AdNews asked industry figures for their assessment of 2022 and outlook for next year
Kiranpreet Kaur, managing director, Archibald Williams
2022 has been one of the fastest changing years I’ve seen. It was the year where most of middle Australia, particularly those who financially survived the pandemic, came to life again. Consumer confidence drove spend across multiple categories, and we also saw brands open up their wallets as they kicked off new work (as well as work that had been previously put on hold). But soon enough, we saw all of it change with inflation and interest rates on the rise. Needless to say, it’s been busy – a warm welcome by many in our industry. But busy amongst a talent crisis? Ouch! So, as agencies, we’ve had to do our best to keep staff motivated and at bay, all while navigating the new remote working arrangements that have challenged the ways we have built our businesses, cultures and teams. Thankfully, alongside this, our industry has become a lot more attuned to mental health and I hope this momentum progresses further into the new year. Personally, my outtake from the year has been the pursuit of relentless open-mindedness, innovation and grit, along with acceptance of the old cliché: the only thing constant is change.
Now for 2023, because of course, there will be a complete shift when the clock strikes 12, pumpkins and all. I’m not going to pretend that I have a clearer view of the crystal ball than others, but rather, I’ll be the first to admit that this is the year that I feel the least confident in a prediction…and I’m embracing that.
There is little being offered in terms of stability when it comes to factors that affect us personally and professionally. And Australians are only going to be doing their best to navigate this, which, in my mind, means everything is up for grabs – customers, clients, business, teams, etc. Unavoidably, that means there will be winners and losers across the board, and we’re all just going to be trying our best to come out winners (personally and professionally, for ourselves and for our clients).
In terms of trying to come out on the winning side, I think it will come down to a few things we’re going to have to understand and get right. Some of the things on my mind as I plan ahead for 2023 are:
- How the economic situation will affect agency business – how will our clients prioritise advertising spend and how can we help guide those decisions? How do we make up for our increased operating costs against this as well?
- How the economic situation will affect consumers – their mindsets, behaviours, and choices. I’m not convinced that Australians will act like the rest of the world or even themselves in previous financial crises. They have different priorities and the last few years have created a foundation of emotional and psychological triggers that will play a role – fear, frustration, fatigue and more.
- The new face of responsible marketing and advertising – from diversity and inclusion to environmental impact (and greenwashing) and social issues. These stand to be more important in the decision-making process for everyone, from consumers to employees.
So, to sum it up, this is a year where listening is going to be more important than ever, because there’s a lot on the table to be won or lost. Cheers to the challenge!
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