As practitioners in the Integrated Marketing Communications Industry gradually settle into the New Year, President of the Experiential Marketers Association of Nigeria, EXMAN, Mr. Tunji Adeyinka has expressed optimism for the year 2023.
Adeyinka’s view is in tandem with most professionals as they have continued to demonstrate resilience and doggedness in the face of the challenging business environment.
Speaking on this development, EXMAN President who affirmed that the last two years were accompanied with myriad of challenges that forced professionals to creatively rethink their operational strategies and birth innovative solutions that deliver optimally to clients’ expectations, stated that Customer-centricism will be vital for survival this year.
According to him, experiential marketers will in 2023, focus on retooling and channeling resources to areas of growth opportunities as well as consolidating on existing efforts to improve on their operations.
His words:”Generally, in spite of the challenges in the environment we believe that agencies that are customer-focused will thrive this year. It will be increasingly important to justify every kobo spent by the client this year and agencies who are adding quantifiable value will do well.
“The last two years have been challenging for experiential marketing but they have also offered us an opportunity to pivot and invest in value-adding levers for our practice. We are consolidating some areas of our practice, which have been commoditized by building industry-wide exchanges while we are increasing investment in the areas where we have higher industry profitability. We are also developing personnel who we share as an industry to lift the standard of our practice.”
Commenting on the new regulatory framework and its impact on the business of Experiential marketing, the well respected marketing professional lauded the series of reforms introduced by the Advertising Regulatory Council of Nigeria, ARCON.
“Indeed there were several regulations initiated last year with the signing of the ARCON law by the President crowning everything. As we all know and agree, there is nothing wrong with regulation. In fact, regulation helps to establish a baseline for the industry and to guide its development.
“However, we all know that it takes time even for the best of laws to be fully understood and implemented. Therefore, I expect that 2023 will be devoted to consultations, education and conversations especially from a regulatory standpoint.
“The regulator has explained severally that it is not regulating to stifle and stagnate the industry. I believe that this year will provide opportunities to engage the different stakeholders in the industry with the intention to drive understanding and growth. I believe that this will be more inclusive in 2023.”
