WPP Strategic Vision and Tactics Extended to 2025 Unveiled
In a move aimed at regaining its lost growth, global advertising giant WPP has unveiled a strategic plan to return to growth by 2025. The company, which saw a decline in revenue due to the pandemic's impact, has set a goal to reach its 2019 revenue levels by 2022.
To achieve this, WPP plans to focus on organic revenue growth, targeting 3-4% growth from 2023. The company expects contributions from its investments in mergers and acquisitions, particularly in the areas of digital marketing and data-driven advertising services. However, WPP has announced that it will limit further mergers and acquisitions, focusing instead on maximising the potential of its existing investments.
The strategic plan also includes increased investments in commerce, experience, and technology. WPP aims to leverage these areas to drive innovation and growth, positioning itself at the forefront of the rapidly evolving digital advertising landscape.
In addition to revenue growth, WPP is also targeting cost savings. The company aims to achieve annual cost savings of approximately $815 million by 2025. These savings are intended to drive further growth, with two-thirds of the savings to be reinvested into incentives, talent, and technology.
The cost savings are a key part of WPP's strategy to return to growth. The company believes that by streamlining its operations and focusing on areas of high growth potential, it can create a sustainable path to growth and long-term success.
WPP's commitment to its strategic goals remains unchanged. The company does not mention any changes to its aim for further cost savings, its strategy of increased investments in commerce, experience, and technology, or its goal of returning to growth by 2025. The company's focus remains on executing its strategic plan effectively and delivering value to its shareholders.
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