New marketing media seeks to redefine industry
According to Adetu, Algorithm Media intends to create something new and special in the Nigerian marketing space, adding, “Our vision is to be the preferred media planning and buying solution to key marketing outfits in Nigeria.”
On the partnership with GroupM, he said, “It would bring about possibility in capability in terms of training of our staff and the tools and processes that exists within GroupM that can be deployed into the Nigerian market to help redefine the industry, but what will stand us out is the quality of people we employ, the processes that we deploy and the standard in terms of governance and ethics that will endear us to our media partners.”
Adetu said Algorithm Media runs independent operations in its own right, saying, “We, however, have the leverage and collaborate with GroupM on activities that include content creation, digital advertising, finance, proprietary tool development and other business-critical capabilities”.
He further said the company’s position was informed by the fact that measuring media effectiveness based on awareness, recall and share of voice no longer suffice, as the consumer journey was no longer linear.
According to him, “By the virtue of our affiliation to GroupM, we have access to global assets that enable us understand and tap into the current dynamic media environment to deliver outstanding returns on investment for clients.”
While responding, Managing Partner, GroupM, Sub-Saharan Africa, Mr. Gavin Duke, said Nigeria was massive in West Africa for their local and regional clients, saying, “Despite challenges in the economy, with debt issues; in the long term, it’s a massive payout for both businesses. Its my personal responsibility to bring this, with our technology equipment in place, we will be delivering this in full confidence.”
The second segment of the event, which featured a panel discussion, had the Chairman, Fidelity Bank Plc, Ernest Ebi, as chair. Ebi said the topic of discussion ‘Connecting with the Nigerian Consumer in a Recession’ was very relevant against the backdrop of the economic headwinds in the country that had drastically affected consumer behaviours. He said the high inflationary pressure, dollar shortage, low fiscal activities and accumulation of salary arrears, among others, had taken a toll on the consumers.
Also, President, Coca-Cola West Africa, Peter Njonjo, stressed the need for companies to invest more and launch affordable products during tough times, saying, “The company will come out stronger and earn greater loyalty from the consumers. There is a huge population in Nigeria that is spending a lot every day.
“About N390bn is spent in the country every day. About 130 million Nigerians in the E and D socio-economic class spend N67 billion daily while the C socio-economic class spend 140 billion daily. The question is: how much of that are you going to access?”
Chief Executive Officer, Jumia, Juliet Anammah, said the elements that drive consumer behaviours include pricing, performance and the lifecycle of the product. “People want help. You need an ecosystem that looks beyond the product,” Anammah said.
Adetu however commended the huge improvement in the quality of media services offered by the main media independent players in the last few years. “I say that reflecting back on my 30 years working on the client’s side. I think we must thank MIPAN and APCON for the roles they have played in this regard,” he added.