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Advertising agencies are caught between fee-cutting clients and profit-hungry owners. In the meantime, their creative workloads are growing, driven by increased TV, digital and social advertising. How do agencies generate profit margins under these circumstances? Through downsizing, salary freezes and 'juniorizing.' Agencies are disinvesting in capabilities at a time when their clients' marketing challenges have never been greater. No wonder their clients are beefing up their internal capabilities and changing agencies at an accelerated rate!
This is Madison Avenue Manslaughter, documented in detail by Michael Farmer, who has been working in the industry for the past 25 years. Farmer, who was formerly a Director of Bain & Company, provides a gripping analysis of advertising agencies and their deteriorating situation. He describes the key trends that have weakened agencies during recent years -- the shift from commissions to fees, brand globalization, the rise of holding companies, client obsession with shareholder value, the digital and Internet revolutions -- and outlines the steps that senior agency executives need to take to restore health to their organizations and improved results to their clients.
This book is a first of its kind -- a detailed examination of ad agencies as businesses: their cultures, organizations, management philosophies and strategic choices -- providing an unforgettable inside look at the Mad Men's declining world.
Winner of the Gold Medal for Marketing books, 2016 Axiom Awards
- Sales Rank: #101818 in Books
- Published on: 2015-09-15
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x .70" w x 6.13" l, .0 pounds
- Binding: Hardcover
- 200 pages
Review
Jon Bond, CEO Tomorro; former CEO, Big Fuel; co-founder, Kirshenbaum Bond & Partners: "It isn't manslaughter, it's industry suicide in slow motion, one FTE at a time."
Gary Lee, Global Chief Financial Officer, McCann Worldgroup: “It’s more like Madison Avenue Massacre, and the bullets are falling prices, incentives that do not incentivize, mystery benchmarks and scope theft. We need strong and fair economic partnerships to fund creative and strategic brilliance. Michael Farmer’s expos� should ignite the debate. Bravo!”
Deborah Wahl, Chief Marketing Officer, McDonald's USA: “A great and engrossing read. This book is as relevant for advertisers as it is for agencies. After years of CMO tenure declining faster than agency turnover, the work of the CMO has had to refocus on delivering brand growth and profitability. This book highlights how our most valuable partners can refocus too and develop a more productive partnership to master the challenges of the VUCA world in which we operate.”
Richard Roth, President and Founder, Roth Observatory: "Finally someone has written a book about everything I believe in. Farmer identifies the causes and dynamics of the industry's issues and woes. He understands the economics, the behaviors and the causes of an inevitable talent drain. Solutions are scarce and they require a keen understanding of the business. Farmer has this understanding."
About the Author
Prior to founding Farmer & Company in 1992, Michael Farmer was a strategy consultant with The Boston Consulting Group and a Director of Bain & Company. He headed Bain’s Munich, Paris and London offices during Bain’s decade of European expansion in the 1980s. Michael lived and worked in Brazil, Switzerland, Turkey, Germany, France and UK for more than 20 years. He was associate dean at the Harvard School of Public Health and Professor of Naval Science at Iowa State University.
Most helpful customer reviews
5 of 5 people found the following review helpful.
Financial professionals looking to better understand the sector from the outside will find Farmer's ...
By Brian W Wieser
Michael Farmer provides fascinating insights into the underlying trends impacting the creative agency industry in Madison Avenue Manslaughter. Financial professionals looking to better understand the sector from the outside will find Farmer's book to be a unique (and important) assessment on its current state, while practitioners - financial and otherwise, client and agency-side alike -- will undoubtedly find helpful ideas for improving mutual business outcomes.
4 of 4 people found the following review helpful.
The Most Important Book About Advertising Since Ogilvy's Confessions
By James A. Turner
I've spent 30 years in the agency business and have read just about every book you can imagine about advertising and the agency business. I come from an advertising family -- my father was a Mad Man working side-by-side with David Ogilvy and other members of the Advertising Hall of Fame.
