In order to ensure sustenance in today's globalized scenario, the advertising industries need to redesign, reframe and refurbish their approach to the overall concept of advertising. The competition in the contemporary advertising industry is not so much about scoring over one's rivals, but more about assuring a timely transition from traditional business models to E-business models.
1. Survival in the Contemporary Advertising Scenario is a Fast-paced and Perpetual Process: The traditional advertising business was more of a predictable and a relatively lethargic system that resorted to and adapted to change at a slow pace. However, the contemporary advertising industry being dependent on internet and information technology is a perpetually evolving and a continually altering business. The advertising professionals ought to be always on their toes to benefit from and incorporate the upcoming opportunities unleashed by technological changes.
2. 2. Resistance to Change is Death: Considering the ongoing shift towards online approaches, the advertising professionals need to embrace digital technology as not one another option, but the ultimate way the businesses will conduct themselves. This calls for a marked shift in the mindset and individual perceptions. With a bulk of revenues coming from Web marketing, resistance to change means a sure death.
3. Don't Expect Well Defined and Clear Cut Adversaries and Friends: The digitalized advertising industry of today is not a battle ground, but a global market that requires an amorphous approach that can make way for a simultaneous collaboration and competition between the key players, based on the identification of opportunities and ensuing challenges (Steel 2009).
4. Do not Expect Ignorant Customers: The contemporary advertising industry will have to grapple with the customers who are well informed and cognizant of their requirements. The customers today are immaculately choosy about the advertising solutions that can serve their needs.
5. Synergy is the Name of the Game: Big advertising companies should visualize themselves as a fluid talent pool that can exploit the abilities and resources scattered across the organizations to assemble compatible and seamless virtual teams (Koncept Analytics 2007).
6. Do Not Worry About who Gets the Credit: A digitalized advertising industry is an amorphous and faceless business in which individual organizations and personalities are always less important then the challenges being faced and the ensuing solutions. An unrestrained quest for recognition may make the system rigid and unresponsive.
7. Never Get Satisfied: In a market defined by change and innovation, satisfaction and complacence means deterioration, at least in a relative sense. Always keep an eye on the emerging changes, and in fact visualize and expect the things to change.
8. Vision is a Must: A thorough vision of the nature of things to come and panache for imagination and