Stakeholders charge Ad practitioners to re-think their business models
Following the change of face and pace of business by technology, Steve Omojafor, group chairman of STB-McCann Group has advised businesses in Nigeria especially the advertising sub-sector to re-invent themselves and possibly change their business models to fit the new generation.
Agreeing that technology has brought dynamism in to business, Omojafor who spoke recently in Lagos at the first ADventure Public Lecture series to mark the 60th Birthday of Rufai Ladipo, a former president of the Association of Advertising Agencies of Nigeria (AAAN),traced the history of advertising from analogue age, through the era of integrated communications to the current digital era.
Omojafor explained that with the country’s exposure to sophisticated digital technology, Youtube, Facebook, Twitter, Snapchat and many other platforms have become the new advertising “media”.
Also speaking at the event, one of the discussants, Steve Babaeko, CEO/Chief Creativity Officer X3M Ideas revealed that artificial intelligence will be the next level of development in the world of advertising. “In a world where a robot has already been named as Chief Creativity Officer of a leading global agency, Nigerian agencies must change their module of operation if they want to keep pace with the rest of the world” Babaeko stressed.
Buttressing this point, another discussant, Ken Onyeali Ikpe, MD/CEO All seasons Media stated that practitioners should master the fact that disruption by technology will continue in advertising and indeed all other genres of marketing communications.
Still speaking on the issue of technology, Tunji Olugbodi, Executive Vice Chairman/Group CEO of Verdant Zeal Communications Ltd explained that advertising mirrors the society, and since brands want their limited budget to do more in maximising gains and experience, the best option is the ever- expanding digital platform that offers both convenience and convergence.
Another discussant, Chizor Malize Managing Partner Brandzone Consulting LLC harped on the importance of creating differentiation as a tool to ensure success for future players in the industry. She stated that digital communication is evolving and Nigerian agencies that can develop indigenous models would definitely stand out and excel.
Another speaker, Saidat Mohammed. Senior Manager- Consumer Segments, MTN spoke on the need for agencies to be obvious solution providers while Ugochukwu Ezeagwula, CEO of Identita Brand Concepts stressed that quality knowledge of data analytics would shape the success of agencies in the near future.
Commenting on the relevance of regulation in moulding a great future for advertising, Garba Bello Kankarofi CEO of APCON explained that this awareness had come years ago when the disagreement between Newspaper proprietors and Ad practitioners revealed that self regulation was clearly inadequate. He advised all students and new entrants into the profession to deepen their knowledge of all regulations in advertising if they want to excel in the profession
A cross section of players in Nigeria’s marketing communications industry and Students from the Departments of Mass Communication in Lagos State University (LASU), University of Lagos (UNILAG) and Redeemers University, Ede, Osun State graced the occasion. Raffle draws were drawn with students winning refrigerators and tickets to Brandzone Marketing Leaders Conference holding in Lagos.