ADVERTISING—IN A DIFFERENT WORLD

websitebuilder • October 5, 2015

As a member of The Freelance Exchange of Kansas City , I was privileged last month to attend a very interesting meeting at which a local panel of experts discussed the state of the advertising industry today. The three panelists were:

  • Kay Moore (director of talent management, Glynndevins).
  • John Nohe (president and CEO, JNA Advertising).
  • Susan Scholes (vice president of marketing, Imodules).

The panel shared numerous insights about the advertising industry. I want to focus on just a few that were especially interesting. This is one insight that is somewhat obvious, yet it was great to bring it up for some excellent discussion:

“ The concept of an agency of record is virtually nonexistent. ”

Whereas in the past, companies would sign on with one advertising agency and stick there forever, today that just is not happening. Companies are willing to change agencies quickly if they are not satisfied. Moreover, companies realize that the high-priced agency venue is not necessarily any better than what they might choose to do themselves in-house.

Companies can also select from many different agencies in addition to the freelance pool. This a la carte style means that one agency might handle the Web site while a freelance person handles the social media while another agency handles the regular mailings and collateral materials. Everyone agreed that this approach could place the company’s brand stability at risk.

Some of these changes are motivated by a reassessment of the economics and competition of advertising. The playing field and the economic pressures are not the same today. Additionally, everyone is flexing their muscles with the tremendous capabilities provided by technology.

The state of the advertising industry today is definitely different than in was in any prior era. The big agencies seem to be going away. This also means that all agencies and freelancers will potentially have more opportunities, if they know where to look and how to approach prospective clients.

My observation—That rocket has left the launch pad and will not be slowing down for anyone. In fact, it is going to fly faster every day. So regardless of your role (agency, client, or freelancer), you had better plan your trajectory now.

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MILLENNIALS AND GENERATION Z FAVOR HIGHER EDUCATION

By James Meadows • August 13, 2019
Although anyone can and will criticize higher education, millennials are evidently smart enough to know its value. In spite of the horror stories about student loan debt, academic disasters, and wrong career turns, millennials have boasted one of the highest graduation rates of any generation to date. Generation Z may soon surpass them too as Laura A. Scione, managing editor of eCampus News reports : “ Despite growing questions around the value of college and return on investment in tuition, just 25 percent of Generation Z students say they believe they can have a rewarding career without going to college, compared to 40 percent of millennials. Eighty percent of Generation Z respondents and 74 percent of millennials agree that college either has a fair amount of value, is a good value, or is an excellent value. Only 20 percent of Generation Z students and 26 percent of millennials said college has ‘little value’ or ‘no value at all.’ ” Good for them! The statistics remain on their side—and the side of anyone who pursues higher education. Anthony P. Carnevale is the director of the Georgetown University Center on Education and the Workforce. Based on his research, that trend will only continue (Gillian B. White “Those Savvy Millennials” The Atlantic , May 2015, p. 38): " In 1973, 32% of jobs did not even require a high school diploma, 9% required a bachelor’s degree, and 7% required a master’s degree or higher. It is projected that by 2020, 12% of jobs will not require a high school diploma, 24% will require a bachelor’s degree, and 11% will require a master’s degree or higher. " Derek Newton wrote an article entitled “Please Stop Asking Whether College Is Worth It” in which his opening declaration gets right to the point: “ Colleges and universities are still the best, most direct path to a good career that pays well. ” In addition to those insights, the unemployment figures consistently reveal the enduring value of higher education. The seasonally adjusted July 2019 unemployment rate for persons not having a high school diploma is 5.1% ( Bureau of Labor Statistics ). Having a high school diploma drops that rate to 3.6% and some college or a two-year degree drops it further to 3.2%. Pretty good trending, would you agree? Finally, if we look at people having a four-year degree, a graduate degree, or a doctoral degree, the unemployment rate is a low 2.2%. Higher education’s edge is especially clear when you consider the range of these numbers over the education level. Look at the two ends of the spectrum: less-than-high school (5.1%) versus a four-year degree or higher (2.2%). Consistently, regardless of the measured time, the unemployment rate for a less-than-high-school-educated worker is two to four times larger than for the college-degreed worker. This is why, when people seek my counsel about career planning, higher education remains one of my most significant emphases. Education pays. Degrees still rock. Regardless of how good or bad the economy is, regardless of how many individual academic and career disasters can be cited, and regardless of how loudly the antidegree crowd howls, you are still in a better position having a degree than not having a degree. The good news for the millennials and Generation Z is that they have arrived at the same conclusion and now they will enjoy the benefits.