In the modÂern marÂketÂing cliÂmate social media conÂtinÂues to gain seriÂous ground, and micro busiÂnessÂes and indiÂvidÂuÂals are takÂing more marÂket share every year from the traÂdiÂtionÂal adverÂtisÂing agency. This leaves ad agenÂcies lookÂing for new ways to build their busiÂness profÂitably and stay comÂpetÂiÂtive. GivÂen their closeÂness to the marÂket and cusÂtomers, some agenÂcies are using their knowlÂedge, creÂativÂiÂty and marÂketÂing experÂtise to do more than just adverÂtise. To that end, a New York adverÂtisÂing agency called Grey AdverÂtisÂing has creÂatÂed a new busiÂness withÂin their existÂing umbrelÂla busiÂness, Grey Group, called Grey Adventures.
The Link is Creativity
Grey AdvenÂtures is a new unit designed to work with clients of the ad agency to flesh out new prodÂucts and serÂvices that may come to light durÂing the process of brandÂing and camÂpaign develÂopÂment. Grey isn’t the first ad agency to move into this new area. OthÂers have added simÂiÂlar units, with results such as develÂopÂing toys designed for parÂents with paralÂyÂsis to be able to play with their kids and startÂing an accelÂerÂaÂtor proÂgram for startÂup companies.
In the same way that social media and online marÂketÂing have takÂen over large porÂtions of the total marÂketÂing and adverÂtisÂing marÂket, and that traÂdiÂtionÂal careers and titles have become meshed togethÂer in new ways, the role of marÂketÂing and prodÂuct develÂopÂment may now be comÂing togethÂer in some ways. The link between the two is creÂativÂiÂty and innoÂvaÂtion, so the marÂriage — or at least limÂitÂed partÂnerÂship — of these two traÂdiÂtionÂalÂly sepÂaÂrate roles makes some sense.
Grey’s first examÂple of such a synÂerÂgy was with their client VolÂvo, when they pitched the idea of a temÂpoÂrary spray paint, called Life Paint that could be applied to surÂfaces or even fabÂrics and would be invisÂiÂble durÂing dayÂlight but would become highÂly visÂiÂble and reflecÂtive at night when hit by lights such as car headÂlights. This new type of partÂnerÂship will allow the ad agency to be an actuÂal partÂner in new prodÂucts rather than just creÂatÂing the adverÂtisÂing spots to proÂmote them.
The Beginning of Some Beautiful Relationships
If this idea conÂtinÂues to take root and grow, those seekÂing jobs in adverÂtisÂing may find themÂselves expandÂing their skill set, albeit only sightÂly. It may also bring new blood into the field who would othÂerÂwise have folÂlowed a difÂferÂent career path. In both sitÂuÂaÂtions, ad agenÂcies will have found a great new opporÂtuÂniÂty for expandÂing their revÂenues. For the Grey Group’s part, they want to keep their focus for this new unit in avenues such as virÂtuÂal realÂiÂty, augÂmentÂed realÂiÂty, the InterÂnet of Things, and othÂer new and emergÂing tech fields.
The key to sucÂcess in this new area is partÂnerÂships, someÂthing Grey Group admits. For an ad agency to sudÂdenÂly begin develÂopÂing new prodÂuct ideas on its own would be more of a stretch, both finanÂcialÂly and in terms of existÂing talÂent, than wold be feaÂsiÂble. When those ideas emerge organÂiÂcalÂly from existÂing partÂnerÂships, howÂevÂer, it might be an extremeÂly profÂitable sitÂuÂaÂtion for both involved parÂties. Media Jobs will conÂtinÂue to keep an eye on these develÂopÂments and posÂsiÂble new job opporÂtuÂniÂties in the adverÂtisÂing field.