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Fast Companys Maria Jose Gutierrez Chavez reports on how millennials are taking over TikTok to share memories of life during the 2008 recessionand offer tips on how to survive.
Category:
E-Commerce
People keep telling me that big agencies are the futurethat you need massive scale, deep pockets, and cutting-edge tech to survive. But after 25 years in this business, I’ve seen firsthand that raw creativity and genuine curiosity still drive the best work. Sure, some folks think enterprise platforms and huge teams are the answer. I believe the future belongs to nimble agencies that can pivot quickly and bring fresh ideas to the table. The old “bigger is better” mindset is shifting. These days, brands want partners who truly get them and bring something distinctive to their work, and thats where independent agencies shine. Why brands go independent At MOCEAN, we’ve taken our entertainment background and applied that cinematic storytelling to everything from gaming to pharmatech. When The Cheesecake Factory came to us, we threw out the standard restaurant advertising playbook and created something more narrative-driven and alive. Look around. Youll see that brands are increasingly turning to indies for work that cuts through the noise. Tubi and Coors Light are making waves with bold, irreverent social campaigns. NBA and Beats by Dre are connecting across generations through culturally-authentic creative. Chipotle and American Express are proving that social-first thinking drives both emotional connection and business results. None of these came from holding companiesthey’re all independent work. Having a specific focus isn’t limiting, it’s liberating. It leads to deeper insights and work that actually resonates. Today’s clients need to move at lightning speed, stretch their budgets further, and stay culturally relevant in an ever-changing landscape. That’s exactly what independent agencies do best. Our flat structure means fewer hoops to jump through. Ideas move from concept to execution faster, with real collaboration along the way. While big agencies might take months to launch a campaign, independent shops like ours deliver in weeks. Thriving talent means more innovation Real innovation happens at small, independent shops. Top talent wants to make meaningful work. They want their ideas to see the light of day, not get lost in layers of approval. That energy is contagious. Yes, holding companies have resources. But independents aren’t trying to be them; we’re blazing our own trail. We’re testing new tools, solving real problems, and building teams that genuinely care about doing great work. I see it at MOCEAN all the time. Some of our most innovative AI applications have come from individuals just experimenting on their own. When people feel truly empowered, creativity flourishes. The role of technology We’re embracing AI, but thoughtfully, as a tool to enhance our work, not replace human creativity. We use platforms like Midjourney and ChatGPT to streamline presentations, rough out concepts, and rapidly iterate on ideas. Some partners are still figuring out their AI comfort zone, which we completely respect. Meanwhile, we’re building expertise where it makes sense, so we’re ready to lead when the time comes. Creative businesses will always need human insight and creative instinct. Independent agencies get that, and we protect space for it. Clients see the difference. So does talent. More creatives are leaving big agencies for smaller, more passionate teamsplaces where the work matters more than office politics and results speak louder than processes. Our strength comes from staying adaptable, staying curious, and putting partnership before process. Twenty-five years in and I’ve never been more excited about what’s ahead. Creativity still wins. Curiosity still wins. And people still want to do work that moves them. Michael McIntyre is CEO of MOCEAN.
Category:
E-Commerce
Customer retention is more than a buzzwordit is a proven driver of sustainable growth and profitability. Sounds like common sense? Think again. Customer churn is on the rise. Yet, while many organizations recognize the value of keeping customers, far fewer appreciate the full spectrum of losses that arise when performance is merely good enough. The hidden costs of unremarkable customer experiencelost profit margins, missed cross-sell opportunities, shorter customer lifespans, fewer referrals, and reduced purchase volumescan quietly erode the bottom line. These losses are often multiplied by the ripple effects of customer complaints or service failures, which extend far beyond immediate transaction. The well-proven benefits of customer retention Despite the overwhelming evidence, many companies still chase short-term sales incentives or focus on launching new and improved products, neglecting the reliable, long-term value of customer loyalty. They view retention as a binary effortkeeping the customers or losing them. In reality, it is not. Under the surface of customer relationships, there are further opportunities to capture and enhance the strength and longevity of the relationships. Cost efficiency: Acquiring a new customer is five to seven times more expensive than keeping an existing one. This makes retention a far more efficient use of marketing and operational resources. Revenue growth and profitability: The first product you sell to a customer is usually not the last one you hope to sell. Business growth from existing customers and improved margins are directly linked to the value delivered in the first sales interaction. If it was boringly predictable, the customers will not be interested in growing the relationships. What would the impact on your business be if every customer decides to purchase one more product? Customer lifetime value (CLV): The longevity of a customer relationship is another critical dimension of the health of the relationship and the power of retention. What will the impact on your business be if a customer decides to extend their lifetime by one more year? Predictability