So what value do we really create?  ( June '6,2007, The Hindustan Times)

I n an Interbrand study the , brand contribution to the market capitalisation of Coke, the company was estimat , ed to be 51 per cent. For Nokia, it was 51 per cent, for Mercedes Benz, 47 per cent and for Marlboro, 20 per cent.

Clients are continuously studying their brands' equities and any shifts in the wrong direction often mean correction in advertising. Clients cling on to key elements like tag lines, mnemonics, formats, believing that they are integral to the brand. Year after year, brands spend cores of rupees in advertising.

Somewhere, brands are benefiting from advertising, which is doing more than just creating brand awareness and salience and sales.

Yet when it comes to describing our business, we end up with definitions that are far away from this core function. We call ourselves advertising "agencies". An agent is a broker who just transfers products from one party to another. We like to describe ourselves as "consultants". Consultants are advisors who show the path. We are actually creators of brand paths.

We say we are "brand custodians". We understand the brand, its consumers, do research, make strategy presentations. But the real brand custodians are clients, and very capable of playing that role. We are one element of the brand-an impor tant one. By calling ourselves custodians we are, unconsciously placing greater emphasis on , the process rather than the output.

Our compensation system does not reflect the value we bring to the table. Commissions are paid to agents. Time-based fees reward process more than output.

We need to first understand the business we are in. We need to accept that we are in a "manufacturing" business-we cre ate "ideas". We need to believe that our ideas add value to brands in consumers' minds, beyond just current sales. We need to believe this enough to charge clients for our ideas rather than just time.

We need to find ways to establish with and demonstrate to clients the difference that ideas make to build brands and equities. We need to get clients to appreciate that and get a fair share of brand valuations, alongside time costs.

Above all, we need to believe that so many intelligent and creative people in a field like advertising, alongside marketing, cannot be wasting their time doing low-value work.

This column takes the issues raised in our article, "Why is advertising losing value?" featured in Billboard on May 16, forward with suggested solutions.