Post Covid-19: Agency Business Models are bound to Change – Lanre Adisa
In providing answers to BrandCrunch typical 4 questions on marketing post COVID-19, Lanre Adisa, CEO Noah’s Ark says the pandemic at the speed of light, has ignited work revolution that is bound to change the agency business model.
As a player in the marketing communications industry, how has the Covid-19 affected the business?
Covid-19 hit the world like an asteroid. No one saw it coming. No one planned for it, especially so early in the year. It goes without saying that as the world economy has been badly hit, so has our industry globally and locally. The degree to which one is affected depends on your portfolio as a business.
Do you see or foresee a change in the mode of work or trend after the Covid-19 experience?
Covid- 19 has forced upon us in three to four weeks, a work revolution that probably would have taken three to four years to happen. I don’t see that going away after this pandemic. It will stay with us in one form or the other. Agency business models are bound to change. It may not be a complete one. Some form of hybrids may emerge and some may just be outright remote working going forward.
What is the trend and how will this affect the industry?
One major fact in all of this is the rise of digital advertising. It had always been predicted that digital would take over at some point. That reality has been given a shot in the arm with Covid-19 and all the adaptations and readjustment that came with it. The days of a wholly traditional agency model are gone as far as I’m concerned. It’s not saying there’s no need for it, but its survival will depend on how well it coexists with Digital.
We’re also going to see a liberalisation in the movement of talent. You don’t have to work under my roof to be a part of my team. We will be able to access talent from anywhere as part of ways of bringing down the cost of running our businesses.
Going forward what’s your counsel to industry practitioners?
We need to confront the new reality as ugly as it may appear. Things are going to be rough. Some things will not go our way. However, this is not the time to panic. We need to assess where we are and work on our strengths.
Every brand will be looking at how to get into recovery mode as quickly as possible once this whole thing is over. They will need agencies who can help them navigate their ways out. That’s where we come in. We need to be ready to give that support. If they can’t find it with us, they’ll search in non-conventional places.
Some brands globally as we speak are depending on influencers to keep the conversation going with their audience in this season of the pandemic. Will they all go back to business as usual? Not so sure. It demands that we also assess ourselves, build on our strength and retool to stay relevant in an unhinged world undergoing a disruption no one could ever have imagined.