How to Deal with Losing $2 Billion

Cannes Lions recently awarded MediaCom, a part of WPP, its top accolade. Stephen Allan, MediaCom's Global CEO, expressed his satisfaction with the achievement. The win comes after a challenging period for the company, during which they lost a $2 billion account. Allan described the impact of the loss as significant, emphasizing the weight of the situation.

Following the unexpected call informing him of the account disqualification, Allan took a strategic approach. Instead of reacting immediately, he chose to assess the situation and plan a response. This approach led to the development of 'Project Fightback', a program aimed at boosting new business efforts globally. The strategy paid off, resulting in new wins for the company and prestigious awards.

Despite facing tough competition and challenges in the media industry, MediaCom has managed to thrive. Allan's focus now is on maintaining this success by fostering local talent and ensuring consistent high standards across the network. He acknowledges the ongoing effort required to sustain and improve the company's performance in a competitive market.