• Monday, February 26, 2024
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Poor market insights, wrong visions aiding business failure in Nigeria, says MIPAN

Poor market insights, wrong visions aiding business failure in Nigeria, says MIPAN

The Media Independent Practitioners Association of Nigeria (MIPAN) has identified wrong assumptions, wrong visions and unclear insights as factors aiding business failure in Nigeria, thereby crippling the overall economy.

Speaking at the yearly meeting of the body held recently in Lagos, MIPAN President, Femi Adelusi, said business owners in Nigeria often live with the illusion that their strategies are working at the beginning but get to know late that they are not making progress.

The meeting with the theme: “Key Enabler to Running Healthy and Profitable Agency Business”, gave the speakers at the summit the ample opportunities to unravel the challenges facing businesses and agencies amid economic and inflation crisis.

Adelusi in a statement said, “You may think you are making progress, but it may become too late before you realize you have not made the required level of progress. I have said here that key nuggets like insights and vision that unlock doors and usher in limitless opportunities and potentials are necessary to grow businesses,”

“One common thing for all of us either at the agency side or the client side is the fact that we all just came out of the general elections. We are all affected by the removal of the oil subsidy and the floating of the Naira.

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“On a general note, we have all been impacted by the general elections and their outcome, the removal of subsidy, the fluidity of pump price, the floating of the naira, and unified exchange rate. Interestingly, all of these factors are interconnected and can be debated, analyzed and spoken about for hours. The key question is: how do we get out of this quagmire? The Economy thus remains a big challenge for businesses and people.”

Pointing out some of the key solutions that can help businesses thrive in Nigeria, he listed three major issues that needed urgent action to include; Naira stability, investments in human capital and electricity.

Speaking about the impact of the challenges on the entire Marketing Communications industry, he said, “Our industry remains a very engaged industry and we need to continue to look at how we can evolve and add value to the business of our clients. We must remember that they are the views of Lady Golden Wave and we must continue to be consultants and bring top leadership into how we help their businesses to grow.

“These factors all impact many of our clients’ businesses; hence we see so much push-back on reforms such as AISOP. Our Agency work directly involves clients in real sectors and SMEs affected as well. Our longevity, survival and business health therefore depend on all of the above.”

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Speaking on the theme of the event, Osuagwu Chidimma, Group Head Procurement and Material Management, Flour Mills Nigeria Limited, said innovation and creativity cannot be overemphasised, noting that the theme is about the key enablers.

“It’s important for businesses to constantly ask themselves, what is the vision behind my agency? Because if you focus only on buying media for your clients and making sure that you focus on your profitability, you may be short-timed and you may be short-sighted. Then you have many businesses that have been here before and they are not here anymore, principally because they did not focus on the right things.

“To be successful as an agency, understanding that your success is hinged upon the success of the clients, then it’s important to have a vision that reflects customer service, customer excellence, customer success, customer engagement. Otherwise, you may be enabling something different, and the business may be short-term. Enabler is like a catalyst that helps bring about a predetermined and emphasized outcome,” Osuagwu said.

At the panel session, the panellists emphasized the significance of relevance in agency operations and the need for agencies in Nigeria to adopt new revenue streams that will enhance their brand building effort.

On his part, the Chairman/CEO of Graviti Hill Limited, Ken Onyeali Ikpe, stated that relevance is a key that every agency needs to acquire. “We build relevance by providing solutions. Hence, Relevance is that indispensable element.”

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He noted that for businesses to thrive, owners of businesses must focus on client management, adding that companies’ vitality hinges on the relevance of its product. Onyeali stressed the need for transformational leadership within agencies as well as advocating for leaders who bring capacity and gravity to the table to make a lasting impression on clients.

Steve Babaeko, CEO, X3M Ideas said there is a need for agencies to urgently adopt new revenue streams and enhance their brand-building efforts. He lamented the neglect of self-branding by agencies and advocated a shift in perception.

“We must detach emotions from brand building and emulate the tech industry’s business-focused approach. Agency owners might be affluent, but their businesses may not reflect that. We must prioritize building our businesses,” Babaeko said.