Experts at the just concluded Media Independent Practitioners Association of Nigeria (MIPAN) 2023 Annual General Meeting (AGM) have shared valuable insights into the crucial factors for achieving profitable and healthy businesses.
The event, held in Lagos, saw prominent industry figures engaging in discussions centered around the theme “Key Enablers To Running A Healthy And Profitable Agency Business.”
Moderated by Jude Odia, the Managing Director of Starcom Media Perspective, the panel comprised Dr. Ken Onyeali Ikpe, Chairman/CEO of Graviti Hill Limited; Steve Babaeko, President of the Association of Advertising Agencies of Nigeria (AAAN) and CEO of X3M Ideas; Adetunji Adeyinka, Group Managing Director of the Republicom Group and Osuagwu Chidimma, the Group Head of Procurement and Materials Management at Flour Mills of Nigeria Plc.
Onyeali Ikpe emphasized the significance of relevance in agency operations. He stated, “Relevance is a key that every agency needs to acquire. We build relevance by providing solutions. Hence, Relevance is that indispensable element.”
He emphasized that businesses seek the essence of business itself, not just the facilitating agencies. He added, “For businesses to thrive, they must focus on client management. A company’s vitality hinges on the relevance of its product.” He also stressed the need for transformational leadership within agencies, advocating for leaders who bring capacity and gravity to the table to make a lasting impression on clients.
In agreement, Steve Babaeko highlighted the urgency for agencies to adopt new revenue streams and enhance their brand-building efforts. He lamented the neglect of self-branding by agencies and advocated a shift in perception. “We must detach emotions from brand building and emulate the tech industry’s business-focused approach,” he asserted.
Addressing financial discipline, he stated, “Agency owners might be affluent, but their businesses may not reflect that. We must prioritize building our businesses.”
Tunji Adeyinka added that transformational thinking and talent management are pivotal to agency success. He underscored the need for collaboration beyond organizational boundaries and recommended functional boards of directors to foster growth. He reminded attendees that profitability alone doesn’t ensure health; sustainability and inclusivity are essential.
Osuagwu Chidimma, the keynote speaker, contributed to the discussion by emphasizing the importance of offering value to clients rather than merely presenting expenditure plans. He urged agencies to focus on delivering tangible value to clients, positioning themselves as more than just cost factors.
