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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