Talk to Toby Jenner, Global Chief Executive Officer of Wavemaker, and the one word that sticks with you is ‘growth’. MediaCom veteran Jenner, mandated to head Wavemaker globally in July, peppers almost every statement with the G-word, and is determined to accelerate growth across the agency’s offices in 90 countries that he leads. His brief for Kartik Sharma, CEO - South Asia of Wavemaker, too is to ensure growth so that the agency, currently at No. 2 position in India, jumps to No.1. On Jenner’s agenda is complementing Wavemaker’s strong local markets with a global portfolio of clients and setting up a growth-friendly structure across all regions.
Meanwhile, as focused as he is on business as a global leader, what sets Jenner apart is his disarmingly cheerful attitude, and that he has his personal priorities clear. After taking charge in September, it’s been a non-stop travel schedule across the agency’s far-flung markets for the Londoner, but he always, but always, is home for the weekends.
SETTING UP THE NEW
REGIONAL STRUCTURE
Wavemaker had started out with no regional structure – each office reported directly unto the global office. But that is changing now with a regional structure coming into play. “One of the areas I will be looking at is how the agency is structured around the world, making sure that we support all our markets. We will put a regional structure in place,” says Jenner. “As much as possible, the global leadership across the local markets will support our clients.”
Apart from leadership in the US and the Asia Pacific region, which had been brought in earlier, Wavemaker announced the appointment of Ruth Stubbs from iProspect to the role of EMEA CEO on November 7. Europe, Middle East and Africa (EMEA) accounts for 50% of the agency’s business. Stubbs will take up the role in early 2020. “Our global leadership team will be made up of regional leaders, client leaders and competency leaders. That leadership team will deliver what Kartik and many other CEOs such as him want us to drive,” Jenner says.
Among others in his team at Wavemaker, Ajit Varghese, former CEO of Maxus in India, functions as Global President, Market Development.
BUSINESS AS USUAL:
THE CLIENT ROSTER
Wavemaker, launched with the merger of WPP’s agencies MEC and Maxus in 2017, claims to have won 300 new clients since its inception. Most recently, the agency won insurance major AXA’s $161 million global media account, which it will handle in all markets except France, where it will be with GroupM. Earlier, in July, rail service Eurostar handed its global media planning and buying account to Wavemaker. Among other recent business wins by the agency are Huawei (across multiple markets, including China), China Mobile, Australia Post, William Hill in the UK and the global retention of Chevron.
On the flip side, Wavemaker lost British telecom major Vodafone’s global media business, estimated to be worth £400 million, to Carat of the Dentsu Aegis Network. Before this development, Vodafone’s decision to take its digital biddable media buying in-house since June 2018 was a blow to Wavemaker. According to reports, Wavemaker continues to handle Vodafone’s media in some markets where it operates joint ventures, such as India and the Netherlands. The India business is believed to be under review at the moment.
Meanwhile, the secret sauce of Wavemaker continues to be its Purchase Journey data, which is used to spot opportunities and problems at different stages of the customer cycle and turn both into growth. “We have a study, Momentum, that allows us to understand the psychology of how a consumer buys. It’s proving really beneficial to clients who see it. Eurostar for example – it was a key component of the Eurostar pitch we did globally and won,” says Jenner.
