1/ Risk-taking vs. risk-management is a false lens through which to look at the two types of agency. Most advertising is not risky. There are very few 'dangerous ideas' out there, to quote @mweigel and @Robertc1970 .
2/ Creative agencies also seem to think they have a monopoly on creativity. ‘Consultants don’t understand us therefore they don’t appreciate creativity’. Adland is wonderfully creative (and can obv deliver 💰💰💰 for clients) but it is also creative in a narrow field of play.
3/ Consultancies ARE mostly Ops focused - it's their heritage / DNA - but most consultancy acquisition has been of design/innovation agencies (rather than ad agencies), to help them address the type of existential challenges now faced by their clients.
4/ Addressing these challenges requires risk taking and radical action by clients...new products and services, new ventures, reimagining/reinventing the business model. They require analytical rigour and creative problem solving. Just like the best advertising and marketing
5/ Consultancies still don't really get how creative agencies work, or what they do exactly. Obv they love the output but the process, roles and biz model is alien. This will be the source of friction long-term and resolving it will make or break a marriage.
6/ Consultancies also don't appreciate the full value creative agencies can offer. They only see the creative execution and not the creative problem solving / strategy that went into it, nor the potential for this form of creativity to be applied to broader business problems.
7/ Rather than risk-taking vs. risk mgt I think the distinction is between agencies that are business partners and those that are seen as execution/delivery specialists. Biggest difference I’ve noticed is level of business understanding at consultancies compared to ad agencies.
8/ And in turn how much clients reciprocate this understanding with huge levels of trust and an invitation to help with a whole range of problems. It’s liberating and great fun to tackle these problems outside of the confines of comms or marketing solutions.
9/ Consultancies have by no means cracked this tho. Acquisition is easy, integration is hard. Biz understanding is a hygiene factor in the boardroom but it is insufficient alone. Consulting is dealing with disruption just as adland is. There's plenty of opp for new entrants
10/ Finally, for those thinking about careers...imho I think it’s easier for creative agency folks to learn business and finance than it is for consultants to learn the creative thinking you imbibe while growing up in adland.
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