Expert Advises Ad Agencies To Adopt Shared Value Business Model
By Tunji Faleye
Chief Transformation Executive, C-Level Lead for Strategic Initiatives, MTN Nigeria, Bayo Adekanmbi has advised advertising agencies to adopt shared value business model in order to be relevant in the fast changing global economic structure.
Adekambi who stated this on Friday in Lagos at the 44TH Annual General Meeting of the Association of Advertising Agencies of Nigeria (AAAN) themed: Fresh Thinking, explained that agencies must leverage on shared value for the industry’s sustainability and profitability, saying that they must also begin to package their services as solution providers instead of middlemen (agencies).
He posited further that this is the right time for ad agencies to come together and be more coercive for business effectiveness.
He said that agencies should have fresh thinking because of ongoing massive disruption in the advertising industry.
He therefore warned ad professionals that, “there are individual online ad consultants that organisations have begun to have faith in their capacities,” hence agencies have to do the needful by changing their business models, as effects of their lukewarm attitude may be too devastating.
Earlier, AAAN President, Kayode Oluwasona welcomed members of the association and other invited guests to the 44th AGM, saying that the essence of the AGM was to have fresh thinking as a way of tackling issues in the industry. “The industry is going through difficult times and that is why fresh thinking is required in line with the government change mantra,” he said.
Similarly, in his goodwill message, Advertising Practitioners’ Council of Nigeria (APCON) Registrar and Chief Executive, Alhaji Bello Kankarofi says, “as a strategic partner in the discharge of APCON’S regulatory mandate, we are keenly interested in the stability, cohesion and growth of the AAAN and the success of its member-agencies. It gladdens our heart that in spite of the difficult economic climate in Nigeria during the last two years, your association and member have remained vibrant and forward-looking.” He adds, “there is no doubt that, at a time like this, fresh thinking is required in large dose to overcome obvious constraints and drive business to sustainability and profitability.”
The Association’s AGM is always a major event in the nation’s marketing communications calendar and it always attracts overwhelming local and foreign coverage.
Senior government officials, captains of Industries and top business leaders & policy makers from within and outside the marketing communication industry attended the occasion. Some of them include, Chairman of Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, APCON registrar and Chief Executive, Alhaji Bello Kankarofi, Honourable Commissioner for Information and Strategies, Lagos State, Steve Ayorinde representing Govenor Akinwunmi Ambode of Lagos State.
The AGM was also attended by members of AAAN and other stakeholders.