In politics, it’s common for newbies to cite the notable like Margaret Thatcher or Che Guevara. Both answers reveal their unsuitability for office. The correct answer for aspiring politicians is ‘Doris Brown’. Of course you haven’t heard of her. That’s the point. Political heroes should always be the unsung, the unnoticed and the unrewarded.
In the world of marketing, our heroes have also been people. But, if what we read is to be believed, the names of George and Carlton Ketchum of Ketchum (founded 1923), John Hill of Hill & Knowlton (1927), Bill Novelli and Jack Porter (1974), David Ogilvy (1948), are all to be downgraded or expunged. You can search the parks all you like, but you’ll find no statues dedicated to committees or companies.
It won’t have escaped anyone working in marketing that things are changing. It started slowly, then accelerated until suddenly in the last couple of weeks, both Omnicom and WPP announced changes to their brand portfolios. In an orgy of euphemisms, they are to be merged, rolled into, subsumed into other brands. WPP is said to be ‘retiring’ brands, presumably to sit them in front of daytime TV under a tartan rug. Even more impenetrable is the rationale for how this leverages, aligns, focuses, core capabilities and brand equity into one focused consistent whole. It’s very LinkedIn.
You don’t have to look far to understand why, because it’s an object lesson in capital finance. When you profit-take and strip brands of re-investment over decades, they lose what makes them distinctive, modern and capable. They are only fit to be towed away for scrap, like the Fighting Temeraire – a period of creative destruction as Schumpeter would’ve termed it.
So, the game is up. WPP, after thirty years of financial ‘engineering’ buying at one multiple and reversing into another, now has the same shareholder values as it had thirty years ago. This despite three CEOs in the last six years. Many more than Omnicom but less than Spurs.
In market capitalisation terms, it went from £20bn at its peak to £3bn today. The only way back to its previous values is dramatic reshaping. So, brands are being merged and staff laid off. As of August 2025, WPP has reduced its global workforce by 7,000 over the preceding year. It’s likely there will be more to come.
Omnicom has chosen to acquire IPG and merge their respective brands. The musical chairs this engenders will be ugly. The narcissism of small differences is always the most vicious.
So, we must ask, for whose benefit are these changes being made? Well, certainly not clients. They end up with less choice and less competition. Worse, as conflict brands are wound down, they end up with their competitors being served by the same team.
And certainly not staff either. More people are chasing fewer roles especially at the entry level. And since when did merger and standardisation produce better quality? Sure, it reduces cost and commoditises, but we’ve seen this one-size-fits-all effect in so many walks of life – architecture, food, cars, entertainment, airlines, etc.
Whether it be by capital appreciation or by dividend, it is the pension funds of Zurich that have the most to gain. Remote capital wants a return. And this is what happens when you put finance in charge. Don’t get me wrong, finance is important. But it is to be treated like fire – a good servant but an evil master.
Our industry was created by those that climbed the twin peaks of professional and commercial success. All creativity is dissent. And this is the proudest quality of a creative industry – a bloody-minded determination to do something better. But alone, creativity is not enough. Creativity is nothing without commercial credibility. But we must also be clear: financial success is a byproduct of culture. Not the other way around.
Our industry is heading towards an integrated and international future. And that change will benefit challengers. The opportunities are exciting, but they will only be unlocked by commitment and investment. That’s why we’ve committed over £10m to state of the arts studios, new practice areas, new technology. It’s being repaid in new clients, new markets, stability and growth.
So, if you’ve served for years in one of the brands being retired, thank you for your commitment and loyalty. If you’re a client that finds itself with less choice and higher fees, I’m sorry. In either case, if you still have the fight in you and you’ve had enough of this approach, we want to hear from you. It may be a lonely time for our mindset but if you see the opportunity in change, you’re not alone.
