AdNews asked industry figures for their assessment of 2022 and outlook for next year
Josh Faulks, CEO, AANA
It has been an interesting year for our industry and the nation. After rolling lockdowns and suggestions of ‘a new normal’ where we all work from home, it seemed we were collectively chomping at the bit to jump out of the blocks and tackle 2022 with renewed vigour.
That excitement was somewhat tempered by strong economic headwinds fuelled by inflationary pressures and a procession of interest rate rises that we haven’t seen in decades. Now, all this is accompanied by talk of a global recession which Australia might, or might not, once again avoid.
At the same time, brands are asking consumers to pay more for their products while real incomes are dropping - which is the ultimate test of brand loyalty. Arguably, this is a time to double down on marketing and ad spend to nurture and protect your brand and customer base.
The reality is that marketing budgets are often the first to be squeezed when times are tough. It was reassuring that in 2022 we saw marketing budgets climb back from historic lows during the pandemic. It is also heartening that those brands that invested more in marketing and advertising during the pandemic have fared much better than their competitors. The key question is: are we at risk of making the same mistake during this economic downturn?
Our members tell us that the key to getting that ‘yes’ for the investment from leadership teams and board rooms is being able to clearly demonstrate the return on investment which means measurement and effectiveness are core priorities right now.
This year we also saw pressure on our world-class advertising self-regulatory system from government. Just look at the proposals to ban advertising for occasional foods and the recent announcements around gambling. The industry must come together to protect and promote our self-regulatory system, because the alternative – regulation by government – would no doubt mean more restrictions and less advertising which will have a negative impact on the whole industry.
Shining a light on the excellent work of our colleagues in Ad Standards is critical to the case for self-regulation. They work independently and effectively to respond to community concerns and guide our industry in making responsible ads, which is vital to ensuring public and policy-maker trust and confidence in advertising.
When you look at the year that has nearly gone and the challenges we face together, now, more than ever, the industry needs a strong united voice. AANA is determined to be that voice and to work with our members to drive progress on the big issues.
Despite these headwinds, I am excited and optimistic for what we can achieve together in 2023.
In 2023, we will come together to tackle the issues that matter most to our members and the industry. AANA will prioritise working with our members on advertising bans, ad tech, data, privacy, transparency, measurement, effectiveness, diversity and talent.
Sustainability will also be a big priority for the industry and a key part of our agenda. To respond to changes in community expectations and developments internationally, AANA has brought forward the review of the Environmental Claims Code to later this year. This review will have wide ranging implications across multiple sectors, and we will consult widely. If you want to be involved and help set the standards around environmental claims, now is the time to get in touch and become a member of AANA.
I am also looking forward to our exciting line up of events for 2023 that will connect our industry as we look to the future and hear from some of the best thought leaders from Australia and around the world. So, watch this space!
Finally, we are going to step up the support we provide to our members in upskilling their teams to unlock growth at this time of economic stagnation. Our best-in-class marketing programs are designed by marketers, for marketers, and we have big plans for our capability programs in 2023.
As we lift our gaze to next year and beyond, there is no doubt our industry is stronger and can achieve more if we work together. We shouldn’t underestimate the power of collaboration and the positive difference our industry can make. AANA’s focus in 2023 will be to work with our members to make our industry even better.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.