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PepsiCo’s Brad Jakeman Suggests Shops Have Not Kept Pace With Change
Excerpts from Jakeman’s presentation at the Association of National Advertising’s annual “Masters of Marketing” conference in Orlando, Fla.
“The agency model that I grew up with largely has not changed today,” he said, noting that he has been in the ad industry for 25 years. “Yet agency CEOs are sitting there watching retainers disappear … they are looking at clients being way more promiscuous with their agencies than they ever have.”
And he pointed out that big consumer packaged good companies still measure marketing spending as a percentage of net revenue. “That assumes that paid media is the only way to build brands,” he said. But that is wrong because content generated by others on a brand’s behalf, for instance, “doesn’t cost us a cent,” he added.
We are still talking about the 30-second TV spot. Seriously?