In the last 10 months, Nigeria has endured the worst economic downturn in over 20 years. The story has been discouraging, to say the least.
However, there are vital lessons learnt, particularly in the media industry. Some of these takeouts would further shape the media industry for good if stakeholders are willing to make good the little gains of this tumultuous period.
No Budget is too small: The recessive climate brought to the fore the mindset that the success of a brand is not determined by the financial muscle backing it but the strategic intent behind it. The period will also serve as a case study on media budgeting scenarios for planners who are tasked w
Poorly manage brands have can perform no miracle. In the period of boom, many brands milked and lacking direction created momentary traction that could not withstand the stresses of a waning consumer appetite. With the Brand owners and managers will have to reassess if they will pivot, redo their marketing template or simply euthanise their brand.
The customer is everything: This was paid lip service until it became glaring that the ‘cliche’ was actually a warning. Many companies who saw their customers as mere ‘charge and bail’ have either paid the ultimate price or they are in worst shape even in the midst of recovery.
Nothing is certain: Have it in mind you can lose everything within months or even days. Many companies went from billions in revenue to huge debts. We must, therefore, be more reticent in planning and embrace continuous innovation and re-engineering.