Ad giant WPP recently reduced its full-year earnings for the second time this year with CEO Sir Martin Sorrell citing a myriad of challenges… from consumer goods company spending cutbacks, to Trumponomics (disappointed by this reference to say the least). Sorrell’s comments over the past couple years, and in the Cheddar interview here, highlight the challenges facing the ad industry and its clients as media consumption increasingly migrates to digital channels and on-demand consumption and the “me” media evolution. Sir Martin also points to the fact that Google, and now Facebook, have become the largest investment pools WPP is deploying for their clients. Maybe the problem lies in the fact that Facebook and Google are tactical vs. strategic decisions but are being treated as overarching, and all encompassing, approaches. Many media decisions currently being made in digital seem to be retreads of traditional media tactics where bigger is better… and interruption is still rules the day (a strategy fast facing extinction).
As small business owners, we sometimes tread a very thin line between what we consider success and failure. Margins are small, money is tight, risk is high, and some days it seems that everything we try is a bust.
Have you ever had a job that you simply couldn’t stand, due to a poor relationship between the decision-makers and the employees responsible for carrying out those decisions? It feels like no matter how strong an effort you make or how much you like serving the customers despite the poor work environment, it’s hard to perform at your best with so much negativity in the air. As a business owner, apathetic, disengaged employees can spell real disaster for the quality of your customer service, and the data consistently show how disengagement correlates with poor customer service. This is an age-old problem that has always been a hurdle for business.
The biggest mistake brands make when trying to engage influencers is not first trying to understand who they are and what they stand for. They think it is all about the money, and simply the number and reach. I write a lot about Looking People in the Eye Digitally… so for me the most important influencer marketing tool is building relationships.