The simple answer is that it's the 'creative' bit. Yes, agencies provide insight and comms strategy, but many argue that the other big 'C' - creative - is what agencies do that clients can't. Or can they?
We put the in-house creative unit under the microscope, asking brands and agencies how it works and what the pros and cons are. Agencies argue that if you demand the best ideas, you need the best talent - and what creative worth their name wants to work for just one company? The counter-thesis is that effective advertising can come from anywhere. The paradox: no in-house ad ranked in Marketing's 20 most-recalled ads of 2011 ('Adwatch of the year', 7 December).
What are we to conclude from this? If the effectiveness of real brand fame is what you want, the UK's top creative agencies are probably still your best bet.
The Olympics conundrum
I'm glad Giles Morgan, head of sponsorship at HSBC, has stuck his head above the parapet on London 2012 and urged non-sponsor brands not to be cowed into inactivity (page 12).
It is a huge marketing occasion, but the challenge for non-sponsors is to ensure they are not eclipsed by Olympics mania. It is inevitable, however, that the marketing life of some will resume only after the closing ceremony on 12 August.