In charge of Oxygen, one of the top integrated communications agencies on the market with offices in Bucharest and Cluj-Napoca and a team of 80 professionals, Tereza Tranakas has more than 20 years of experience working in brand and corporate communications. She sat down with Business Review and shared her outlook for 2024.
We must keep in mind the bigger picture when we consider this year’s outlook. In fact, in terms of economic growth, Romania has been a bright spot on a rather dismal European landscape. According to analysts, real GDP growth is set to rebound in 2024 and remain strong by EU standards in 2025-28. The solid private sector has been and will continue to be the key driver to Romania’s steady growth.
To all the sceptics I say that Romania has been lucky to have experienced steady economic and social development over all these years, despite the geopolitical turbulence at our doorstep.
Within this context, we also expect the marcomm industry to fare better than last year, as we’ve seen a general improvement in numbers and output after the pandemic.
I believe that we’ll continue to see a shift in attention and budgets from traditional to digital channels — this trend will only accelerate in 2024. We will see more digital-first campaigns reaching out to consumers in innovative and creative ways.
Every business is looking to automate redundant work with the help of AI, and our industry is no exception. There will be more talk and use of AI in the creative business as well, as AI tools develop and people get more comfortable with them. The use of AI can bring cost savings and increase efficiency, so it’s worth exploring.
Company and brand reputation will be in focus, especially in this election year. Continuously building on it, monitoring, and maintaining the positive sentiment around brands will be critical in a highly polarising environment.
Sustainability will gain more ground for small and large companies alike. It’s a major buzzword, but few companies are really putting in the effort and taking significant action. With increased pressure from the EU — we will see a new set of norms and guidelines being released this year — , companies and brands need to take sustainability seriously. Our agency is among the few on the market that can provide services in this area: from audit to strategy development and communication around sustainability.
Content is still king; creativity is the queen. Getting heard among the myriad of messages is increasingly difficult. That’s why creative content — authentic, useful, educational and/or entertaining — is key to standing out in communication.
How should companies and brands spend their communications budgets in 2024?
With the shortage on the labour market and post-pandemic trauma still affecting performance, I strongly believe that companies should focus more on their internal audiences. Therefore, the work of HR and communication departments will go hand in hand to devise employer benefits focused on wellness, motivation, and balance, together with engagement campaigns.
Another area of focus should be sustainability, as a company-wide commitment from top to bottom, not just a corporate statement. People want to see less greenwashing and more real action. Purpose-driven campaigns will continue to grow, as younger generations seek authenticity and purpose behind brands.
Last but not least, digital combined with influencer and direct consumer engagements will be the playground of brands in 2024.
We’ve built a strong agency over the past 15 years, providing integrated communications expertise for large companies. I am grateful for the solid 80-people team and the diversified client portfolio spanning various industries such as energy, IT&C, banking & finance, real estate, gaming & entertainment, heavy industry, fashion & retail and more. Our focus for this year will be on supporting our clients, helping them grow and reach their objectives, while further consolidating our internal teams and strengthening our skills.
