Economic analysts and Marketing Communications Professionals have pointed that for businesses to stay afloat in the emerging post COVID-19 era, players would need embark on collaboration, leverage on technology, and data to remain relevant in 2022 and beyond.
They disclosed this at the Advertising Practitioners Council of Nigeria (APCON) economic outlook webinar held recently with the theme; “Nigeria’s Economic Outlook: The Implication of National Budget for the marketing Communications Industry”.
In his opening speech, The Registrar/Chief Executive of APCON, Dr. Olalekan Fadolapo said that webinar was organized to chat a way forward for advertising and marketing communications industry to help grow the economy as well as dissect some of the issues in the industry and opportunities they can tap into in 2022.
Dr. Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd while delivering his keynote address gave a general overview of the business landscape and how COVID-19 disrupted economic activities and how the country is recovering from the challenges. He described the era before the outbreak of COVID-19 as ‘Normal’ (up to end of 2019), from March 2020 as ‘New Normal’ and the future as ‘Next Normal’
He added that the IMF projected that global economy will grow by 5.9% in 2021 and 4.9% in 2022.
“The Nigerian business environment has many challenges as well as many opportunities. What we see and focus on is our choice,” he said.
He urged businesses to deploy technology to ease their business, stating that they are opportunities for businesses in every sector and six sectors contribute significantly to the Nigeria’s economy currently. The sectors are Agriculture, trade, ICT, Manufacturing, Real estate and mining.
“There are opportunities in every sector of the Nigerian economy. Do the right things at the right place and right time or the right person, also embrace the digital world”
In another vein, he said for businesses to scale up, they can borrow insight from Rockefeller Habits 2.0 which include: focusing on people, strategy, execution and cash. He added that “It’s time to go beyond thinking outside the box. That’s old school! Rather, it is to think what to do with the following boxes: strategy, business models, resources, relationships, organizing.”
Also, he stated that the operative words for the “Next Normal” is Sustainability, Resilience, Disruption and Re-imagination. The gateway of Sustainability is endurance; repeated value enhancement while Resilience has to do with continuous market interrogation. Meanwhile, Disruption means to challenge the current status and arrangement and to Re-imagine is to look forward; disconnect from the past. He also called for collaboration stating “We are in the era of collaboration.”’
Speaking during the panel discussion, Lampe Omoyele, MD, Nitro 121 also emphasized the importance of deploying technology to grow brands and the marketing communication industry. He also stated that it is vital that organizations manage their remote and physical working arrangement effectively in the interest of contributing to the growth of the country.
He added that political campaign that will deepen in the second quarter of the year would also help boost the economy. This development, he explained, will also favour IMC agencies who can handle campaigns for some of the political parties or individuals.
Emmanuel Agu, GMD, Jotna Nigeria (The LaCasera Company) on his part stated that COVID helped some brands to rethink their strategies and helped some to make more sales, adding that the world is gradually returning to the Normal but only organisations that were able to be resistant, innovate and build a sustainable business will thrive as normalcy returns.
He urged brands to stay afloat for the next 12-month and engage their consumers whether online or offline to remain relevant.
Tolu Ogunkoya, Regional CEO, West & Central Africa Omnicom Media Group said that data becomes crucial at uncertain times and urged organisations to be deliberate about gathering data and in the utilization of technology.
He also explained that sectors like fintech and betting are growing remarkably because of the technology.
The webinar is one of the initiative of APCON to empower practitioners. Ms. Eyitemi Taire, Marketing Consultant, Gemini Place was the Moderator of the event.