AdNews asked industry figures for their assessment of 2022 and outlook for next year
Andrea Martens, CEO, ADMA (Association for Data-driven Marketing and Advertising)
In a line, 2023 is going to be the biggest year of change we’ve seen for decades as an industry.
All signs point to 2023 as being the biggest economic challenge to businesses since the Global Financial Crisis in 2008. We’ve had it good for a long time, but recessionary times require different skills and a different mindset for marketers. Having well-defined plans and processes is essential.
But that’s where a second storm cloud is brewing - 2023 is going to be Regulationageddon. We’ve already seen amendments tabled to the Privacy Act in recent weeks, and we are expecting a more comprehensive package of legislation to be brought to the table in the coming months.
In addition to much heavier penalties for data breaches there are some other proposals under consideration which would have wide-ranging implications for every marketer who even touches data. This will require investment in infrastructure and training from every business to stay compliant.
Waiting until next year is too late to start thinking about that if and when it is passed (likely in mid-2023).
The other changes out of marketers’ control will be continued advances from the big platforms around privacy and data. A lot of attention is being given to the sunsetting of cookies, but there are several other changes which could happen next year which will also have an impact on marketing.
In particular the adoption of new Privacy Enhancing Technologies which will ultimately be a boon for handling data in a privacy compliant way, but will likely require a re-engineering of internal processes and technology.
I’m conscious I sound all doom and gloom, but it doesn’t have to be that way. As an industry we have a duty to do our best by consumers (and as consumers we should all want that).
So how do we come through this? It’s about two things, coming together and being prepared. That means not waiting to 2023 to get your head up, but choosing to confront these things now. Understanding the impacts of legislation will be vital to future prosperity.
It also means working together, having a collegiate and open relationship as marketers and data professionals to ensure we’re sharing best practice and information to advance as an industry.
And not forgetting to bring your people along as well. In recessionary times staff needs can be a distant second to the need to make sales. But that’s not helpful because ignoring them and their training and development will weaken your long-term prospects.
At ADMA we have a seat at the table with the government and are lobbying for the best interests of the industry. We’re creating meaningful courses to train and develop skills relevant for tomorrow’s marketing needs and we encourage open forums for questioning and sharing ideas with the best professionals around.
Sadly 2023 is looking like the unwanted offspring of everything we’ve been through over the last three years of upheaval. There are undoubtedly challenges, but for those willing to look and act longer-term there are some exceptional opportunities set to present themselves as well.
If we come together and face things head on we’ll come out stronger as an industry.
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