No industry has escaped the disruption of digital technology. Advertising is no exception.

Ad agencies, which previously thrived in what was once a loyalty-based industry, are now facing new competition as they struggle to hold on to client relationships. Advertising fee structures have also changed, along with customer expectations.

In this episode, host Rob Markey talks to advertising industry expert Michael Farmer, author of Madison Avenue Manslaughter: An Inside View of Fee-Cutting Clients, Profit-Hungry Owners and Declining Ad Agencies. His firm, Farmer & Co., advises advertising agencies on business strategy, giving him a front-row seat to the industry's dramatic shifts. Michael shares his observations of the changing ad industry and lessons for other companies.