Page 18 - Adnews Nov-Dec 2022

Perspectives
As we came out of the pandemic, many of us hoped that we would see more certainty in the shape of the work we do, and the shape of our clients’ business challenges. Yet the reality of 2022 demonstrated that the new normal continues to be any- thing but normal.
The flow-on effect of the ‘floods of the century’ was profound and impacted many businesses, par- ticularly in the food space, with supply chains crippled and a national shortage on fresh food. Let’s not forget a period where you literally could not buy a basic sta- ple like iceberg lettuce.
Add to that the Shanghai lock- down further crippling supply chains and resulting in planned activities being shelved or postponed until product availability could be more certain. I even read yesterday that if you are in the market for a Toyota Landcruiser, you might have to wait between 12 and 24 months!
Meanwhile, the most recent cyber-attacks on Optus and Medibank have rightly rattled
I’m looking forward to the industry continuing to reconnect as a community and embedding our industry purpose We Are The Changers.
CEO, MFA Sophie Madden
consumers and reinforced the need for brands to protect their cus- tomers at all costs.
And then finally, a change of government for the first time in 10 years, at a time of compounding economic uncertainty, added a further element of unpredictability for most Australian marketers.
On the flipside, some changes from the pandemic - particularly the hybrid working model - have had a positive impact and will continue as part of new normal into 2023, and beyond.
Overall, our outlook for 2023 is to be prepared for more of the unex- pected and have a strong point-of-view on what your strategy is for com- batting it.
Every problem is an opportunity, and if consumers are feeling uneasy, smart brands can turn a negative into a positive. It might be as simple as putting a smile on their face or adding some genuine utility to their life. Either way, as long as it’s relevant and consistent with your brand, you can play a meaningful role.
That consistency point is important though. While brands have always needed to be adaptable to what’s going on in culture and society, they also need to be true to who they are, and what they’ve stood for. In a time of consumer uncertainty, acting inconsistently or being too reactive won’t help instill much confidence in your audience.
If the craziness of the last few years has taught us anything, it’s that while we need to be prepared for bumps on the road, we also need to hold our nerve, focusing on the long game, and stay true to our brands.
2Sophie Madden, CEO, Media Federation of Australia
022 was almost like breath of fresh air. We emerged out of COVID
lockdowns and returned to the office (sort of) and embraced working differently and trialling new approaches – hybrid, flexible, four-day weeks, working from overseas, hot-desking and co-working spaces, to name just a few.
We saw healthy growth in marketing investment and heavy pitching activity meant robust business growth.
On the other hand, talent and pressure on our people was the biggest challenge for businesses of all sizes – negatively impacting our ability to attract, retain and support industry talent. This is not surprising amidst a global talent crisis. Australia is simply not a destination of choice for overseas talent, and so a 19%-plus growth in our industry population year-on-year still carried a 12% vacancy rate.
However, the positive impact of this is that we’ve seen some great strides in how our industry manages talent: - A genuine focus on diversity, equity and inclusion; - Investment in the overall wellbeing of our people; - and innovations in how we work not just in flexibility, but investments in automation and capability to reduce workload.
2022 was an extremely productive year for the MFA with a number of initiatives we were proud and excited to bring to fruition, including launching our industry purpose We Are The Changers to re-instill pride back in the industry and bringing our community back together for MFA EX and the MFA Awards. Both of these projects reminded us of the impact we can all have working in our industry.
The MFA Awards demonstrated that despite significant pressure and market challenges (or perhaps because of), media agencies are producing world-class work and partnering in innovative ways with clients and media partners to deliver impactful solutions to business problems. It was truly inspiring to see.
Heading into 2023, I’m looking forward to the industry continuing to recon- nect as a community and to embedding our industry purpose We Are The Changers. While I don’t have a crystal ball, there are four areas I expect to rise in prominence and focus in the new year:
1. A spotlight on regulation: data, privacy, digital platforms and advertising restrictions will be under further scrutiny this year. The recent Optus and Medibank data breaches have added greater urgency to the task.
2. Agencies and advertisers will dial up the importance of sustainability in