A marketing communication practitioner, Mr. Funmi Onabolu, has called for collaboration and cooperation among practitioners in the nation’s marketing communication space, so as to engender growth in the sector.
The Group Managing Director, Cosse Limited, made the call at the 5th Industry Summit, organised by The Industry Newspapers, held in Lagos over the weekend.
Onabolu, who was represented by the Managing Director, Towncriers, Kayode Olageshin, as the Event Chairman, identified the media, the advertisers and the agencies as the tripod on which the entire industry rests.
He argued that collaboration among these three units remains key since they contend with common opportunities and challenges in the industry.
According to him, the recent decline in the fortune of the nation’s currency and the foreign exchange crisis presently bedeviling its economy were not without their negative effects on the tripod.
“When we talk of FX rate, and what it has done to their numbers. We’ve seen some companies exiting the market, and some going bankrupt just because FX rates changed.
“So if we have fewer advertisers who are in very good shape, then the amount available in terms of advertising budget will also be significantly reduced. So we can see that whatever affects one, affects the other,” he stated.
Onabolu added that for sustainability to be enhanced, practitioners must also take into cognisance the growing influence of Artificial Intelligence in the sector.
In his welcome address, the Event Convener, Mr Goddie Ofose, described this year’s thematic focus, ‘Sustainable Marketing for Growth’ as a continuation of the tradition of bringing up germane issues in the industry for discussion, with the aim of proffering solutions, which the organisers had set five years ago when the first edition of the Summit was held.
He expressed the hope that the Summit will go a long in way in throwing more light on the grey areas of sustainable marketing, with the aim of using it as a tool for industry growth.
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