Time to take back advertising?

Are penny-pinching corporations sucking the life out of our business?

I think we all know the answer to that one. But it’s not their fault. They’re just playing by the rules they’ve been given.

So how do we regain the mojo we once had? Can we put our focus back on what matters—the work—while still pleasing the folks in the holding company c-suites?

Yes, we can.

But we need to think bigger than just our industry. We need to think about the structure of corporations in general.

A new book, called Fixing the Game, intends to do just that. And a recent article in Forbes gives a good indication of how. 

First, we need to acknowledge, as former GE CEO Jack Welch has said, that “maximizing shareholder value is the dumbest idea in the world.” The laser-like focus on pleasing shareholders has led to an unsustainable pursuit of profit (more specifically, profit expectations set by Wall Street) to the detriment of the real economy.

So what should corporations be focused on, if not shareholders? Welch gives us his take.

“Your main constituencies are your employees, your customers and your products.”

Imagine that. Imagine working in an environment that values what you do more than the quarterly earnings report. Imagine working in a place where pleasing the customer takes precedence over pleasing the holding company board of directors. 

It can happen, but it won’t be easy. We need to look beyond our insular world of advertising and get involved with our political system. We need to challenge our leaders to put a renewed focus on creating a capitalism that works better for everyone. 

What we can’t do is daydream about the good old days, wishing for a return to privately run agencies and 2-hour martini lunches. Not gonna happen. 

But we can make things better. We have to make things better. It’s just going to take a lot of hard work. 

Okay, maybe one just 1 martini. I have a feeling we’re gonna need it.