MADISON AVENUE MAKEOVER by advertising strategist Michael Farmer reveals keys to industry transformation (LID Publishing, July 11, 2023)

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Fortier PR

Jul 11, 2023, 14:00 ET

NEW YORK (PRWEB) July 11, 2023 --

Advertising faces rising challenges in today’s digital age. Having lost much of their Mad Men-era client partnership role, agencies must now deliver more for declining fees, functioning more like low‐cost marketing vendors for clients. Advertisers have suffered declining revenue growth as many digital and social media investments fail to pay off. And only cost reductions and other tactics seem to boost stock prices and shareholder value. What’s next for Madison Avenue and global marketing?

In MADISON AVENUE MAKEOVER: The Transformation of HUGE and Redefinition of the Ad Agency Business (LID Publishing, July 11, 2023), industry strategist and outspoken critic Michael Farmer tracks the transformation of the Interpublic-owned global digital ad agency ‘Huge’ by CEO Mat Baxter, who spearheaded a strategic turnaround in 2021 to tackle the firm’s slowing growth and marginal profitability. Baxter's findings and swift actions in the past two years will inspire an industry ripe for revolution.

As an independent fly on the wall at Huge, Farmer observes an eye-opening transformation in progress, suggesting a radical path forward for Madison Avenue, with such leadership lessons as:

  • Pricing & Scopes of Work: advertising’s broken pricing model is fatal for growth, so CEOs need to do more than make their numbers.
  • Productization: moving away from billable hours, Huge rolled out a product-based pricing model -featuring 45 new products.
  • Business Model Innovation: a pod-based organization focused on clients, products, and creative disciplines can unlock hidden potential.
  • Holding Companies: how shareholder value has corrupted long-term strategic thinking and actions among agencies and marketers.
  • Reorganization: how dramatic restructuring can advance global organization and culture.

With a call to action for today’s industry leaders, Madison Avenue Makeover provides compelling insight into how an agency has transformed to thrive, and a paradigm shift challenging advertising’s status quo.

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About the Author:

Michael Farmer is a strategy consultant for ad agencies and their clients. He is the author of Madison Avenue Manslaughter (3rd edition, 2019) and more than 100 published articles on the advertising industry. He worked previously at The Boston Consulting Group and as a director of Bain & Company. A graduate of Princeton University and Harvard Business School, he currently teaches advertising management in a graduate program at The City College of New York (CCNY).

About the Book:

  • MADISON AVENUE MAKEOVER: The Transformation of HUGE and Redefinition of the Ad Agency Business
  • LID Publishing
  • July 11, 2023 * 256 pages * $24.95
  • ISBN-13: ‎ 978-1911687641

Norbert Beatty, Fortier PR, http://www.fortierpr.com, 1 (917) 886-8119, [email protected]