NIMN Lecture: Experts Emphasize Strategic Collaboration, Innovation, Creativity As Tools For Sustainable Success In Volatile Times
Lead speaker, Bolajoko Bayo-Ajayi, as well as other guest speakers, have said that strategic partnership, innovation, and creativity are tools businesses need to employ to enjoy sustainable success in the country’s volatile economic environment.
The first Vice President of the National Institute of Marketing of Nigeria (NIMN), made this assertion while speaking on the topic, “Transforming Market Challenges into Strategic Opportunities for Sustainable Success in Volatile Times” at the Ikeja Chapter of NIMN’s fourth annual public lecture which took place at the LCCI House, Nurudeen Olowopopo Way CBD, Alausa Ikeja.
Speaking on how businesses can turn challenges into opportunities, she highlighted a few areas to consider. She said, “Reflect on what has been done in the past as a business or brand, review your strategies, drop some and move with some. This is not the time to stick to a strategy you’ve planned, be flexible and adapt to new ideas.
“Have a mindset shift, see this time as an opportunity for growth. You must be willing to innovate and have a life balance between your long-term goals and those of the short-term. It is also important to cut down on your spending, and set priorities. Innovate, segment.”
Bolajoko also noted that diversifying and going beyond consumer experience to intimacy as some areas of opportunities businesses can explore for transformation during hard times.
In her words, “The first opportunity is to diversify your business and brand, spread your brand, and break into new categories during times like this. Look for new ways you can serve and meet consumers’ needs.
Businesses should ask themselves what they can do to stand out and serve customers during challenging times.
Brands need to go beyond building/ driving consumer experience to building consumer intimacy because it is when you move to consumer intimacy that they will feel like they owe you and if they don’t owe you they can easily move on to your competition.
Also speaking at the event, Yinka Adebayo, Group Executive Director, Omnicom Media Group said crisis will always remain the best platform for humans to excel. He explained that there are two types of people during a crisis, some smile at the bank while others are crying.
He counselled businesses to “Look out for the opportunities the changing market presents you, then apply innovation to it. Create services and products that consumers will naturally gravitate towards during challenging times like we are in. Understanding that if you cannot give your customers what they want, they will move elsewhere. Think out of the box, break the box and dare to think differently, be innovative.”
He also reemphasized the importance for brands to work in collaboration and collectively in challenging times.
Earlier in his welcome address, Dr. Kehinde Joda the host of the event and Chairman of NIMN Ikeja Chapter said, “The theme of today’s lecture is particularly timely and relevant to the challenges and opportunities before us, I am confident that distinguished speakers will provide insights that will not only educate but inspire us to think critically about how we can apply these ideas in our respective fields.”
Speaking to the youths, he advised them to be IT savvy and familiar with the IT terrain. His words, “Look at the future of technology and what it can do. Be better than Artificial Intelligence (AI). Know how to do things like singing first before using AI to augment it. Be adaptable, and be open to new ideas. Don’t be afraid to embrace all the challenges coming in.
He advised marketers to also embrace AI. “It makes life easier for you by making your work seamless and also helps to enhance your creativity. Instead of being afraid of AI focus on coming up with creativities, it helps to finish a task faster and increase productivity.”