Specials

Ten commandments for agencies to stay in business: GroupM's CVL Srinivas

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/08/27/CVL%20Srinivas.jpg?itok=oGvynNWB

MUMBAI: It was hard hitting, the way CVL Srinivas began his address at Zee MELT 2016. With a satirical audio-visual titled ‘The Last Agency On Earth’ (2010), the GroupM south Asia CEO laid down the fundamentals of the ‘change or perish’ ecosystem today’s agencies exist in; bringing down the media behemoths from their high horses and urging them to face the reality.

If an agency needs a reality check on where it stands in this era of disruption it needs a clear understanding of where its client stands. It needs to ask itself ‘What keeps my clients up at night?’ Srinivas insisted.

“Clients are being witness to this disruption all across – be it the value chain, the consumer chain, supply chain. This introduces a lot more cost pressure on the advertisers, and pressure on procurement as well. Not to mention the planning cycle is getting shorter as well. From an annual plan, the clients are moving to quarterly evaluations,” Srinivas shared, adding that managing multiple partners could be the most challenging issue for these clients.

While the agency has to deal with newer business for clients, the same disruption within the clients adds more pressure on it. Positioned between the client and the consumer the agency has to stay updated with every new development that might translate into an insight.

“Therefore the contents of the ‘agency survival kit’ consist of the will to contemporising traditional or existing models, building speed and adaptability and staying relevant and farsighted,” Srinivas said.

In spite of all this talk of data, digital insight, tools and technical support, the clients still judge an agency on an excel spread sheet and ask ‘at what rate can you buy media for me?’ : Srinivas painted the sad picture.

So what are agencies to do to be relevant to its clients and ensure a revenue generating future? Follow these ten rules, of course.

1. Turning one’s weakness to strength is a first step in overcoming any major challenge and the media management world is no exception. Touting ‘tech’ to be the industry’s Achilles’ heel, Srinivas advised all to brainstorm into aggressively adapting new technology. No going forward until this is achieved.

2. Tracing media agencies back to the roots, the business was mostly trade centric. "Those days are gone, now you have to be data centric, in whatever form you acquire it," Srinivas simply put.

3. Agencies must constantly question themselves on their relevance to client and the market, as a lot of the grunt work that was part of the daily chore has been automated. So how else can an agency add value to stay relevant?

4. Adaptive marketing: There is no room for settlement and creating routines if you ask Srinivas. Giving an example of PepsiCo’s ‘Pressure is good’ campaign using real-time data, he showcased what wonders a truly nimble and adaptive agency can create.

And let’s not forget the holy trinity of timing, content and authenticity.

5. Srinivas encouraged agencies to keep an ‘open source’ mindset that lends itself to various partnerships and collaborations. The Cannes Lions 2016 Grand Prix winner ‘Six Pack band’ initiative by Brooke Bond Red Label was the result of that.

6. Keeping a fluid structure within the organisation can help internal processes from becoming bottle necks sometimes.

7. Talent diversity is the key, Srinivas said. “Earlier you either had math men or mad men in the organisation. Now the skills sets are more diversified.”

8. Breaking hierarchies within the organisation can help an agency from becoming rusty as fresh ideas are encouraged. “We must ensure contribution from the junior level as they may be better placed to take calls in certain issues in this digital world."

9. All the above points would fall flat if not for an’ Integrated system,' which keeps an agency tied to its data center while connecting it to several other touch points like pricing platform etc.

10. All that jazz about data still can’t displace ‘creativity’ from being the key focus of any agency. "Ultimately we are in the creative business,” Srinivas concluded.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/05/fic_0.jpg?itok=eZ-0b0oF
FICCI BAF Awards 2018 entries now open

FICCI Frames–the three-day global convention covering the entire gamut of India’s media and entertainment industry–is close, bringing with it the Best Animated Frames (BAF) Awards, one of the most coveted animation, visual effects and gaming (AVG) awards. The last date to submit entries for the...

Specials Event Coverage Ficci Frames
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/03/mip.jpg?itok=ZTofYB4F
Houseful at Bengaluru leg of MIP India roadshow

BENGALURU: All the seats were taken and more had to be brought in as the Bengaluru leg of the MIP TV India roadshow ended last evening at the Lalit Ashok. With the theme ‘A Seamless Content World’, the Bengaluru MIP was addressed by Reed Midem (Paris) Asia Head Paul Barbaro and India...

Specials Event Coverage Miptv
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/02/budget_0.jpg?itok=c9Vxxxq1
Industry hails doubling of digital allocation

One of the key points that came out of Finance Minister Arun Jaitley’s Union Budget 2018-19 was the focus on Digital India. The allocation was doubled to Rs 3073 crore and the budget was clearly beyond wooing voters.

Specials Budget Budget 2017
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/02/imagica.jpg?itok=lZASCYCC
Adlabs entertainment ltd. bags 'Best Customer Experience in Services Sector'

Adlabs Entertainment Ltd. has been announced winners of the “Best Customer Experience in the Services Sector” category under the Customer Experience Awards amongst some very prominent brands. The award presented by Zendesk was a part of the 11th edition of The Customer FEST Show 2018 conducted by...

Specials Promonet feature
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/02/budget.jpg?itok=_IUCAz5y
Digital industry celebrates Union Budget 2018

MUMBAI: The Union Budget for 2018 that was finally unveiled yesterday turned out to be a rather disappointing one for the industry at large but Digital India and digitisation got prime time attention. The budget focused on the middle class and rural population, guided by the mission to strengthen...

Specials Budget Budget 2017
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/02/YEAR%20ENDER%20HI%20IMAGESQURR.jpg?itok=PgAS9gip
2017's Top India TV industry leaders - Part I

MUMBAI: The year 2017 threw up myriad conundrums and dilemmas for the men and women who are the showrunners of India’s media and entertainment (M&E) sector, which is expected to grow at a compound annual growth rate (CAGR) of 13.9 per cent, to reach USD 37.55 billion by 2021 from USD 19.59...

Specials Year Enders
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/01/arun_0.jpg?itok=oYHINSNv
Union Budget 2018: Populist budget fails to excite industry at large

The Union Budget finally arrived today with all eyes fixated on Finance Minister Arun Jaitley. He presented his fifth Union Budget, which was also the last one for the Modi government before India sets out to choose its new prime minister next year. Riding on optimism, different research firms,...

Specials Budget Budget 2017
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/01/arun_1.jpg?itok=iS8k9Cb1
Industry holds bright outlook for budget 2018

MUMBAI: With the D-Day already here, the media and entertainment industry is keeping its fingers crossed after a difficult year that bore the full brunt of the introduction of GST. With things settling and the general elections not too far away, a more populist budget is expected from FM Arun...

Specials Budget Budget 2017
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/30/union_0.jpg?itok=nOfgOdDh
Union Budget 2018: Industry expects govt to favour consumption

Union Budget 2018 has snuck up on us. This Thursday, the government will unveil its budget for fiscal year 2018-19 and many market watchers are expecting a slew of incentives for businesses. After a difficult year, some course correction is certainly on the anvil. Here’s what some of the leaders...

Specials Budget Budget 2017

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories