It’s no secret how negatively the economy has impacted businesses over the last 18 months, and advertising agencies are no exception. Having failed in recent efforts to recruit new clients like Sprint Nextel and Office Depot, Ogilvy Ad Agency has named Miles Young as their new CEO, in an attempt to spearhead new business.
Since 2003, Young has doubled Ogilvy’s Asian revenue to $500 million and built the best agency network in Asia. With ad business in the states teetering on the edge of a recession and companies like Google now offering traditional advertising, how does Young plan to navigate the agency toward digital and online advertising? Through creativity and strategic planning, which will help marketers better understand consumer mind-sets and market opportunities. Young believes that both features are the agency’s best defense against digital online advertising and are the only offerings in which clients are interested in investing.
While many big agencies who made their reputations through TV advertising try to catch up by buying ad-shops and recruiting digitally-minded executives, Ogilvy is already two steps ahead. One of the first agencies to hire a chief digital officer several years ago, the question now is whether or not Young can produce results with his digitally-minded team. Stay tuned to find out!
