2019 ADVAN Forum Reveals How Businesses Can Survive Volatile Economy
In a bid to enriching marketers understanding on how businesses can drive for profitable growth in a volatile economy and make him/her indispensable in the organisation, the Advertisers Association of Nigeria (ADVAN) has held a learning forum to better help members of the association to whether the present volatile economy.
Speaking at the forum as keynote speaker, Doyin Salami, CEO of Kainos Edge Consulting counseled that businesses and marketers must build a portfolio of products that are economy resistant so as to survive the current harsh economic and social realities or in a volatile economy.
According to the celebrated economist and highly sort after, business turnaround expert, such portfolio of products, combining packaging and pricing, informed by deep market research will appeal to diverse consumers with income disparity whether the economy is growing or shrinking.
Dwelling on the core theme of the forum – ‘Business growth in a volatile Economy: Facts versus Myths’, warned the audience made up of key heads of Marketing and Communications Officers of ADVAN member companies, against businesses falling into the temptation of adopting one size fits all for the Nigerian market.
“Presently, Nigeria is a peculiar market with a huge disparity of income, a declining share of consumption, poor performing sectors and poor infrastructure which have forced the consumer to behave in a particular way”.
Faulting the claim to diversifying economic, Salami, pointed out that out of 46 sectors in Nigeria, only 12 percent of them are growing faster by population growth while others are performing below population growth. “These are the trends you really need to understand”, he told the CMOs.
For the erudite scholar, Nigeria’ economy, and largely, emerging markets invite businesses to ask ‘what if’ in their strategies. Even when things appear unlikely; the scenario planning should make CEOs and CMOs to ask the question ‘what if’ in their business planning, he declared.
With the benefits of hindsight, he explained, in 2014, Nigeria’s economy was growing at about 7%, and if businesses had asked ‘what if’ affordability becomes a problem sooner? They would have been better positioned as at today.
“By 2016, he said affordability actually became a problem. Those that asked that question and developed product in that line are reaping the value today. Essentially, it is about a granular understanding of the market place in which you play”.
He also told organisations to constructively engage with regulators and ensure mutual respect for both parties.
Commenting on the country’s comatose power supply, the keynote speaker noted that the government has not done the needful in a deregulated regime. “What thereafter supposed to be regulated is a market, not a sector”. Under this situation Nigerians cannot expect constant power, he disclosed.
He noted that payment of taxes is still a big issue in Nigeria and this contradicts expectation and the heavy reliance of the public on government to deliver on infrastructure in the face of Nigeria being a deficient capital economy.
While speaking on the import of the forum to the members, Folake Ani-Mumuney, President, ADVAN disclosed that the forum was designed as a learning platform to enrich marketers’ understanding on how businesses can drive for profitable growth in a volatile economy.
“We want to learn more in order to contribute to the growth of our organisations. Two things emerged from the forum; one is to share a common language with the leadership of organisations as co-executives on a broad area of leadership. We cannot be pulling in one direction when the leadership is pulling in another direction. We also want to close any gaps that exist by ensuring that we fully market our positions. We also need the organisation to learn our own language”, she said.