Ad spend is shifting at an alarming pace, catching out most that are intimately involved in the industry (ITV is a good example of this). Brands need to be much more willing to get ahead of the curve rather than be left behind. They need to address head on the changes that they need to confront in terms of how consumers consume media and consequently how brands can influence them.
If brands are to truly get ahead of the game, they need to embrace a step change that will require top down direction and ownership starting from the very top of the organisation. Every CEO must recognize that part of this step change will necessitate new blood and new thinking across the management team, and the first candidates to go will be very easy to spot. The real challenge will be whether the board has the stomach to make such dramatic change, or instead hope that things will get better of their own accord.
There are many good and recent examples of where traditional businesses have adapted to this brave new world and many examples of where established brands (regardless of whether they are tech or traditional) have been pushed aside. I am sure you will find a few of both in the broadcast, technology, gaming and travel sectors without trying too hard.
With the reality that we are experiencing oversupply across most sectors, dwindling finance options, combined with a smaller and more cautious consumer base looking for best value – brands must be willing to adapt or get swept away.
Having implemented a range of dramatic changes to the management team and structure of Global Beach, I do recognize that such change brings with it a new and perhaps even scarier set of problems, and that having swept away the past there is nothing left to hide behind but the results of your future efforts.