DOMINIC POWERS
Purpose beyond profit
Author
A message from APAC’s Head of Growth
Here, at the tail end of 2021, I can count the number of times I’ve stepped into the office on one hand. I still have not met the bulk of my Singapore-based colleagues in person. It was only on September 16th this year, a full year after I joined dentsu, that I had the chance to exchange the covid-customary fist bump with Prakash Kamdar, our Singapore CEO, despite working closely with him on countless projects and collaborating almost weekly. This is the reality of business today.
Early in the year, as the pandemic continued to unfold, we were figuring out how to capitalise on the opportunities ‘The Fourth Industrial Revolution’ and ‘Industry 4.0’ had to offer the world. Artificial Intelligence (AI), Big Data and The Internet of Things (IOT) provided huge opportunities for marketing to become smarter and more efficient, allowing large global brands to grow even more dominant.
But as lockdowns were extended over and over again, evolutionary shock waves impacted global commerce, exposing the fragility of a system built on globalisation and global consumerism. 100s of billions of dollars were wiped off revenues and valuations, and every business from the giants of aviation to shops on the street corners had to change or die. It became clear that it was not going to be a matter of ‘survival of the fittest’, but ‘survival of the quickest’.
Industry 5.0
Relevancy has never been more important or business critical. And now as economies gradually start to open up, ‘Industry 5.0’ is emerging.
In this ‘5th Industrial Revolution’, AI, Big Data, and IOT are still central to the evolution and growth of the global business ecosystem, but it is clear that technology must now go hand-in-hand with creativity and incorporate greater human intelligence and empathy, with an unwavering focus on the future of the planet. Through the pandemic, with our physical and psychological safety under threat, consumers relied on brands to fulfil their needs and deliver consistent, positive experiences. In turn, brands relied on consumers to support them and be patient in a disrupted, challenging time. The result is that the relationship between brand and consumer is now deeper than before, and undeniably 2-way. And the imperative for brands now, as they navigate the new normal armed with optimism and all the tools of the 5th industrial revolution, is to do all that is necessary to maintain that strong consumer trust.
This is dentsu’s time, as we continue on our path to become the world’s most integrated marketing services company, guided by our ‘8 ways’, and our passion to deliver growth for good1, fuelled by the acknowledgement of the part that we, and our industry as a whole, have played in driving consumerism on a planet with limited resources.
Despite all this, and perhaps because of it, 2021 sure has been busy for everyone at dentsu in APAC. We participated in more than 15 global and regional pitches, while also managing local in market assignments and RFPs. And as we enter a new phase of dentsu’s own evolution, many of the brands we serve are experiencing radical change to their businesses. With this, no longer are pitches clear cut asks across media, creative or CXM. The lines between what used to be such clearly defined needs are blurring, as businesses push to drive complete experiences for the human behind the consumer.
In some pitches, we came away successful; in others, we stumbled, but from all of them we learnt a great deal. We learnt what it takes to team across service lines and capabilities; and we learnt how to bring a little bit of theatre to virtual meetings and to have fun, but most of all, we started to believe in being one dentsu. And with that we go into 2022 a team invigorated, clear in our knowledge of what it takes to win, and most importantly, where we have the right to win.
2022 will see brands look beyond incremental performance towards growth that is more meaningful, resilient and lasting. They will deeply question the value of their media, creative and CX investments, considering not only their impact on the business, but on society and planet. They will examine the lifetime value of consumer relationships as a key measure of success, alongside their own carbon footprint and how well they bring to life their brand’s purpose beyond profit.
This is where we have the right to win. Our 120 year history of focusing on meaningful growth makes us the strategic partner of choice for brands with aligned values and vision. This will be where we – our clients and partners together with dentsu - will grow. Growth for dentsu, growth for our clients and growth for society. Growth from good.
