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From radio and TV to the internet and artificial intelligence, the advertising industry has changed significantly with the rise of each technological advancement. Staying relevant requires advertisers to anticipate these groundbreaking technologies.
In this episode of The Speed of Culture podcast, Rishad Tobaccowala, renowned author and former chief strategist at Publicis Groupe, joins Suzy founder and CEO Matt Britton to share his knowledge on industry changes, upcoming advertising trends and the importance of retaining our humanity in the age of AI.
Tobaccowala is a seasoned author (Restoring the Soul of Business), speaker, teacher and adviser with over four decades of experience. His expertise lies in helping individuals, organizations and teams reimagine themselves, ensuring they remain relevant amid ever-changing times.
During the conversation, they discuss the evolving landscape of marketing over the past 40 years, how advertisers can stay ahead in this fast-paced industry and why the SAVE formula is key to bridging the consumer-innovation gap.
Explore the episode’s key takeaways to learn winning advertising strategies that will help you stay ahead of the game.
Key takeaways:
- 03:02 – 07:24 – Enduring Pillars in Advertising — According to Tobaccowala, while the advertising industry has seen significant transformations, four fundamental aspects haven’t changed: Talent remains crucial for success; the business is built on innovation and risk taking; effective client relationship management is a must; and change remains a constant factor that must be embraced. At the core of the industry lie communication and technology, which have consistently evolved throughout the years from print to radio, TV to the internet and beyond.
- 07:24 – 10:20 – Embracing the SAVE Principles — People tend to adjust more slowly to industry changes compared to the rapid pace of innovation. While staying on the cutting edge is desirable, it can sometimes be overwhelming for consumers. An example of this occurred with the metaverse and blockchain apps like NFTs, which left many consumers feeling confused. To offer meaningful solutions, Tobaccowala proposes the adoption of the SAVE model when developing new products or services. The SAVE model comprises four essential elements: S for solving a problem for the consumer; A for ensuring accessibility and user-friendliness; V for delivering value; and E for providing a superior experience. By following this model, businesses can strike the perfect balance and cater to their customers’ needs while ensuring high satisfaction.
- 13:19 – 19:08 – Cultivating Excellence at Work — With extensive experience in advertising, Tobaccowala emphasizes the crucial elements of a winning agency culture: a quest for excellence, a growth mindset, collaboration and communication. With the work from home and hybrid models seemingly here to stay, he believes that excellent work and communication can thrive remotely. Tobaccowala envisions a future of what he calls “unbundled distributed work,” which combines home offices, third places and events to empower talent and adapt management practices. The key is to nurture a culture that values growth, embraces flexibility, and maximizes productivity and creativity.
- 19:08 – 25:48 – Staying Relevant in a Fast-Paced Industry — To stay ahead in an industry like advertising, it’s important to take three key actions. First, set aside an hour every day to learn something new. This could involve reading up on a specific topic or conducting research online. Second, challenge your own beliefs and try to see things from a different perspective. Third, periodically engage in hands-on creation and put your skills to work practically.
- 27:06 – 32:05 – AI Advancements and Governance — Tobaccowala emphasizes the importance of staying ahead with AI for companies but with clear protocols. AI is doubling its capabilities every six months, limited only by GPU availability. However, the widespread adoption of AI is inevitable due to its ability to remove friction and simplify tasks. The key is to understand that AI, when combined with a talented individual, surpasses machine learning models operating alone.
