Open Innovation and the Advertising Industry
Open innovation has thrown a lifeline to many companies in numerous industries, helping them to innovate faster and at lower cost thus allowing them to steal a march on their competitors.
One industry that is starting to realize the potential of the crowd is advertising. A current article – ‘Is Open Innovation the Future of Advertising?’ – in MediaJobs.com (a digital news platform) looks at the creative changes that traditional advertising agencies need to make to innovate and remain fresh and relevant.
The article includes a bold statement featured in the Harvard Business Review that was made by John Winsor, CEO of Victors and Spoils, and Wharton School Professor of Marketing, Jerry Wind. It says: “Much like newspapers, conventional advertising agencies are becoming irrelevant.”
The words are not meant to frighten the horses. They are more of a warning to those within the industry and people wanting to enter it, that they need to embrace open innovation.
How to Adopt an OI Approach
Readers of the article will pick up lots of information about how crowdsourcing, open innovation and co-creation are transforming the traditional working model at advertising agencies and how those agencies are adopting a more innovative approach.
Case Study
The article includes an interesting case study.
V&S advertising agency heard that Harley Davidson was dropping its long-term agency. Instead of pitching to the motor company it posted a brief to its crowd of strategists and creatives. This generated 600 ideas which V&S pored over, selecting 65 and presenting them to Harley. It landed the account.
To read the article in full click here.
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