“Taking a bit of a risk” and “going for the big play” are essential ingredients for growth in 2024, according to Josh Faulks, CEO of the AANA.
Another key factor is creativity. “The growth and performance of brands that are creative is three times more than the others. So creativity keeps coming up,” Faulks said.
Faulks was the first guest on the new season of News Corp’s The Growth Distillery’s Reset for Growth vodcast series, in collaboration with the AANA. Faulks was interviewed by News Corp’s director of the Growth Intelligence Centre and independent think tank The Growth Distillery, Dan Krigstein.
When asked what he believes the industry is focusing too much on, Faulks told Krigstein: “We tend to talk ourselves down a lot in Australia,” and that even though the industry is feeling the effects of wider economic headwinds, “that doesn’t mean there’s not pockets of opportunity within the economy.”
“We as marketers need to really think creatively about how we can target where that wealth is. We don’t back ourselves enough, we don’t take those big risks, and in a challenging economic climate where there are cost pressures and the margins are squeezed, you’re even less likely to take that risk.”
Speaking to Mediaweek at AANA’s annual flagship event, RESET, Faulks added: “As marketers, we need to talk more positively about the economy. We spoke about taking big risks and being willing to fail. We spoke about what we would change, I think that’s a big one for me as well.
“Switching attitudes around to defending and promoting positivity about the industry is a really good thing.”
The mini-series aims to spotlight the ‘out of the box’ thinking that has boosted brand’s growth, diving into topics including leadership, creativity, relevance, and the stories of people who have done things differently. Episodes will be released on Mondays and Wednesdays beginning today, 14 May.
See also: ‘We need to come together to defend our industry’: Josh Faulks opens AANA RESET
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Top Image: Josh Faulks