Experts Outline Growth Opportunities For Marketing Communications Industry In 2021
Economist and marketing communications experts have revealed that business remodeling, expanding to other markets, engaging Small and medium scale enterprises (SMES) among others portend a lot of opportunities for the marketing communications industry in 2021 in order to record growth after the effect of COVID-19 on their businesses.
This assertion was made at the 2021 Business Outlook Session organised by Media Independent Practitioners Association of Nigeria (MIPAN) with theme “The Challenges & Growth Opportunities Amidst COVID-19.” The hybrid event had Dr. Vincent Nwani, Head of Research, FMDQ Group as its Guest Speaker and Olu Akanmu, Executive Director, Retail Banking, FCMB as its moderator.
Dr. Vincent said that most marketing communications businesses are still battling with the effect of COVID-19, stating that budget are getting smaller and the competition is getting striver and to survive, he urged practitioners to be creative as COVID-19 continues to disrupt every facet of the business.
He explained further that the phenomenon that will determine 2021 will be determined by the supply of vaccine tagged ‘vaccine economy’ as many are waiting for it with the hope that it will make the business activities stable again. This, he pointed, posses opportunity for the marketing communication in terms of messaging and launching campaigns to sensitise people on it.
Also, he stated that marketing communications agencies need to remodel their businesses by expanding beyond the shore of the country to offer services across other African markets. Also, he urged practitioners to think ahead of businesses trying to come into the country and quickly partner with it foreign agencies. He added that the African Continental Free Trade Area (AfCFTA) upon take off will provide a level playing ground for African businesses to operate in the continent and for that, he urged practitioners to get ready because it will be also be a threat for some businesses as foreign players come in. Noteworthy, the African Continental Free Trade Area (AfCFTA) is a free trade area founded in 2018, with trade commencing as of 1 January 2021.
In another vein, he said it is not time for agencies to wait in the office for briefs to come in but become more integrated in their approach in offering solutions to clients.
Similarly, Dr. Tayo Oyedeji, CEO, Overwood Investment Limited tasked agencies to be a digital specialist, deploy technology in the way they operate. Also, they should ensure their relationship with client is more of a partner not a ‘master-slave’ relationship.
Kelechukwu Nwosu, MD, TBWA/CONCEPT said SMEs have a key role in helping to grow the gross Domestic Product (GDP) of any country and media independent agencies and other marketing communications should work with them to help them grow further.
Meanwhile, Raheem Olabode, Executive Director, Corporate Planning and Sustainability, CMC Connect explained that reputation is key and the solution proposed to clients should be valuable. “Be creative and place value on what you are creating, have the right strategy.”
MIPAN is known for promoting training and advancement of the knowledge and education of media independent practitioners on media advertising and marketing matters. It also promotes schemes for enhancement of the welfare and economic advancement of members of the association.