The looming global recession, geopolitical risk and inflationary pressures resulting in the higher cost of living are some of the main concerns that agencies like any other businesses are facing.
The agency he said has to focus on efficiency as funds are finite, and this applies not just to media but also with creative. The association views diversity, equity, and inclusivity as a key pillar for the growth of all businesses, he said. “Brands that have changed and adjusted to changing customer behaviour, brands that have improved consumers’ lives, and brands with a purpose will grow,” Lee, who is also Havas Immerse Malaysia group managing director,” said.M&C Saatchi Malaysia CEO and founder Datin Seri Sharifah Menyalara Hussein said tough times are a great opportunity for brands.
She said the agency needs to build a fresh and rejuvenated image for its brand. “And we need to focus on our people, building a strong, effective team that lives the M&C Saatchi spirit and culture, and embraces our never-say-die attitude and values of passion and commitment. “Key areas of simplification cuts across our creative, media and customer experience management service line, review internal organisation structure and even down to refining our operating processes.
However, he said there are hurdles which may slow down ad growth this year, of one of which is global recession. It has the effect of increasing import prices of goods that would impact the costs for local companies, and adversely affect ad spends.