Covid-19: Ad agencies need to adapt quickly
The Covid-19 pandemic is causing a seismic shift in consumer priorities and ad agencies need to adapt quickly, says Brave Group CEO
Ad agencies currently in lockdown and servicing clients remotely are starting to look to the future and how their operating models will be forced to change.Brave Group CEO Karabo Songo believes that by the time the lockdown is over, consumers’ priorities will have changed radically and the ad industry needs to be in a position to adapt quickly.He believes brands and their agencies have important issues to consider: "How will the new normal affect income patterns of my customers, and is our business/product adapting … to have a fighting chance against competitors? In addition, is what we perceive to be our sustainable competitive advantage still strong, and if so, will it stay that way?"In the SA economy, Songo says, many brands and businesses have built empires largely on protected and controlled distribution channels that kill competition. He believes a lot of these businesses will not recover after the crisis and the question ad industry players need to ask is how they fight for t...