Michael Farmer: A new game plan for agencies

Mar 25, 2024

45:52

forum

Ask episode

view_agenda

Chapters

auto_awesome

Transcript

info_circle

Episode notes

In this episode, Robin chats with Michael Farmer - Chairman and CEO of Michael Farmer and Co. and an influential author on agency transformation. They discuss the commercial challenges and opportunities facing agencies and explore the need for a radical change in the business model.

Michael highlights the stagnation in client growth, the impact of AI on agency profitability and the historical focus on cost reduction over client performance. They also explore the idea of agencies taking a more consultative approach, productising solutions and charging for scopes of work instead of selling time.

Micheal and Robin close the episode on a strong note of optimism - sharing examples of leaders (on the client side, as well as agency side) who are affecting genuine change.

If you’re keen to evolve your agency’s business model but aren’t certain that it’s possible, then this is the episode for you.

CHAPTERS:

04:15 The lack of profitability within agencies.

10:03 The loss of AOR status.

14:50 The lack of knowledge sharing within agencies.

22:42 AI will reduce at least 20% of billable hours.

32:42 Having the confidence to step outside the brief.

37:40 Focusing on impactful work and lasting growth for clients.

41:39 AstraZeneca’s Agency Partnership Certification program.

43:20 Procurement leaders advocating for positive change.

MORE ABOUT CO:DEFINERY:

https://www.codefinery.com