Perspective - Conditions point to a more favourable market

By Will Chapman | 24 November 2023
Will Chapman, managing partner Avenue C.

The AdNews end of year Perspectives, looking back at 2023 and forward to next year.

2023 was a tumultuous and testing time for companies and consumers alike!

The Consumer Price Index had the greatest acceleration since ABS started recording in 1996, resulting in the 2nd lowest level of consumer confidence since Roy Morgan started recording in 1967. In an industry with 96% of talent under 50 years old, I’m sure most of us felt the financial pressure on a personal level too!

As though a stressed economy wasn’t enough, a lot of our clients were following on from record growth in ‘21/’22, making it more challenging for us to meet their ‘23 targets.

Despite the collective reluctance to redirect focus and budgets, we were able to maintain spend levels by strategically focusing on short-term sales, immediate ROI, and advancements to measurement to justify continued investment.

Despite the challenges this year where the odds were mounted against our industry, the challenges forced huge progress. As an industry we embraced effectiveness measurement, new buying technologies, especially across total video and audio, and the importance of influence within omnichannel marketing.

For me, the most exciting progress was made within CSR; it’s no longer an afterthought and has become business critical.

With improving consumer confidence and stabilising inflation, we’re excited for 2024

Conditions are pointing to a more favourable commercial market, so we’re encouraging our clients to return their focus to the long over the short.

We’re also spending significant time unpacking the sciences of effectiveness – as ultimately as an industry we have a responsibility to make media work.

And like most, our business is leaning headfirst into generative AI to remove mundane administration, so we can focus on the things that matter most for our clients. 2024 will be an exciting time to be in media!

Short market but strong work

There are pockets of short, absolutely, especially in a year where SMI has tracked continuously behind.

However, the work we remember from 2023 certainly didn’t play short – Telstra This Is Footy Country, Simparica’s Australian Dog of the Year, Afterpay’s Troll, Commbank Matilda’s Can, Primo’s MasterChef, and of course Aldi’s Shop Aldi First.

For well-planned placements and exceptional creative execution that typically drive greater effectiveness, playing a short game is all but impossible.

Will Chapman - managing partner - Avenue C.

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