There’s been a lot of talk recently about the fiduciary standard for financial planners becoming law in 2017. So much so that John Oliver even delved into the topic recently to show just how confusing the whole process is. That got me thinking: What would a fiduciary standard look like if it applied to advertising agencies and marketing consultants?
To be clear, a fiduciary standard is a guideline means that the person or agency performing a service on behalf of a client needs to act in the client’s best interest. Sounds simple, right? Not so much. In the case of financial advisors, they often push products and services that have much higher fees so that they can reap the rewards in higher commissions, essentially dooming their clients’ finances.
You have no idea how often agencies, especially smaller ones, engage in similar behavior. High hidden management fees. Accounts being held hostage. More expensive media plans than necessary, with payment on the backend from the media receiving the placement. It happens every day. How do we get agencies to look out for their clients, as opposed to looking for ways to make a quick extra buck? Read More
In the wake of the horrifying shooting in Orlando last week, a story about candy control had me thinking about its broader applications. The American gun lobby has fought tooth and nail to protect the rights of citizens to buy as many guns as they possibly can, regardless of the cost to society. They’ve redefined the second amendment as their constitutionally enshrined right to unfettered capitalism with grave consequences.
At the same time, Mars Incorporated recently announced they’d look to remove their products from other sugary treats. No more M&Ms on ice cream sundaes or Snickers in pie form. You could call it “candy control.” It’s a move that could hurt them, at least in the short term, as they’re basically leaving product sales on the table in favor of what’s perceived as the public good.
Why have these two industry heavyweights approached mass consumption in the modern world so differently? It’s part regulation, part moderation. Read More
Algorithms very well may be the future of marketing, as well as life in general. These powerful and mysterious beings are all-knowing, all-seeing and determine everything from Google search results to Netflix recommendations to driverless Uber cars. And they’re getting stronger every day.
I, for one, would like to welcome our new robot overlords. Their control of our every hope, thought and desire has really ushered in a new era of peace and prosperity for all. Long may they reign! /sarcasm
In all honesty, algorithms aren’t really anything to be afraid of. Except when they are. What does that mean for marketing? And what can you do about it? Can you really compete with an algorithm and outsmart it? Let’s explore. Read More