In the latest episode of “The Places Will Go Show,” hosts Mark and Ritchie engage in a compelling discussion with Tom Lewis, the Group Finance Director at the Xeinadin Group. Tom, a seasoned expert with extensive experience in private equity, M&A finance management, cost reduction, and various business models, offers a critical and honest assessment of the advertising industry and the nuances of building a career within this dynamic space.
A Stalwart in Finance
Tom’s career is a testament to his prowess in the financial sector, having worked with renowned private equity firms such as Inflection and Exponent, and holding significant roles like CFO at Ogilvy and COO at The Institute of Practitioners in Advertising. His insights are particularly valuable given his comprehensive article titled “How to Leave Adland,” which sheds light on his perspective on the industry.
The Heart of the Matter: Leaving Adland
Tom’s decision to exit the advertising world after nearly two decades was driven by sector-wide challenges, particularly the commercial struggle reflected in the consistent decline of revenue per head. This decline has direct implications on salaries and, by extension, the attractiveness of the sector compared to industries like law, accountancy, and management consultancy. Tom’s critical analysis extends to the impact of professional buyers and the evolving dynamics of client-agency relationships, pointing to a deep-rooted commercial challenge within the advertising sector.
The Pitch Dynamic: A Power Play
The conversation takes a turn towards the contentious topic of pitching, highlighting the power imbalance between clients and agencies. Tom suggests that the prevalence of pitching is a symptom of the industry’s lack of differentiation and commercial skill, urging a rethink of the conventional agency model.
Career Trajectories and the Future of Adland
Tom offers sobering advice for individuals within the advertising sector, encouraging a strategic approach to career planning and the exploration of adjacent sectors. His insights into the necessity of continuous learning and adaptability resonate with the broader challenges faced by professionals in a rapidly evolving industry landscape.
Conclusion: A Call for Strategic Adaptation
The episode with Tom Lewis provides a nuanced understanding of the challenges and opportunities within the advertising industry. His emphasis on strategic adaptation, commercial acumen, and the pursuit of differentiation serves as a valuable guide for professionals navigating the complex currents of Adland. As the industry continues to evolve, the insights shared by Tom underscore the importance of continuous learning and strategic career management in achieving long-term success.
