Following the news that global media agency Initiative, part of the Interpublic Group, has won ASB’s business, Independent Media Agencies New Zealand Chair Alex Radford, says this is a golden opportunity for the next bank to choose local.
“On behalf of Independent Media Agencies New Zealand, I’d like to congratulate Interpublic Group on their win of the ASB media business, and their launch of the Australian-led Initiative into the New Zealand market to service the business,” he says.
“This does mean that all of New Zealand’s five largest banks are represented by foreign-owned media agencies – perhaps an opportunity for the next bank looking for a locally led competitive edge in their media strategy.”
Radford adds that he believes New Zealand-owned agencies are “every bit as competitive as global holding companies”.
“In broader social terms, there’s also the added benefit of profit remaining in New Zealand with businesses whose models more directly stimulate the New Zealand economy.”
He says he hopes that in the future “clients will structure their procurement processes in a way that doesn’t automatically rule out most independent agencies”.
“We’ve seen in the creative agency landscape great strides being made with the likes of Special, Stanley St, YoungShand, Motion Sickness etc being given the opportunity to tackle large pitches and demonstrate that you don’t actually need offices in 85 cities to market effectively to Kiwis.”
The win also marks Initiative’s expansion on a global scale, and will make its entry into New Zealand as Initiative Aotearoa.
The announcement followed a rigorous competitive pitch process, which drew interest from both local and international agencies.
In its capacity as ASB’s chosen media agency partner, Initiative will spearhead the delivery of its media strategies, including planning and purchasing across a range of communication channels.
The new contract is slated to begin today, September 1st, 2023.