20% - The Marketing Procurement Podcast cover image

20% - The Marketing Procurement Podcast

Madison Avenue Makeover w/ Michael Farmer

Jul 26, 2023
Michael Farmer, an author and agency advisor with roots in consulting, dives into his latest book, exploring the monumental shift in advertising agency practices. He discusses the transformation of HUGE and the industry's move from traditional fee structures to client-centric models. Farmer shares his unique journey from English major to advertising consultant, highlighting pivotal career moments. He emphasizes the challenges agencies face in fostering innovation, restructuring for client engagement, and adapting to the evolving market landscape.
01:01:39

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Michael Farmer emphasizes the critical need for ad agencies to effectively measure workloads and allocate resources to improve profitability.
  • The shift from commission-based to labor-based fee structures has led to agencies failing to understand their productivity and efficiency.

Deep dives

Michael Farmer's Journey and Insights

Michael Farmer shares his diverse background, including his education at Princeton and Harvard, his military service, and extensive consulting experience in various industries. He emphasizes the role of opportunities in shaping his career, revealing how unexpected advice and scholarships led him to significant accomplishments. Farmer highlights the importance of recognizing and measuring workloads within ad agencies, arguing that agencies have historically failed to track their productivity and resource allocation effectively. This lack of awareness has contributed to declining profitability and efficiency in the advertising sector.

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