It hasn’t been a great March for the world’s largest marketing communications network, WPP. On the 1st of March, WPP disclosed annual earnings and an outlook for 2018 that caused its stock to plunge as much as 15% in London. WPP CEO Martin Sorrell acknowledged that 2017 had not been a ‘pretty’ year, in a statement along with the results.
2017 for us was not a pretty year, with flat like-for-like, top-line growth, and operating margins and operating profits also flat, or up marginally.
The major factors influencing this performance were probably the long-term impact of technological disruption and more the short-term focus of zero-based budgeters, activist investors and private equity than, we believe, the suggested disintermediation of agencies by Google and Facebook or digital competition from consultants.
You can view the results and read Sir Martin Sorrell’s full statement here.
That’s the background for this podcast. Anant Rangaswami shares his views on why the agency business is in so much trouble and he zooms in on one facet of healthy business relationships – trust.
What’s the reason for his point of view, and why is it an important discussion for the Indian advertising and marketing fraternity to have? Hit play and get Ready To Melt!