In advertising industry, there is a structural shift going on. New models are being developed for the future. There are consultancy firms who have traditional models, and these are being improved upon through technology. Creative people keep a bunch of blank sheets to jot down new ideas about markets, customers and brands. Creativity should exploit the new tools — IoT, AI, VR-AR and data processing. Management consultancies have played a role in strategy formulation. Of late, they have advised customer-centric ideas. Historically, they lacked the knowledge of customers and brand insights. They were away from the media and digital intiatives. These days, they try to convince the top management that they can operationalize customer-centric growth environment. They have started acquiring the missing capabilities by buying digital agencies, creative shops and cell phone experts. How far these new comers will be integrated into their culture is to be seen. It is also to be seen whether these new comers will stay back or move on after reaping the earnings.

Behavioral Approach in Consultancy

In consultancy divisions of advertising, they talk to the clients at an early stage and offer solutions that are not necessarily advertising. They talk to people at a decisive moment early in the gestation of a brand. The cost-benefit analysis may not favour consultancies. Agencies working on commission could entertain a client at any stage since there is no extra cost. However, when agencies are paid on the hour, they learn about the problem too late. Agencies being paid on commissions pursue clients with media budgets and try to solve only those problems where advertising is the dominant part of the solution.

Consultancies are like Columbus who can discover new lands. Many problems can be solved by a behavioral approach.