When he speaks, the industry listens, and WPP boss Sir Martin Sorrell’s recent appearance at Advertising Week in New York was no different.
Speaking as part of a panel at the event this week, Sorrell said the “tiddly-pop little industry” that is advertising is “too competitive”, before adding that he was “going to get shot for saying this”, according to AdWeek.
Sorell recognised that while winning is “really important” in advertising, the headlines that appear on trade publications “are the noise, not the compass”.
“Until there’s one agency, you can’t change that,” he said.
The industry god also believes there will be less agencies and holding companies down the track, and that agencies need to stop getting so hung up about competing with consulting firms.
Instead, Sorrell said what agencies should be worried about is being seen as a cost and being “benchmarked to death”.
“Many years ago, we were regarded as being an investment,” he said.
“Today we’re regarded as being a cost. If you invest in innovations and brands, you win.”