Industry experts have urged marketers to prioritise adaptability, harness cutting-edge technology, and actively engage the next generation to secure lasting success.
Kehinde Joda, chairman of the National Institute of Marketing of Nigeria (NIMN), Ikeja chapter, and head of operations at Fiberone Broadband Limited, said organisations have to evolve with new marketing dynamics during the institute’s 4th annual lecture in Lagos.
Joda described the COVID-19 pandemic as a pivotal moment that triggered sudden market shifts, underscoring the need for marketers to stay ahead of emerging trends.
“We live in a disruptive world,” he said. “One of the key strategies is collaboration, particularly with the younger generation. Training and involving them in forums like this prepares them for the future.”
He pointed out that industry veterans who have adapted to the era of Gen Z and technology continue to stay relevant.
Themed ‘Transforming Market Challenges into Strategic Opportunities for Sustainable Success in Volatile Times’, the lecture brought together marketing professionals, industry experts, and students to discuss strategies for navigating a fast-changing market environment.
Reflecting on the progress made over the past four years of hosting the lecture, Joda said the engagements have fostered collaboration between the Institute and educational institutions, including secondary schools and universities, with formal agreements now in place with the Lagos Business School.
Bolajoko Bayo-Ajayi, the first vice president of NIMN, described the lecture as a critical platform for knowledge sharing and collaboration.
She praised the students’ active participation, noting how their insights on the theme highlighted their potential, even with limited work experience.
Bayo-Ajayi further encouraged brands to adopt flexible strategies.
“Every brand should assess its position and identify areas where challenges impact them most. Innovation is not always about new products; it can involve new processes or different approaches to existing products,” she said. Brands need to remain agile, experiment with new methods, and understand that traditional strategies may no longer be effective.
Yinka Adebayo, group executive director at Omnicom Media Group, speaking on the intersection of technology and marketing, said that while many are already leveraging technology, the focus should be on using it constructively and purposefully.
Adebayo said marketers face challenges such as inflation, price increases, and economic pressures.
He noted that consumer preferences are constantly shifting, which requires brands to maintain close engagement with their audience.
“There is no longer brand loyalty in the way we used to understand it. Consumers change their preferences rapidly,” he said. “Brands must be proactive, utilise data to anticipate consumer needs and deliver value.”
Adebayo also stated that marketing’s significant contribution to the economy, stating that its role extends across various sectors, including health. He stressed the need for intentional data collection to quantify marketing’s impact.
He further called for an environment that supports stability, saying “An enabling environment that addresses challenges like market fluctuations is key for brands to operate effectively,” he said.
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