Marketing and marketing communications experts have urged marketers to rethink and put the customer at the centre of their strategy, and think beyond the four Ps of marketing if they want to remain relevant.
They made this charge at the maiden edition of The Marketing Conclave, a thought-leadership conference organised by First Katalyst Marketing, a leading Below-the-line agency, to commemorate its 10th anniversary in Nigeria.
The event had all the crème de la crème in the marketing industry who gathered to celebrate with First Katalyst Marketing as well as shared insight, forecast and proffered solutions on some of the challenges facing the industry.
The Managing Director of the agency, Soji Odedina, said the story of the agency started from a humble beginning and has evolved into a household name having offices in other African markets. He added that The Marketing Conclave is its agency’s gift to the industry and would become an annual event.
“The Marketing Conclave is our 10th-anniversary gift to the marketing community in Africa. As a platform, it is designed to bring practitioners together to discuss matters arising concerning theory and practice,”
He thanked all the stakeholders that stood behind the agency since it commenced operations a decade ago and used the occasion to introduce the company’s new Chairman, Tsola Barrow to the audience.
Professor Chris Ogbechie, Dean of Lagos Business School and keynote speaker of the event while speaking on the theme, “Marketing for the Future” said marketing drives every economy of the world, and Covid has forced many businesses to change their business model, adding that if businesses don’t innovate, they will seize to exist.
He added that today consumers and other stakeholders expect companies to do more than just offer products and services. “Consumers are more sophisticated and now expect companies to lead with purpose, by deeply embedding social and environmental impact.”
He disclosed the most exciting consumers today are millennials and Gen Z. He explained that they are tech-savvy, they hold the future and they have a rental culture. He urged brands to also keep an eye on Generation Alpha, “Keep your eyes on Generation Alpha because they are the consumer of tomorrow”
Thereafter, he stated that five key trends will drive the growth of marketing in the country and globally. They are Artificial Intelligence, the rise of voice marketing, Blockchain, Virtual Reality, and Data. These issues, he explained, will drive key marketing decisions in the near future.
He urged marketers to move from 4Ps which are product, price, place, and promotion; to 4Es which are experience, engagement, exclusivity, and emotion in order to stay relevant in the future.
Meanwhile, panelists who spoke on the theme included Abiodun Ajiborede, Marketing Director, Monument Distilleries; Olumide Aniyikaye, Head of Marketing, Grand Cereal; Tina Shobola, Customer Development, Manager Distribution & Key Accounts, Lafarge West Africa and Idiare Atimomo, Co-Founder/COO, Up In The Sky urged marketers to focus on where the consumers are and create memorable experiences for them. They also called for the deployment of story-telling, influential marketing, and keying into trends.
In another vein, other experts at the event also dissent on the topic, “Advertising regulations in the age of new media” and “Below the line, above the line, where is the line?” the session had Steve Babaeko, President, Association of Advertising, Agencies of Nigeria (AAAN), Osamede Uwubanmwen, President, Advertisers Association Of Nigeria(ADVAN), Agbons Igiewe, General Manager, Ziza DigitalTunji Adeyinka, President, Experiential Marketers Association Of Nigeria (EXMAN), Lampe Omoyele, Managing Director, Nitro 121, Dr. Omotola Bamigbaiye- Elatuyi, Head Of Marketing, Sub-Saharan Africa, Pladis Global, Susan Agbo of the Advertising Practitioners Council of Nigeria (APCON), Yetunde Adegbite, Cluster Managing Director, Vizeum, Posterscope and Iprospect who called for innovations, customer centre initiatives, fair regulation by government agencies among others.
One of the special guests, Lolu Akinwunmi, Chairman, Primal Garment, applauded the agency for its resistance, creativity, innovation, and contributions to the marketing industry over the years despite the challenges many businesses face operating in the country. He also commended it for organising The Marketing Conclave and advised the agency to continue to invest in its people and the industry.
As part of the celebration, First Katalyst Marketing embarked on a charity project in its decision to give back to society. It renovated the sickbay of the Adeniyi Jones Pry School at Akora, Lagos.
Currently, the agency has a presence in Ghana and plans to expand to other African countries soon. In ten years, the agency has evolved into a respected player in the industry, winning many notable local and international awards for its contribution to the growth of the marketing landscape. Recently, it emerged as the Most outstanding Experiential Marketing Agency at Marketing Edge Awards in 2021 and Best BTL Agency 2021 at Brandcom Awards 2021 while Odedina was awarded the Most Outstanding Experiential Marketing Personality in 2021 amongst many others.