How MY agencies can do better in 2024, according to adland leaders

2023 certainly shook up the advertising industry with immense technological developments and evolutions in the media landscape. As we enter 2024, the industry is poised to boom even more. 

In 2023 alone, the advertising economy in APAC grew by 8.2% and its revenues are expected to increase by 6% to US$304 billion in 2024, according to MAGNA’s global advertising forecasts. As brands opt for rebrands and AI continuing to take over the advertising world by storm, there are many more developments to come in the advertising industry in 2024. 

For example, the influencer advertising industry is poised to prosper after growing its revenue by 17% to over US$30 billion in 2023, according to recent studies.

While some consumers have started to lose trust in influencers, 2024 market projections suggest that global influencer ad spending is expected to jump by 13% to hit US$35 billion in 2024. This comes as brands and companies continue to pour billions into influencer advertising.

Don’t miss: Top 5 developments in the AI space in 2023

Beyond influencer advertising, we are also likely going to see greater gen AI usage in the space. It was found by editorial and research strategy company Media Collateral that 74% of communications professionals across the APAC region have integrated the technology into their work.

When it comes to how communications professionals are utilising Gen AI, 75% say that they it is used in content generation, ideation and optimisation while 37% of the industry also use the technology for strategy and planning. Other usage cases include automated data summarisation, audience sentiment analysis and predictive content targeting to name a few.

As we welcome 2024, MARKETING-INTERACTIVE spoke to six leaders in the advertising industry to find out how the industry can do better and successfully tackle 2024.

1. Audrey Kuah, co-chief executive officer, VML APAC

"Finding equilibrium - a Goldilocks zone between technology and humanity," said Kuah.  

She reflected on how data, AI, blockchain and new technology have been the focus over the past few years and noted that new technologies have pushed the advertising industry forward. However, she asserts that finding equilibrium between technology and humanity should be the narrative for 2024. 

"Striking the right balance is crucial; an excess of technology risks diminishing the magic and connection inherent in creativity, while too little impedes on efficiencies, measurement and effectiveness," she said. 

Once the balance is struck, Kuah believes that technology will be a key player in areas of creativity and innovation. 

"The way I see it, technology expands our canvas for creativity, transforming problems into opportunities for innovation. I believe creative companies like VML can lead this. After all, it's about leveraging the best of both worlds, where technology amplifies creative expression rather than stifling it – like a new paint brush or a bigger canvas," said Kuah. 

2. Jarrod Reginald, executive creative director, The Chariot Agency

"Be better, instead of bitter," said Reginald who opined that advertisers should support and lift each other up in this competitive industry. 

As an industry, perhaps it's high time we stop seeing each other as the enemy. It may be competitive, but that should push us to be better instead of bitter.

Comparing advertising to other creative efforts such as the arts, entertainment and music, Reginald believes that lending a hand and making it a point to support and lift each other will go a long way in helping advertising in Malaysia grow to new heights. 

"Be less precious about who we lend a hand to, and just focus on how to make it better. I believe when we do that, the work in Malaysia will win. And that sets a new bar for all of us to work towards," said Reginald. 

3. Kunal Roy, chief executive office, Dentsu Creative Malaysia

"Impact over input," said Roy. He believes advertising and creative companies have to play a more strategic and responsible role to make positive changes and help progress businesses, brands, society, culture and the world. 

Creativity or innovation, I believe, is the most powerful catalyst for change and when applied strategically it’ll always deliver impact.

Roy added that advertisers have more tools and technology today that they ever did in the past so that ideas can be crafted for impact, but there are warnings that need to be heeded. 

"We must be careful not to make the technology or the tools our idea or our solution. They are means, not the end." 

4. Nizwani Shahar, chief executive officer, Havas Malaysia

"Transform advertising into a force for good," said Shahar. The newly appointed CEO of Havas Malaysia said that the industry "must evolve beyond mere product promotion to become agents of positive change".

"We should prioritise authenticity, telling stories that resonate with diverse audiences and address societal issues. Let's shift from not only brand building and selling products, to shaping experiences that inspire, educate and empower," she said. 

Shahar added that embracing sustainable practices, fostering inclusivity and leveraging cutting-edge technology will redefine the impact of advertising and make meaningful difference to people, products and the planet. 

She concluded by saying that advertisers should transform advertising into a force for good where creativity serves as a catalyst for meaningful dialogue and social progress.

5. Shaun Tay, chief executive officer, FCB Shout

"Get back to the roots of the advertising business," said Tay. 2024 is all about going back to basics for him. Tay proposes that advertisers spend more time creating long-term strategies that consistently builds a brand, as opposed to using gimmicks. 

"I get it - tech is sexy, AI is awesome and anyverse sounds marvellous, but we must ask ourselves the tough questions: Does it live within the brand’s values? Does it enhance the brand’s already defined, distinctiveness attributes? How long and to what depth can we leverage the idea," he said. 

Getting back to the roots of advertising, to Tay, looks like allowing both time and space to have ample discussions with clients in order to get better work out. 

6. Darren Yuen, chief executive officer, Initiative 

"Bring back brand love in a better way," said Yuen. For 2024, Yuen believes advertisers should bring back brand love to avoid the risk of brands becoming too transactional. Without it, Yuen opined that brands will struggle to sustain themselves without the need for promotions of price offers.

 "It is imperative that brands place an equal emphasis on marketing priorities across the funnel, to find space to reside in the subconscious minds of consumers where they are not only remembered but have a special place of delivering a special and unique value to consumers."

According to Yuen, this can be achieved by fueling brand stories through a deep understanding of media to drive not just relevance, but resonance which leaves a profound and impactful feeling in the long-term.

Related articles:
These were the region's most interesting CMO moves in 2023 
3 key tips and tricks to effective storytelling, according to Endowus' CMO 
Where’s the money? Where creative agencies envision growth in 2024