twitter: PatrickMeyer"

A very solid "marketing agency" approach and his point #4 is especially apropos.  It speaks to the link between experiential and social media as consumers move towards loyalty.  Here's a link to my original take on "advertising vs. marketing agencies."

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