results in smart investment: Loyal customers provide steady, recurring revenue, enabling better forecasting and strategic investments. Such stability allows you to invest in new products, adapt new technologies, and expand into new marketsas opposed to reserving your investments and staying behind. What will you do differently if you would be provided with revenue stability? More customers, by referrals: Referrals are gold. But how many of them do you actually receive? What would the impact on your business be if 505 of your new customers came from previous customers? What would you customer acquisition cost look like? What would you do with the savings? These benefits show that the path to profitability is often shortest when it focuses on reducing the currency and maximizing customer value. Boring performance leads to further losses If the benefits of retention are not compelling enough, the hidden costs of mediocrity should be. Deciding to take the customer for granted and delivering less than remarkable value comes with a price. You thought you saved money. Think about the hidden losses you have created. Too often, companies see customers as single product or service purchasers, not as long-term partners with substantial lifetime value. This narrow view leaves significant value on the table and blinds organizations to the deeper financial consequences of failing to deliver exceptional experiences. 1. Tougher negotiationsgreater profit compromises When customer experience is boringly predictable, price becomes the primary battleground. Disappointed customers are more likely to demand discounts or concessions, eroding profit margins. In B2B environments, this effect is even more pronounced, as clients leverage the threat of switching to competitors to negotiate deeper discounts. The absence of a differentiated, memorable experience makes it easy for customers to walk awayor to squeeze suppliers on better terms. 2. Loss of future products purchases Customers, unimpressed by their experience, are unlikely to explore additional products or services. Cross-selling and upselling options are routinely missed when the customer relationship is transactional rather than relational. Research consistently shows that personalized and relevant recommendations drive sales, but mediocre experiences stifle these opportunities. 3. Losses in customer relationship longevity Unremarkable experiences accelerate customer churn. Each lost customer represents not just a single transaction, but the entire future value of that relationship. Companies that accept churn as a cost of doing business, rather than a solvable problem, forfeit millions in potential revenue and incur additional costs to replace lost customers. 4. Loss of future customers referrals Referrals are the gold standard of customer endorsement. Exceptional experiences inspire real recommendations that bring in new customers with no acquisition cost. Conversely, dissatisfied customers are not only less likely to recommendthey are more likely to share negative experiences, amplifying reputational damage and deterring potential new business. 5. Reduction in purchase volume Customers who receive unremarkable value often reduce their spending over time, spreading purchases across multiple vendors to minimize risk. Without a compelling reason to consolidate business, companies lose out on the larger share of wallet that comes from loyal, engaged customers. Why hidden losses persist If the financial case is so clear, why do so many organizations fail to prioritize customer retention and experience? Several factors contribute: Short-term focus: Shareholder and leadership pressure often drive companies to pursue quick wins at the expense of long-term investment in customer relationships. Inertia: Many organizations assume customers will tolerate mediocre experiences rather than switch, underestimating the ease with which customers can move to competitors. Fragmented ownership: Customers are often owned by different departmentsmarketing, sales, servicewithout a unified view of lifetime value or coordinated retention strategy. Lack of definition: Few companies have a clear, actionable definition of what constitutes an exceptional ustomer experience, making it difficult to set goals or measure progress. Incomplete data: Without comprehensive data on customer behavior and value, organizations struggle to make informed decisions about where to invest in experience improvements. Product-centric culture: A focus on products and features, rather than customer needs and journeys, relegates the customer to an afterthought. Misaligned metrics: Traditional satisfaction scores may not accurately reflect the true impact of customer experience on retention and growth. Missing tools and training: Employees often lack the resources, training, and empowerment needed to deliver truly exceptional experiences. Boring is not an option Delivering an unremarkable value to customers is not just an act of taking them for granted and belittling their intelligence. It comes with a heavy price. While customer retention is the cost we see on the surface, it is well understood. The hidden losses from unremarkable performance expose a deeper, more profound case of evaluating the performance. Providing exceptional customer experience is more than about keeping customers. It is about protecting profit margins, unlocking cross-sell potential, extending customer lifespans, generating referrals, and maximizing purchase volume. In a customer-first economy, investing in exceptional experiences is no longer optional. Organizations must honestly assess their customers commitment, confront the obstacles to delivering on retention strategies, and understand the full scope of losses that come from settling for good enough. Only then can they make the strategic decisions necessary to stand out, build lasting relationships, and thrive in a competitive marketplace. Lior Arussy is the cofounder and chairman of ImprintCX. His latest book is Dare to Author!
Category:
E-Commerce
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