2023 was a year marked by shifts and challenges in the marketing and advertising industry. In a reflection on the challenges and triumphs, Harsha Razdan, CEO of dentsu South Asia underscores the resilience demonstrated by the company, navigating diverse sectoral growth patterns amidst a year marked by trials and opportunities.
At the helm of the organisation, Razdan recollects on the turbulent yet transformative year. Highlighting the role of stabilising the agency emotionally, he remarks, "My job was to stabilise dentsu and at the same time, give confidence to the clients that the ship is under control and we are looking to propel it forward with larger pace."
Aggressive Positioning
The company went through a mixed performance throughout the year, with an initial momentum followed by a slowdown in the latter half of 2023. Despite these challenges, dentsu entered 2024 with renewed vigour.
Central to dentsu's strategy for 2024 is its aggressive positioning at the intersection of marketing, technology and consulting. On the resilience and strategic foresight of the company, he asserts, "We are well on our track and looking forward with super affordability." Citing client acquisitions, Razdan exudes confidence in dentsu's forward momentum.
dentsu is calling out two big levers for its positioning, one being a business-to-business-to-society (B2B2S) firm, focussing on societal impact and the second being a people-centred transformation company.
Power Of Data
Embracing the transformative power of data and analytics, dentsu redefined its marketing strategies, transcending traditional paradigms.
"Data and analytics help us gauge and look at the direction that we're moving in and fine-tune our approach. With a fragmenting media landscape and shortening of consumer attention spans, data is helping us ensure on what the client is asking us", Razdan explains.
Addressing the age-old dichotomy between data-driven insights and creative storytelling, Razdan elucidated on the symbiotic relationship between the two noting, "It's like a virtual circle, which is the way I see creative and data playing out." From a team perspective, he states, "The creative team wants us to rely on the data as an information source which can process to understand the strategy that one can adopt to make the brand whereas from a tech perspective, we get into implementation and when it comes to implementation, it is multiple media in which you want multiple ways to engage with customers and customising their experiences."
Embracing AI
Delving into the realm of emerging technologies such as Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR), Razdan affirms, "AI and the new tech areas coming around are more to help us become better". He underscores their role in improving efficiency, customising storytelling and delivering impactful solutions to clients. "With the power of tech and creativity together, I believe that AI is here for us to play", he adds.
In light of the increasing importance of customer experience, Razdan sheds light on the role of technology in creating seamless interactions. "The consumer journey is complex, much more complex than before", he asserts. He emphasises the need for agencies to embrace AI and leverage data to personalise interactions and adapt to evolving consumer preferences. "It is best that we evolve ourselves as a company and leverage AI and become the next generation kid in town", Razdan notes.
Relations In The Age Of Gen AI
Reflecting on the evolving dynamics between brands and agencies with the advent of Gen AI, Razdan believes, "The more agencies adopt AI and use it as a way to become smarter in strategy, implementation, giving feedback and tuning the strategy."
He dismisses the notions of adversarial relationships, instead advocating for collaboration and adaptation to technological advancements. "It's about all of us coming together - creative agencies, brands, AI in the data and tech - to provide the best output for our clients and consumers," Razdan concludes.
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