Long story short -- advertising is very near and dear to my heart. As such, I've been disheartened to witness the challenges agencies have been going through over the past several decades. (As an example, the American Association of Advertising Agencies reports that the average length of a client/agency relationship in the 1990s was 8 years -- today, it's 3 years, if that.)
The good news is there's hope, and it comes in the form of Michael Farmer's book. Mr. Farmer is a management consultant who has worked for some of the world's most well-respected consulting firms. More importantly, he has worked for the past several decades as a consultant with many of the world's largest agencies and holding companies.
This well-researched and insightful book doesn't just point out the problems agencies are facing. Instead, it provides a step-by-step action plan on how to identify the problems for your own agency and work towards a solution.
If you're as concerned about your own agency, or the ad agency business, buy this book. It's packed with information you can use to turn your agency around and get it back to where it needs to be.
3 of 3 people found the following review helpful.
Ad agency and holding company CEO’s miss this at their peril.
By George Parker
There is no question that the advertising agency business I used to know, love, and profit from, is in a radical state of change, not to mention confusion, perhaps even panic? Back in my Mad Man days, you could reach over eighty percent of American consumers to sell toilet rolls, or as P&G preferred to call them “Bathroom Tissues” via Mr. Whipple on three TV networks. You could also sell pre-filter Pall Mall cigarettes, “You can light either end,” via three national weekly magazines. It was an era when media plans were done on cocktail napkins during a three martini lunch, and on returning to the office, you had your secretary type it up whilst you had a nap on your office coach.
Today, things are slightly different. With the growth of digital and social media the multiplicity of choices to reach consumers is only matched by the multiplicity of choices consumers have to ignore you. But, it isn’t merely the proliferation of new media that has led to the impending demise of ad agencies as we know them; I would suggest that it’s the stranglehold of the ever powerful holding companies over their subservient agencies that is inexorably pushing us to the end of relationships that have served clients and their agencies well for many years.
I was saved from throwing my hands up in despair when I read Michael Farmer’s wonderful new book, “Madison Avenue Manslaughter.” This is an extremely well thought out exposition of how we have arrived at this state of affairs, whilst presenting the most convincing arguments yet posited for how we can hopefully address the situation. As he puts it so simply, yet forcibly… “Workload is growing faster than income.” Putting this in terms that even I can understand, it means that once an agency is acquired by a holding company, its prime function is to meet the quarterly numbers the holding company needs to keep its shareholders happy… Not to mention the holding companies CEO’s upkeep on luxury apartments, villas, yachts and “Rollers.”
Meantime, at the other end of the s***ty stick is the unfortunate fact of life that the holding companies agency clients are now treating them in the same way they deal with suppliers of mops, brooms and stationary. In other words, bean counter procurement people will be responsible for negotiating agency fees. Which means that agencies can look forward to having the cost of their “Big Idea” looked at in a similar purchasing fashion as providers of “Big Toilet Rolls.” Unless the client is P&G, in which case it will be “Big Bathroom Tissue.” Oh, and can we now pay your invoices on a 120 day at the earliest, schedule?
Inevitably, the holding companies and their subservient agencies succumb to this pressure, agreeing to cut fees and accept delayed payment without suggesting the clients accept longer delivery times and less of a cornucopia of creative offerings. Then when, a few months later, the procurement people turn the screws an extra twist or two, the agencies knuckle down and go along with the ever decreasing game.
Michael Farmer has several rather gnarly suggestions to fix this problem. Essentially, the key is the measurement and management of the agency workload necessary to be able to create the client’s expected deliverables, and to do it in such a way as to justify the fair income and profitability that will satisfy the management of both the agency and its holding company. Further, he suggests a complete rethink of the agency structure and operations, making many detailed suggestions from staffing to remuneration. Finally, he lays the onus on agency management, particularly the CEO; to admit to themselves that they are steaming towards a Titanic sized iceberg and it’s almost too late launch the lifeboats.
On a final, final note, apart from Madison Avenue Manslaughter being required reading for all Agency management. I would put a gun to the heads of the CEO’s of the major holding companies until they have read it from cover to cover. After all, most of this mess is their fault.
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