IPA Bellwether Q3 2023: Industry reactions

The latest IPA Bellwether Q3 2023 report makes for fascinating reading as marketing budgets continue to grow, PR booms and everyone has their eyes on a possible recession on the horizon.

So we’ve been asking the great and the good of the media, PR, marketing and adtech world, for their immediate reactions to this most critical of reports…

Thomas Ives, Co-Founder and Director, RAAS LAB 

“The findings from the latest IPA Bellwether underscore that marketing is an investment – not a cost.

“Indeed, during a downturn, the most successful marketers will be those who have placed a strategic emphasis on brand building through long-term investment in smart technology.

“It comes as no surprise that AI is highlighted as a pivotal catalyst of growth. Leveraging AI-based technology can enhance advertising efficiency, helping to maintain lean but efficient marketing budgets.

“What’s more, working with solutions that deliver high-quality advertising and precise targeting reduces ad waste and optimises ROI.

“As we anticipate a contraction in ad spend through 2024, this technology will be crucial for navigating these evolving marketing dynamics and ensuring brands still make their mark in a tricky economic climate.”

Julia Bielecka-Dąbrowska, Head of Sales Development & Efficiency, RTB House

“While short-term promotions were a highlighted focus last quarter, this report’s findings suggest a move towards long-term brand building.

“This will undoubtedly increase competition in an already challenging market. As we enter the busiest shopping period of the year, with Black Friday and Christmas proving key moments on the consumer spending calendar, brands need to manage their budget wisely.

“While brand awareness will be important, driving results will remain the priority. Consumers have to be targeted in the right moment, the solution to which are personalised ads that can cut through – AI and deep learning technology allows marketers to maximise this potential.

“Taking this approach, marketers can benefit from performance results while keeping their brand front of mind.”

Matthew Goldhill, Founder and CEO, Picnic

“Evidently, the industry is still grappling with economic pressures. This underscores the need for advertisers to invest in quality digital ad solutions that will drive meaningful outcomes.

“This will not only mitigate wasted ad spend but will also align with sustainability goals…a win-win approach for both brands and the environment.

Ian Liddicoat, CTO and Head of Data Science, Adludio

“In the face of a gloomy economic outlook and a possible recession, the relative resilience of marketing budgets in Q3 2023 is encouraging to see.

“Having learned the lesson of the past few years, brands have clearly understood the importance of maintaining marketing activity through a crisis.

“Nevertheless, with a predicted drop in ad spend, marketers must ensure that their budgets are working as hard as possible.

“It comes as no surprise then that AI technology has been identified in the report as a strategic investment. Indeed, it is especially powerful when applied in the optimisation of ad campaigns.

“Capable of analysing which creative elements are driving outcomes, this is giving marketers both the ability to deliver the best performing ads but also the deep insight as to why one combination of objects, call to action, or text is more effective than another.

“As we enter this turbulent economic period, brands that commit to developing and applying creative intelligence in this way will have a distinct advantage.”

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