Experts Urge Marketers to Leverage on Technology, Rethink Strategy at NIMN Ikeja Annual Public Lecture
By Azeez Disu
Experts have tasked marketing professionals to leverage on new technologies, trends and rethink their strategies to win in the competitive marketing environment which is also affected by changing economic realities.
The experts made this known at the National Institute of Marketing of Nigeria (NIMN) Ikeja Chapter Annual Public Lecture held in Lagos on Wednesday, May 10, 2023.
In his welcome address, the Chapter Chairman and CEO, Procon Group, Adebayo Oke disclosed that the chapter will continue to drive various initiatives that would help grow the marketing industry in the country, urging marketers to re-tool and re-engineer their strategies in order to fit into current realities and win customers loyalty.
“There will be need for re-tooling and re-engineering strategies and standard operating procedures by all stakeholders to ensure that new wine is put into new wine bottles, ” he pointed.
Speaking on the event theme, “The Future of Marketing: How to Prepare for the Changes Ahead” Idorenyen Enang, President/Chairman of Council, NIMN and keynote speaker urged marketers to leverage on technology but ensure they use it ethnically.
“I appreciate the age of technology, it’s going to help efficiently but as AI helps us improve operations, there are some disadvantages due to the fear of job being taken over but marketers must strike a balance in the implementation of these technologies. It is that balance that is necessary, ensuring that it is ethical. With ethics, everything will work well,” he said.
He added that “Automation is great as it drives efficiency, but we are going to lose a lot of brain power because this generation wants everything fast, short and simple. You must follow the process. Speed thrills, but it kills. Automation is going to give you efficiency, but it is going to take something, which is your knowledge and capacity to have capability.
Dr Bamidele Wale-Oshinowo, Senior Lecturer, Entrep & Strategy, University of Lagos in his presentation titled” Applying the Blue Ocean Strategy for 2023″ advised marketers to “Create a New Value Curve for your by looking at the substitute industries to the industry that your company currently functions in. These are industries that offers products or services that could perform the same functions as yours.
“Explore the ones that attracts more volume of customers and also generate more economic returns.”
He explained that Apple for example changed the computing, telephone, and music landscapes by introducing new and different products within these industries that attracted a completely different set of customers
Kolawole Oyeyemi while speaking on the topic “Growing your customer base: Evolving Strategies to Attract, Convert and Retain Your Customer” on his part, stated that consumers have more power over companies success or failure than ever before, stating that.”a revolution in technology has created the devices and interfaces that allow people to interact with companies anywhere and anytime.Thishas enabled customers to
influence a global audience with their comments or ‘likes.'”
‘It’s not about what can we do now, but done better; it’s about what can we do now that was simply not possible until today, ” he said.
He, therefore, urged marketers to Re-Think, Re-Imagine and Re-Fine their business operations while putting in place strategy to gain customer loyalty which include building communities and generating interactivity.
Speaking on “Marketing Transformation: A roadmap to Success”, Ifeoluwa Esther Obafemi, Head Sub-Saharan Africa Digital Media & Insights, Friesland Campina WAMCO Plc said, marketing transformation is an essential process for organizations looking to remain competitive in today ‘business environment.
The event also had panel session which had Sola Oke, MD, Pernod Ricard Nigeria/West Africa; Dr. Tola Bamisaiye Elatuyi, Marketing Director, Pladis Global; Nwabuike Gloria, Head of Category Dairy Products, Chi Nig Ltd and Onome Odili, Managing Consultant, Ezulwini Consulting Limited speak on the theme and also re-emphasized some of the points mentioned by the speakers.