Verizon CMO: $1BB in Tradition Ad Placements Didn't Buy Happiness
According to AdAge, Verizon CMO John Stratton is not happy about the traditional approach his agencies & marketing partners took to spending his $1 billion last year.
“Mr. Stratton, who controls a budget of more than $2 billion, exhorted agencies to take action: ‘Your clients are in trouble. They are looking to you to save them.’ He said the ad inventory that has been sold for the last 50 years ‘no longer works,’ and marketers ‘have started to figure that out.’ In the process, ‘your clients will fire, hire, fire, and hire agency after agency … seeking someone â€“- anyone! — who can help them perhaps on where to go next.’
Verizon Wireless is among those seeking solutions. ‘Last year I spent well over a billion dollars buying space, time, air, hits and clicks across a multitude of mediums,’ Mr. Stratton said. ‘So if youâ€™ve been selling me this stuff, you probably need to know that Iâ€™m not perfectly happy. And Iâ€™m not alone.’”