AdNews asked industry figures for their assessment of 2022 and outlook for next year
Rachida Murray, Chief Digital Officer, Spark Foundry
For me, 2022 was the year of “the new normal” that we’ve been talking about it since 2020 – and yet, 2021 was far from it. At the time, we didn’t know what “the new normal” would look like or how we would adapt. Now, we’re beginning to learn.
It has been the year of getting back to the office, but not all the time, and doing meetings and events in person, but only when it adds value over the efficiency of VC.
The talent crunch is real, yet on the upside, it’s required us to be lot more creative, lateral and inclusive in our hiring as an industry. And while pitching is still pitching, the research does show, that longevity is an important factor in successful partnerships.
Thankfully, 2022 is also the year that COVID buzzwords have reached a point of diminishing return. So, we aren’t talking about ‘pivot’ or ‘number of cases’ anymore, we’re done with that. We have gone back to more satisfying problems to solve. In marketing and media, we like to call these shiny objects, or new tools.
I mean, yes, the cookie is dying but have you heard of attention measurement? Have you had a single meeting this year that hasn’t talked about attention measurement? We also have the hot topic of the Metaverse, and what that can mean for brands and advertising. But of course, with 2023 around the corner, one of the most pressing, is the need for prioritising sustainability, and beginning to decarbonise the advertising industry. With 2023 around the corner, it is absolutely something that needs to be done.
Going into 2023, I feel the energy is high.
Yes, there is still a lot of uncertainty due to the macro-economic climate. But as an optimist by nature, I like to think we have flexed our “dealing with ambiguity” muscle over the last three years.
Personally, I choose to believe 2023 will be better than 2022. If I cast my mind back to the beginning of 2022, everyone I spoke to was exhausted after two years of lockdowns, budget cuts, hire freezes etc.
Going into 2023, we have had a big year of adaptation, adjusting our People & Culture practises to face the talent challenges. Brands, agencies and media partners have for the most part had much more focus on “post-Covid”, rather than on “managing during Covid”. And most of the advertisers who went dark during the period are back. We have momentum.
Yes, the possibility of a recession is very real and at the current rate of inflation, we will absolutely feel an impact on advertising and media dollars. I expect we will continue to see brands demand efficiency and effectiveness – and chose partners who can deliver both and measure it with accuracy. That’s a trend I’d be happy to see continue as it’s our bread and butter at Spark Foundry.
We will soon see the detail of Australian legislation in data privacy. While the exact impact, I imagine it will be less severe than GDPR – it will give us pause, and an opportunity to reassess the risk and mitigations necessary when dealing with consumer data.
Overall, despite challenges in the economy, 2023 will bring promising opportunities for advertisers and marketers, it will demand creativity, measurement and the discipline to not get distracted by shiny objects.
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