Costas Daltas: The top issue in public relations and advertising? Where to invest
09:00 - 17 January 2024
We are in an era where customers and not brands dictate the trends and developments in the market, says the Managing Director of Red Wolf-PR & Advertising Agency Costas Daltas, underlining that public relations and advertising have been constantly developing in recent years, significantly raising the quality of services provided.
In an interview with InBusinessNews, in the context of "IN Business Forecasting 2024," Daltas characterises the main problem for public relations and advertising as being the lack of human resources, with know-how, passion, and inspiration. He pointed out in this regard that in 2024 there must be even more investment in the development of the sector's executives, but also in its further connection with the academic community.
Additionally, Costas Daltas underlines that the further integration of technology and artificial intelligence in 2024 will play a catalytic role in the sustainability of the sector.
"Personalised communication plays an important role nowadays, as with the help of technology it provides important data, regarding the audience's reaction and interaction with the content, strengthening our efforts for more targeted communication actions, interests, needs and the customer's preferences," he indicates.
Referring to Red Wolf, the company's Managing Director defines the goal of maintaining the steady growth path it has had in recent years, emphasising the fact that a few months ago the company proceeded to establish its office in Athens under the name 4Hats and with a dynamic team and which in the coming months will claim an increasingly larger share of the market.
How do you see the economic environment shaping up in 2024, in light of inflationary pressures, high interest rates and unpredictable ever-changing geopolitical developments?
The intense fluidity in global politics, commercial dynamics and international relations continues to test the resilience of markets and businesses with the effects inevitably affecting the Cypriot economy as well.
Cyprus, however, has the strength, flexibility and ability to adapt to difficult economic conditions, which has been confirmed by the Commission's recent forecasts, which place our country among the five countries in the Eurozone with the highest growth rate for the years 2023 -2025.
The European Union estimates for 2024-2025 are in our favour. The growth rate of the Cypriot economy will rise to 2.6% and 2.9%, respectively, while inflation is expected to continue its slowdown to 3% and 2.2% respectively in the next two years.
It is up to us to once again prove what we are made of. What we need to do is to re-evaluate our strategies and focus on further integrating technology, specialising human resources and implementing environmental, social and governance (ESG) criteria.
What do you consider to be the biggest and most difficult challenges that the Cypriot economy will have to face?
Our country is called upon to manage significant challenges from both external and internal factors.
The crisis in Israel, and the ongoing conflict between Russia and Ukraine, are expected to leave their mark again this year in the service sectors of our country, and in particular in tourism, while there are also the issues of high interest rates, energy, lower export performance, and also the effects of climate change.
Would you say that taking into account the latest upgrades, Cyprus is now well on its way to development?
The latest upgrades, as well as the positive macroeconomic forecasts, demonstrate the stability and strong prospects of the Cypriot economy. However, this should not make us complacent.
The road to sustainable development is long and there are several steps we need to take today, but also in the long term.
Accelerate investments and reforms related to the Cyprus National Recovery and Resilience Plan, further the country's digital transformation, focus on green growth and create a more resilient and robust economy that will be less vulnerable to external factors.
Public relations and advertising
What do you think will be the course of the sector in which you operate in 2024?
Public relations and advertising have been constantly developing in recent years, significantly raising the quality of the services provided, which is mainly due to the highly competitive landscape of the sector, which forces agencies to launch new innovations and invest in specialised personnel and technology.
Today, as a sector we are called upon to help businesses adapt to market needs and strengthen their commitment to customers, society and the environment, as trust is more important than ever: It affects competition, it affects sales and it affects employment.
Trends and changes in the sector
What are the biggest industry trends and changes you anticipate in 2024?
We are in an era where customers dictate trends and developments in the market, not brands. Consumers want everything and they want it as fast as possible, and their instant gratification is imperative and decisive, especially in the digital world where they hold most of the power.
Personalised communication plays an important role nowadays as with the help of technology it provides important data, regarding the audience's reaction and interaction with the content, strengthening our efforts for more targeted communication actions, the customer’s interests, needs and preferences.
In this context, the further integration of technology and artificial intelligence in 2024 will play a catalytic role in the sustainability of the sector.
I believe that businesses that invest in AI-enabled content, the measurable data and analytics that technology tools offer, and the research that can be done with AI will gain a competitive advantage.
At the same time, intense public awareness of sustainability issues puts the application of ESG criteria among the top priorities for brands.
Improving the sustainability of internal marketing practices, promoting more sustainable product and service offerings, and making long-term commitments to sustainability are expected to be hot topics for our sector in 2024.
The main issue is the lack of human resources
What are the most important problems that are currently plaguing your sector and the solution of which you consider to be a priority in view of the new year?
Unfortunately, the lack of human resources, with expertise, passion and inspiration, is a top issue for public relations and advertising.
In 2024, we should invest even more in the development of our field executives, but also in our further connection with the academic community.
As a company, we already proceeded in 2023 with the announcement of the creation of the Red Wolf Academy, where, with the support of CIM-Cyprus Business School, we are proceeding with a series of training seminars to transfer know-how in the field of communication, public relations, advertising and Marketing.
New office in Athens
What are your organisation's plans/strategy for 2024?
At Red Wolf we follow a model that relies on people and the tools at their disposal to evolve our company, be it our human resources or our partners.
Our team is the main cog of our operation and development. We continuously invest in it by providing it with the necessary know-how and the right technology, in a welcoming professional environment, with a special focus on the new generation that needs professional opportunities and guidance.
In the same context of the human-centered approach, we have developed as our basic principle, that every company that chooses us be our partner and not a customer. We create relationships of trust with our partners, listen to their concerns, shape their strategy in the midst of a crisis and create communication management protocols.
We accept every challenge and strengthen a wide range of clients by providing them with 360° communication services in public relations and advertising such as: Branding, Communication Strategy, Integrated Marketing, Public Relations, Event Management, Digital Marketing, Political Communication, Public Affairs, Crisis Management, Web Design & Development.
Our goal is to maintain the steady course of development that we have had in recent years as a dynamic office, with solid foundations, appropriate infrastructure and specialised human resources, that accepts challenges and carries out diverse and demanding communication projects.
A few months ago we proceeded to establish our office in Athens, under the name 4Hats and with a dynamic team that in the coming months will claim an increasingly larger share of the market.
The new era brought by artificial intelligence
What role does technology, such as artificial intelligence, play and what changes is it expected to bring about in your field?
Creative artificial intelligence prescribes a new era where the collaboration of technology and man will maximize the result for the benefit of businesses and by extension the economy.
AI-powered content creation tools are the everyday online partner for the PR and advertising professional who is called upon to produce a large volume of quality content in a short amount of time.
Technology is an important ally for idea generation and writing, as well as reporting tracking, performance analysis, and more accurate measurement of results. And all this with easy access and learning.