Nigeria’s advertising industry is not spared by the heat arising from the harsh business landscape occasioned by poor infrastructure, government policies, growing insecurity and declining value of Naira among others which has led to low activity in the manufacturing and services sectors including Ad industry.
The Advert industry, as some other sectors, is further affected by the evolution in the digital world, a development that has disrupted age-old practices, created dynamism in consumer demand and raised competition from local to global level.
In other, therefore to continue to reduce the erosion of margins and survive amidst the challenges and create value to clients who are equally seeking solutions to hedge the turbulent time and global competition, members of Association of Advertising Agencies of Nigeria, AAAN used the opportunity of their 46th annual meeting recently to discuss the way forward.
At the meeting, entitled ‘The war within: Solutions for survival’ speakers unequivocally told them that collaboration among themselves, supportive of one another, discovery of more markets, creation of data bank for resources and creation of business solutions for their clients are ways to forge ahead in the difficult time.
More importantly, they were told that the new world requires a paradigm shift from old thinking.
Citing examples of how technology has disrupted practices such as riding carts to cars to aeroplanes and to drones, Jimi Awosika, Vice Chairman of Troyka Holding who spoke at the forum told the Ad men that they must understand the environment if they must find solutions.
He said professionals need to understand where the world is going, stating that conversation for business existence has moved into the realm of solutions. “It is no more scope of work but scope of value”. He said what makes an agency relevant to business is the value the agency brings to the table.
Bola Thomas, AAAN Trustee who also wondered how the agencies are making it in the difficult time underscored new thinking and collaboration in the industry as strength.
During the panel discussion, Steve Babaeko who noted that other sectors are equally discussing solutions said the industry has changed and therefore the kind of solutions Ad men provide should also change. He said the economy now lives in co-sharing, and Ad men should copy such model.
Lanre Adisa suggested for pooling of resources to build data bank for Ad men to leverage for their business in the new era.
Speaking earlier, the chairman of AAAN, Ikechi Odigbo said the theme of discussion is not only apt but imperative given the significant developments and challenges the entire marketing communication industry is facing.
