Marketers urged to solve social, commercial exclusion of consumers through innovations
Olu Akanmu, President & Co-CEO of OPAY has tasked organisations as well as marketers to innovative ways that can solve the large social and commercial exclusion of consumers and unlock the potentials of the excluded markets towards making businesses more profitable.
Akanmu spoke on the theme: ‘Marketing as a tool for sustainable economic development’, at the 11th Advertisers Association of Nigeria Africa Marketing Excellence Awards in Lagos recently said that about 50% of the population in developing countries including Nigeria is socially and commercially excluded in marketing and advertising.
According to him, the high rate of social exclusion in Nigeria also translates to high rate of commercial exclusion. “We see this in banking where formal financial inclusion is just about 50% and in internet and broadband penetration at about 40%.
He countered the belief that probably most Nigerians 133 million out of 211 million population are poor and that is why they are not being served by the commercial markets who find them unprofitable. He emphasised that social exclusion means commercial exclusion.
He said by developing innovative methods to include the percentage of the population that are commercially excluded “we will double the size our addressable markets, become more socially relevant while creating inclusive prosperity for all”
The marketing expert advised marketers to reflect on how their products and services could be more relevant to perhaps 50% of Nigerians that they are probably not serving today. “This is the responsible thing to do, to make our marketing and businesses more relevant to the people of Nigeria to practice more inclusive marketing”
The President of Advertisers Association of Nigeria, OsamedeUwubanmwen also stated that innovation is key to ensuring reliance and effectiveness in the scheme of things, as such ADVAN has put in place an executive council that will ensure the association is a force to be reckoned with in the industry.
The 11th ADVAN Africa Awards witnessed a number of brands winning top categories. For instance, Maltina, a premium malt brand from Nigerian Breweries emerged winner in the Consumer Brand of the Year with 28% votes. Milo and Indomiecame 2nd and 3rd respectively with 17% and 12% votes.
Brand Manager of Haier Thermocool, Samuel Akinrimisi emerged Brand Manager of the Year while Haier Thermocool, Maltina and Colgate won Brand of the Year in 1st, 2nd and 3rd positions respectively. Campaign of the Year went to Hero Beer-1st, Guinness Stout- 2nd and Milo-3rd position.
Victoria Oluwaseun of Covenant University emerged winner for the Future Leader of Marketing category followed by AjewoleRoseline and BabafemiOreoluwa in second and third positions respectively.