Decoding the Evolution of Advertising with Rishad Tobaccowala, Renowned Author & Former Chief Strategist at Publicis Groupe
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How can advertisers stay ahead in this fast-paced industry? Learn Rishad Tobaccowala’s formula on this episode of the Speed of Culture.
“You can't have a great culture unless you are trying to do excellent work, excellent service, excellent product with excellent people. It's just high standards . . . If you don't have high standards, that's not a great culture, that's a great party.”
— Rishad Tobaccowala
From radio and TV to the Internet and AI, the advertising industry has changed significantly with the rise of each technological advancement. Staying relevant requires advertisers to anticipate these groundbreaking technologies. In this episode, Rishad Tobaccowala joins Matt Britton to share his knowledge on industry changes, upcoming advertising trends, and the importance of retaining our humanity in the age of AI.
Rishad is a seasoned author, speaker, teacher, and advisor with over four decades of experience. His expertise lies in helping individuals, organizations, and teams reimagine themselves, ensuring they remain relevant amidst ever-changing times. Among his many accomplishments, Rishad has written a best-selling book, Restoring the Soul of Business: Staying Human in the Age of Data. He offers practical guidance and insights, helping people reshape their perspectives to foster growth and success.
Throughout his career, Rishad's influence has spanned the vast landscape of marketing and strategy, including brand advertising, media, database, and direct and interactive marketing. A trailblazer in the digital realm, he played a pivotal role in establishing one of the first interactive groups and digital agencies. Beyond his professional achievements, Rishad serves as the chairman of The Tobaccowala Foundation, an organization dedicated to improving health and education access for over 10,000 people in India, and is the host of the “What’s Next” podcast.
BusinessWeek has honored Rishad as one of the top business leaders, while TIME magazine hailed him as one of five "Marketing Innovators." Rishad has been inducted into the prestigious Ad Age Interactive Hall of Fame and received a lifetime achievement silver medal award from the Chicago Ad Federation. Moreover, the Advertising Education Foundation and the Association of National Advertisers granted him the Inspire Award for his role in motivating and nurturing talent.
Explore the episode's key takeaways or read the transcript below to learn winning advertising strategies that will help you stay ahead of the game.
Enduring Pillars in Advertising - According to Rishad, while the advertising industry has seen significant transformations, four fundamental aspects haven’t changed: talent remains crucial for success; the business is built on innovation and risk taking; effective client relationship management is a must; and change remains a constant factor that must be embraced. At the core of the advertising industry lies communication and technology, which have consistently evolved throughout the years from print to radio, TV to the internet, and beyond.
Embracing the SAVE Formula - People tend to adjust more slowly to industry changes compared to the rapid pace of innovation. While staying on the cutting edge is desirable, it can sometimes be overwhelming for consumers. An example of this occurred with the metaverse and blockchain apps like NFTs, which left many consumers feeling confused. To offer meaningful solutions, Rishad proposes the adoption of the SAVE formula when developing new products or services. The SAVE formula comprises four essential elements: S for solving a problem for the consumer, A for ensuring accessibility and user-friendliness, V for delivering value, and E for providing a superior experience. By following this model, businesses can strike the perfect balance and cater to their customers' needs while ensuring high satisfaction.
Cultivating Excellence at Work - With extensive experience in advertising, Rishad emphasizes the crucial elements of a winning agency culture: a quest for excellence, a growth mindset, collaboration, and communication. While post-COVID challenges still arise, he believes that excellent work and communication can thrive remotely. So Rishad envisions a future of what he calls "unbundled distributed work," which combines home offices, third places, and events to empower talent and adapt management practices. The key is to nurture a culture that values growth, embraces flexibility, and maximizes productivity and creativity.
Staying Relevant in a Fast-Paced Industry - To stay ahead in a fast-paced industry like advertising, it's important to take three key actions. First, set aside an hour every day to learn something new. This could involve reading up on a specific topic or conducting research online. Second, challenge your own beliefs and try to see things from a different perspective. Third, periodically engage in hands-on creation and put your skills to work practically.
AI Advancements and Governance - Rishad emphasizes the importance of staying ahead with AI for companies but with clear protocols. AI is doubling its capabilities every six months, limited only by GPU availability. However, the widespread adoption of AI is inevitable due to its ability to remove friction and simplify tasks. The key is to understand that AI, when combined with a talented individual, surpasses AI operating alone.
Listen to Rishad on the Speed of Culture podcast today to learn more about how to stay ahead in the ever-changing world of advertising.
