The Wall Street Journal today did a piece “WPP Lifts Forecast” highlighting that WPP raised their annual revenue guidance based on strong performance in Latin America and Asia. Being a former WPP employee (formerly of Ogilvy & Mather). I think this is a strong indicator of a turning of the economic tides. One of the key points that stood out to me of the article is that one of WPP’s competitors Aegis Group also did well. Leads me to believe this is driven by more than just one companies efforts and more of an economic change.
When I was about to join Ogilvy as a young kid out of college my father warned me of the trials of the Ad world. “If you lose the account you lose your job.” Tough words to hear but I was fortunate enough to never be on an account that was lost and I parted ways when I made a career change to the world of finance. I tell this story as with many businesses an economic downturn can cost accounts and often times when budgets have to be cut things like advertising/marketing spend are one of the first to go. To me this is a positive view of good things coming.