Resilience not only a virtue but also strategy for long-term growth: Prasanth Kumar

It’s no surprise that the media and advertising world is a bit like a jungle – full of buzz, flash, and the occasional big cat pouncing on a fresh opportunity. In this ever-shifting landscape, it’s not just about surviving but thriving. While many are scrambling to find their footing, GroupM South Asia’s CEO Prasanth Kumar has a clear mantra for navigating the chaos: resilience, reinvention, and relationship-building.

At the e4m Confluence: Media Investments Summit 2024, Kumar shared his playbook on how agencies can thrive in this fast-paced industry, where change is the only constant.

He sat down with Nawal Ahuja, the co-founder of exchange4media, to dive into the dynamics of media’s evolution – from client-agency partnerships and rising pitch standards to balancing the right mix of innovation with tradition. Here’s a rundown of Kumar’s blueprint for success in this high-stakes, no-nonsense world.

Rolling with the Punches Post-Pandemic

Let’s face it – the pandemic was no gentle nudge; it was more like a knockout punch. And the media world hasn’t quite gone back to “normal.” Ad spends are bobbing up and down like a rollercoaster, keeping everyone from marketers to media planners on their toes. But Kumar believes resilience is the name of the game. He’s convinced that agencies need to have their eyes fixed on the long term, focusing on flexibility and adaptability to navigate these turbulent waters.

“The pandemic forced everyone to reevaluate strategies, and the recovery period brought its own set of unique hurdles,” he said. But for Kumar, it’s all about thinking long-term. “Managing expectations in uncertain times requires strategic thinking that spans years, not just the present quarter.”

In other words, if you’re waiting for the dust to settle, you might be waiting forever. Agencies need to be as adaptable as a chameleon – shifting strategies in real-time but always with a grander goal in sight.

Building Bridges and Budgets

As belts are tightened and wallets snapped shut, clients are keeping a sharp eye on those ad dollars. This has led to a new kind of partnership between clients and agencies, one that demands not only the usual flash and sizzle but also a hefty dose of pragmatism. It’s all about accountability now, and Kumar recognizes that today’s clients want to see real, measurable outcomes.

“Clients expect us to deliver innovative solutions that are both creative and data-driven because they need campaigns that can not only engage but also deliver clear results in this competitive environment,” he shared. Agencies have had to up their game, honing the ability to balance creative storytelling with results-driven tactics.

It’s not just about ticking boxes, Kumar pointed out; it’s about building genuine partnerships that deliver. “Our job is to bridge the gap between the client’s needs and the ever-evolving consumer behaviours. This requires a delicate balance between tradition and innovation,” he noted.

Value First, Price Second

One of the golden rules in media, according to Kumar, is that the “cheap and cheerful” strategy can only get you so far. When it comes to long-term success, value creation reigns supreme. Kumar makes it clear: price is important, but it shouldn’t be the only talking point in the room.

“Only by focusing on value can outcomes be better. Price is simply a derivative of that,” he stated. Agencies, he believes, need to think of themselves less as vendors and more as strategic partners who can deliver value, no matter what the current economic forecast looks like.

Kumar sees slowdowns as opportunities, moments to innovate and deliver solutions that aren’t just band-aids but actual value-driven contributions. It’s a strategy that allows agencies to create lasting impact instead of just surviving on razor-thin budgets. “It’s about looking beyond short-term challenges and creating lasting solutions,” he said, showing his belief in the power of building for the long haul.

Nimble and Quick: The Key to Outpacing Competitors

In a marketplace that’s teeming with newcomers, staying competitive means staying quick on your feet. Kumar emphasises that agility isn’t just a nice-to-have; it’s a necessity. With the competition heating up, it’s critical to keep pace with both client needs and ever-evolving trends.

“We compete not only on the quality of our service but on our ability to adapt to emerging trends,” he said. And with digital transformation continuing to rewrite the rules, agencies must ensure their approach isn’t set in stone. “It’s about delivering consistent value, no matter who we’re competing against,” he shared.

This adaptability isn’t just about survival – it’s a strategy for sustained relevance. Kumar’s focus is squarely on creating value through customer success and storytelling that connects, rather than relying on the same-old, same-old.

A Call for Standards: The AAAI Approach

As President of the Advertising Agencies Association of India (AAAI), Kumar has set his sights on shaking up the industry. Agencies across the board are all too familiar with the slog of lengthy, exhaustive pitch processes that often drain resources. With AAAI's efforts, Kumar aims to put some guardrails in place, making the pitch landscape fairer and more efficient.

“Pitches have become more complex as client needs grow and the landscape changes, but we need a structured process that respects everyone’s time and resources,” he noted. With streamlined pitch processes and standardized remuneration in the works, AAAI’s initiatives promise to create a healthier ecosystem, where agencies can spend more time doing what they do best – creating stellar work – and less time jumping through hoops.

By fostering collaboration and advocating for fairer practices, AAAI’s approach underscores Kumar’s commitment to making media a space where innovation and creativity can thrive. “Progress doesn’t come from isolated efforts. It requires contributions from everyone in the ecosystem—agencies, publishers, and clients alike,” Kumar stated.

What lies ahead?

If there’s one message that Kumar wants to send, it’s this: in the media world, only the resilient survive. As agencies face an evolving digital landscape, Kumar encourages them to embrace change rather than resist it. The future, he asserts, lies in a steadfast commitment to customer-centricity, agility, and innovation.

“Agencies that survive are those that evolve,” Kumar summed up. In his vision, the media ecosystem will continue to grow stronger if agencies prioritize adaptability, work collaboratively, and look beyond the bottom line. Resilience isn’t just a virtue; it’s a strategy for long-term growth.

By championing resilience, collaboration, and a commitment to value, Kumar’s insights serve as a blueprint for agencies looking to thrive, not just survive. His call for a more resilient, transparent, and value-driven media ecosystem echoes far beyond the boardroom, offering a roadmap for an industry ready to embrace both the challenges and the opportunities ahead.