Advertising giant WPP’s CEO Sir Martin Sorrell spoke at the UBS Global Media and Communications conference this morning.
He’s talked mostly about what he calls “a period of very intense pressure.” He says it’ll end sometime in 2010.
(Exact quotes are in quotes and everything else is a paraphrase)
Sorrell on outlook: Our think our task at the centre is to make sure we’re not being optimistic in any sense.
Sorrell on outlook: The optimistic school says we’re going to see improvement in the second six months of next year. I would say that’s optimistic. We’ll see a vicious recovery on the stock market starting on the middle of next year. For everyone else, 2010.
Sorrell on Obama: Obama’s campaign was a perfect campaign in the marriage of new with the old. The other thing that was interesting about the campaign was the fundraising model. It wasn’t targeted at the $2,000 maximum. At the beginning of the campaign, the people who had the mass-model for smaller donors took the model to the Clinton campaign. The Clintons said we know everything there is to know. So they took it across the road to Obama’s people who were much hungrier.
Sorrell on Obama: Good thing he won, because it wouldn’t have said much for our industry if someone who had put so much money and energy into new and old advertising hadn’t won.
Sorrell on Detroit: “The big three have to be dealt with in a constructive way, whether you like it or not, because the political ramifications are just too great.”
Sorrell on online advertising: We know our consumers spend 20% of their time online, but there’s only 13% of our client’s money spent there. The same thing could be said for the Afro-American and hispanic markets.
Sorrell on addressable or targeted TV: “We think targeting media — and not just television — is going to become increasingly important. The whole stratey of the company is buillt around that. We’re no longer an advertising and marketing services company. We’re a marketing and data compay.”