Goafest 2023: The reorientation of media agencies is an imperative, say experts

The new replacing the old is an inevitable part of change. That said, the process is often difficult and driven by a disruptive business scenario. How well have media agencies risen to the occasion is an issue that came up for discussion at Goafest 2023. The session titled, “Breaking the Old Mould,” was moderated by industry veteran, Sam Balsara, Chairman, Madison World.  

Highlighting the strength of a media agency, Aditi Mishra, CEO, Lodestar UM, said it was in understanding the consumer journey. “Our job is now to make that journey more meaningful,” was her view. In a new world, Mishra admitted that it was imperative to have structures that worked. “So far, it has been around being client-centric or function-centric. We are experimenting with fixed and fluid teams.”

Balsara, who has seen many a cycle in the media agency business, was clear that talent was a serious challenge. “We need to clear about where we should be hiring from. There should not be a difference in talent at the client’s end and what we have,” he said. To make that possible, agencies will need to up the game in many areas. Amin Lakhani, CEO (South Asia), Mindshare was of the view that agencies will need to bring in skills related to automation and technology at large. “We will be in trouble otherwise,” he said.

Elaborating on the need to have a holistic approach, Navin Khemka, CEO (South Asia), Essence Mediacom looked at the “silos approach” as one that will just not work in today’s world. “There is a need to introduce a lot of sophistication in the way business is done,” he explained. In the midst of a world where consulting majors, through their offerings in areas such as data analytics, are looking to get a significant chunk of the client’s budget, media agencies face a challenge. Mohit Joshi, CEO, Havas Media Group India, on a lighter note, likened it to a “wife and mistress syndrome”. To him, the media agency was the wife with a lot of loyalty, while the new-age consultant was the mistress. “They have managed to get more out of the client.” Does that mean media agencies may have to rechristen themselves? The panel was unanimous on that and the answers ranged from being called a media partner or even a growth partner.