Speaking at the Media Guardian Changing Advertising Summit this morning, Jones said: "The relationship between advertisers is no longer linear, but square."
In Jones' view consumers will now become 'prosumers' and powerful advocates for a brand.
He said such conversations have been taking place for years, but social media has amplified them.
"If prosumers don't like something, however, they can bring your company down," he said, giving the example of the damage the spoof BPGlobalPR Twitter account did to BP.
Noting that traditional advertising is in decline, he said: "The most interesting thing that's happened in the industry is the shift from bought media to earned media."
Creativity and ideas are much more important for agencies now than ever, and those which have changed their business models to navigate their way through the changing world will do well.
He held up Havas agency Euro RSCG's Evian's 'Rollerbabies' viral ad as an example of how social media can get millions of consumers behind a brand, but cautioned:
"The challenge is it's really hard – 90% of viral videos don't go viral and it's part-art part-science. [We] need to be creative as the bar is higher. [Creating] content which people want to share needs to be the start point.":
He went on to argue that image is no longer everything in advertising and reality is more important. "Advertisers must create reality for products and brands and share that with the world transparently," he said.