Founder & Executive Creative Director Wondereight
A STAGNATION AT ALL LEVELS
The Lebanese ad market is no exception to the general economic depression; budgets are being cut or put on hold until further notice and sometimes even canceled. In an industry where creative quality is the raison d’être of agencies and creative talent alike, it is becoming a rare luxury for both clients and ad experts to produce award winning campaigns, especially that budget drought is not the only wall they face, but also the quantity and volume of communication material the market is pretending it needs.
As a result, the industry is adopting a “day by day” attitude where both brands and ad experts are waiting and hoping for the stillness to pass. There’s a stagnation on all levels.
Cashflow is being harder to manage because salaries cannot be lowered yet and lay-offs are not the first thing to consider because brands are in need of more marketing due to sales drop everywhere, but if the situation prevails one will need to be calculated.
We are a results-focused agency so we have evolved in the last five years to study carefully the ROI of each campaign for our clients in order to take them the distance with the budgets they have.
I think this could be one of the solutions that can change the industry for the better making advertising more efficient and effective in bringing more sales while building brand value.
It is becoming a rare luxury to produce award winning campaigns.