AdNews asked industry figures for their assessment of 2022 and outlook for next year
John Vlasakakis, co-founder, Next&Co
By all accounts, 2022 was a bumper year for digital marketing.
We’ve experienced an influx of business from new and existing clients, all looking to invest in their future through well-thought-out marketing strategies. The growth mindset we’re seeing from our clients is definitely exciting. Helping them learn and overcome challenges has certainly been one of my personal highlights for the year.
Despite the lingering negativity in the mainstream media, opportunities to grow and succeed are plentiful. I don’t believe we’ve ever lived in a world where money has been so easily accessible! We predict that instead of seeing spending decrease in 2023, we’ll simply be seeing brands put on their efficiency caps and invest smarter, not harder.
Our current forecasts show that advertising costs could increase by up to 20% in 2023. This means that agencies will be under significant pressure to think outside the box in order to retain existing clients and attract new ones. The agencies that succeed will be the ones who can quickly adapt and innovate to stay competitive in the changing economic landscape. In short, deals, partnerships and new business remain readily available for those willing to go the extra mile and provide creative solutions with exceptional value.
We have been fortunate enough to remain unaffected by the talent crunch. We recognise that while the younger generation have far more workplace options than we ever did, they are increasingly looking for purpose-driven companies with genuine values. The brand and environment we’ve created attracts top talent who want to get behind our purpose of making the world a measurably better place.
Companies who have neglected their culture will continue to have issues attracting and retaining the talent they need. For any agencies struggling with a lack of ideal candidates, I recommend taking an honest look at their culture and purpose from the outside in. Companies that communicate their purpose effectively and live their values will always win the best talent.
We want our team empowered to focus on what they do best rather than struggling with heavy workloads and time consuming processes. Our ad tech tool ‘Prometheus’ has significantly alleviated the workload on our people. With ad tech helping us automate many of our processes, we can support our team in focusing on higher value strategic work. The use of this technology makes our team's workload less boring and more stimulating. We have also recently moved from a digital only agency to full service media agency, adding traditional media channels to our offering, so we are primed for growth.
2023 will be absolutely as good as this year - for some.
I expect we may see some companies fall victim to a negative outlook and fail to adapt to the evolving ways of working. It’s never been more important to nurture your internal culture, live your values and continually adapt to shifting client priorities. Any company that can maintain an appetite for growth while looking after their people will do great things for their sector in 2023.
While we’re not expecting to see brands dig deep for any massive budget increases in the coming year, we are expecting them to sink consistent funding into smart, efficient investments. Agencies who provide exceptional value for money and creative solutions will continue to thrive. I’m personally very excited for 2023 and all the challenges and lessons it brings.
And watch Next&Co co-founders John Vlasakakis and Nick Grinberg on 2023:
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