On Monday, we looked at how Canada’s media agencies are dealing with current economic challenges, both for their talent and clients. Today, we look to the future and how those agencies plan to guard against what might still be to come.
As experts warn of an oncoming recession, agencies are looking to protect themselves against any economic changes and perhaps even thrive through uncertainties.
Matt Ramella, president of Reprise, tells MiC it’s all about finding opportunities even in harder times. “In a weaker economy, even if a recession is projected to be short and shallow, there is opportunity to be found. Brands that find ways to stay relevant with the consumer and continue to invest in marketing will be the most successful.”
He argues that performance-oriented digital advertising is historically somewhat recession-proof, as it’s less sensitive to economic downturns than brand-building budgets and linear channels.
Meanwhile, Cynthia Steele, president of Mediabrands Content Studio, says that in a recession, every dollar spent on brand marketing is subjected to heightened scrutiny. So we will lean into our products that help clients assess the ROI of content, such as our content audit, which assesses content effectiveness, or our content optimization approach, which enables us to make changes to messaging while in market to deliver maximum impact for our client’s business across the consumer journey,” Steele adds.
Veronik L’Heureux, EVP and managing director at Spark Foundry Canada, says her team learned to deal with uncertainties during the pandemic by being flexible, something they plan to keep in mind during global economic uncertainties.
“We need to keep our focus on what is right for our clients and our people,” she says. “We need to stay close to them, listen to their needs, be transparent and allow ourselves to be flexible. Having an honest read on our business gives us the ability to scale up or down certain areas to adapt quickly and make the right business decisions. While our objectives are set in stone for the next year, we have different strategies that will get us where we want to be – and that flexibility is what is needed to face the unexpected.”
Axel Dumont, president of Cossette Media, says dealing with tough economic times is all about maintaining focus. “In my opinion, a recession is an invitation for simplification, and focusing on the things that matter most. We’ve just been through and are still living through a pandemic, where we were ambassadors for continuing to invest in the things that matter – like local media, local businesses, our talent – despite real threats to our business,” says Dumont.
“In times of uncertainty, it can be tempting to take the easy route, invest in the wrong places, and lose sight of our long-term ambitions.”
