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World of Business | |
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Wednesday, April 21,
2020 / 4:06 PM / Bukola Akinyele for WebTV / Header Image Credit: News Express Nigeria
Reviewing the financial services sector, Omafaye noted that banks were
functioning more on online platforms during the lockdown which could change the
primacy of traditional channels of advertising in preference for digital
advertising.
He said, most companies will leverage social media to do advertising to
cut costs. The advertising industry globally will take a big hit, Oil companies
are scaling back on investment and new production, Travel& Aviation
companies will also a lot of income which would feed into reduced
advertising engagements.
Omafaye was, however, optimistic that advertising was not dead but would
come back and this would be the appropriate time to rethink strategy for those
who are advertising professionals.
Akinwunmi, speaking on how to engage with clients at this time
said, crises periods was what brings out the best in organizations. The
COVID-19 crises began in December 2019 and escalated in January 2020.
Strong multinational clients, he noted, had ample experience in managing crises
and may actually benefit from the pandemic by reworking their business models
and recalibrating their customer communication.
He said, that smaller companies that do not have the kind of experience
of their larger counterparts may find themselves short on cash and unable to
re-engineer both their business and advertising communication. Akinwunmi was of
the view that smaller local businesses were going to suffocate in this sense
that banks may not extend credit facilities to them based on the need to ration
existing liquidity while containing credit risk.
Speaking on the opportunities for advertising and marketing firms at
this period Akinwunmi said, businesses needed to reinvent themselves. He was
optimistic that, Post COVID-19 service would be in huge demand globally, the
Airline industry would rebound, people would move around and they will need a
whole lot of service . Manufacturing companies will continue to sluggish
while services we be big and will offer opportunities.
Speaking on traditional advertising, he observed that no agency in
Nigeria could survive on traditional advertising. The advertising expert
noted that, Advertising agencies now operate at multiple levels of print
media, social media, and internet media advertising. Target customers
have upscaled their social experiences and advertising agencies have responded
appropriately.
He charged agencies to do a lot more in research in terms of
areas of cost savings to identify clients that are critical and to
develop strategies to aggregate demand by clients. Agencies
need to collaborate with digital and other partners.
On the government's plans to re-engineer the economy, Akinwunmi said, the
palliative idea by federal government was good. He, however, noted that there
was a gap between a good idea and implementation. Communication between
government and the people has been cloudy and there was a need for
government to include more independent people in the decision making process.
Speaking on how businesses need stimulus and support apart from
government palliative he said, the government needs to cooperate with the
private sector and allow the sector play a stronger role.
Looking at Africa, in terms of the engagement for advertising and
marketing Akinwunmi was of the opinion that the trend globally was the
same. To get consumers to buy companies need to start something fresh and
consistent with the new social distancing reality
He charged the government to cut its expenditure, offer
incentives, encouragement, and work on Agriculture, solid minerals,
entertainment and other areas for investment. He added that, this is the time
for Nigeria to look into the country's health infrastructure.
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