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Anything less and the client gets exactly what they deserve: several agencies with several agendas that will end up costing them more in the long-run.
But I disagree about the 'big idea'. I think the client that tries a lot of little ideas will do better in this world. I'm not saying that the big idea is dead, I just think the process is due for an update.
The vast majority of "above the line", "strategic" agencies simply don't get digital. They don't understand the user mindset - they think of themselves as producers of entertainment to be distributed to passive audiences, and hopefully their entertaining content will persuade or create "buzz". This entertainment mindset fails miserably in media where users are in active control, because the content agencies typically create provides no value to the consumer.
My frustration was more around clients pitting agencies against each other rather than there being a single point of focus for a brand message. Mainly because the client manages the relationships individually rather than sitting down to a holistic round table approach. Too many times I've seen the promotions or search or DM agency take off on a tangent with the resulting executions, digital and otherwise that are cringeworthy and completely off brand.
I think we agree the issue is that the big idea has to genuinely be built to work in digital as it is the primary channel particularly if you want to engage those "born digital" now. Then secondarily, tell the 30 or 60 second story on TV, but purely to drive where they can interact with the brand - online. Which is why digital agencies are gaining more power in this environment- if they get brand and the "big idea" they have everything to gain, and can steal work away from the old school ATL agencies who live in the past and don't work online.