TAIPEI (Taiwan News) — Taiwan drew some of the biggest names in advertising from across the region and the world this week to attend the 2022 DigiAsia marketing conference in Taipei.
Taiwan News was able to speak with some of these influential voices in Asia’s advertising industry to hear their thoughts on the future of their industry in the new digital era of Web3. These leaders of the advertising industry represented the International Advertising Association (IAA), the Asian Federation of Advertising Associations (AFAA), and the Korea Federation of Advertising Associations (KFAA).
John Chacko, the president of IAA Malaysia, who is also the chairman for the upcoming 45th IAA World Congress shared his thoughts on the social, technological, and environmental transformations that the world is experiencing today. He also looked at the role that digital marketing can take in shaping these transformations over the years ahead.
President of IAA Malaysia John D. Chacko.
Chacko gave a presentation at DigiAsia on Friday (Nov. 18) to promote the next IAA World Congress, which will take place in 2024 in Penang, Malaysia. In his presentation, he emphasized that his goal for the advertising industry is to encourage companies to strive for a purpose-driven approach to business.
He said he hoped brands in the digital age will become a force for good who will ask, "How can we, in the pursuit of profit, also profit the planet?"
The IAA has chosen the theme of “Brand: Re-Code” for the 2024 congress, along with the motto, “For a better world, better life.” Chacko explained the motto as having two layers of meaning. First, is in the sense of computer coding, in reference to the rapid digital transformation taking place in the world today. The second layer refers to the mindset of advertisers towards their industry.
“Given the huge amount of influence that advertising has to shape the attitudes and opinions of consumers, it is very important for us to move forward in a well-considered and purposeful manner,” said Chacko.
“With developments in digital advertising coming so rapidly, from so many corners, I believe it is necessary for all of us to take a moment to think clearly about the potential for our industry to do good. Good is the new currency for brands and businesses."
Chacko urged businesses to think beyond output, and to strive for purpose. "Advertisers in this rapidly emerging technological era must act responsibly in a world that seems to be increasingly fractured, politically, economically and socially."
“By 2030, there will not be a business in the world that does not have a digital presence, and trust is going to be very important,” said Chacko. “As Web3 develops, consumers are going to literally have a world of choices, but that also gives them the power to be very discerning. Moving forward, if companies do not embody the values that are important to consumers, then it will be harder and harder to succeed.”
Chacko said that he believes most young consumers value environmental awareness and protection very highly. Businesses that do not embody and promote those values will find it very difficult to compete for those customers.
This is especially true now that traditional advertising models have changed, and given smaller enterprises far more leverage in the digital era of advertising, he explained.
Chacko said that he is looking forward to hosting the next IAA World Congress, and hoped for many contributions from Taiwan at the event. He encouraged students, advertising industry professionals, and anyone who is interested in the future of advertising to attend the upcoming 45th World Congress in Penang, Malaysia in 2024.
