How Co-opetition, Advocacy will Drive Industry and Business in 2018 – Dr. Adedipe
The need to make the voice of the communication industry known, heard and respected viz-a-viz winning more trust, business and patronage of the government and corporates came to fore yesterday at Public Relations Consultants Association of Nigeria (PRCAN) fire-side chat with Dr. Biodun Adedipe.
PRCAN, the umbrella body of Public Relations consultancy firms operating in Nigeria, yesterday at the Civic Centre, Victoria Island, Lagos held the session to forecast and predict how macroeconomic factors will impact and shape the industry Nigerian Marketing Communication sector in 2018.
The session tagged ‘Fire-side Chat’ with the theme “Macro-economic Factors That Will Impact the Nigerian Marketing Communications Industry in 2018” had on the “hot seat” the renowned economist, in his projection for the industry saw the need to hold their heads high as marketing communication specialists, said the industry should engage in advocacy to make their voice heard and attract government patronage as specialists who can help the governments and the political class as 2019 dawns on us. He saw great opportunity for the industry.
Dr Adedipe posited that business affiliation as a method of remaining relevant in the competitive business. “Affiliations are good as the era we are now in business is ‘co-opetition’, an era of collaboration where businesses come together to achieve a goal. He however warned that in affiliation, local business must be careful of their quality so as not to be eroded by affiliation”.
On the role of marketing communication in the economy, he said marketing communication is about creative massage. He maintained the present governments need the help of marketing communication as professionals in making them understand the economy and the people.
While speaking on the future of corporations/businesses in 2018 and how to grow their market share considering the economy recession witnessed in 2016 which the effect the economy still suffer in 2017, Dr. Adedipe said the year ahead is brighter compared to the previous year.
According to him, ’I expect the economy to grown by 2.85% – 3.05% in 2018 because the economy in 3rd quarter this year was able to grow at 1.4% as we expect higher growth this 4th quarter. Dr. Adedipe added that the GDP growth has been climbing in the last 4 quarters even though the earlier 2 were negative but there was an upturn.
‘If we can follow that trajectory and Nigerian government can continue to spend more on infrastructure then, Nigeria economy will grow and if they can manage it, there will be lots of opportunities for business”.
Analyzing the sector that will provide more opportunities in 2018, Dr. Adedipe said, these are sectors that contribute immensely to the growth of the economy recently. These include Agriculture 34.44%, Manufacturing 8.5%, Real Estate 7% ,ICT 8.9%,Trade,17% and Marine and Quarrying at 11% and across all the sector, we have 77.78% contribution to GDP.
In the business where the bandwagon dominate the sector while creating threat to the sector, Adedipe said a business with unique offering will survive competition as no company has grown beyond copycat strategies. He maintained that research is important in a successful business. In his words ‘’the most successful businesses in the world are those who commission so much research and make use of it’
He enjoined business organization to engage in best practices so as to compete with the rest of the world by engaging in quality service and relentless improvement.