2023 in focus: How experiential marketing agencies in Nigeria can better manage their finance to stay liquid in 2023

Samuel Adedeji writes on how experiential agencies can stay liquid in 2023

Agencies must manage their finances strategically in order to maintain liquidity in 2023 as the experiential marketing sector in Nigeria expands and changes. This entails being proactive in managing cash flows, cutting costs, and maximising revenue streams. It is more crucial than ever for the agencies to have a sound financial plan in place given the increasing level of market and economic volatility.

 

First, focusing on developing a substantial and diverse clientele is a crucial strategy for managing finances and maintaining liquidity. In order to achieve this, the agency must actively seek out new clients and projects, as well as make sure that both short-term and long-term contracts are present. This can assist in generating a consistent flow of income and lowering the danger of financial instability.

 

Carefully controlling spending and upholding a tight budget is another crucial tactic. This entails determining areas where expenses can be cut and exercising strategic investing and spending. For instance, organisations can give priority to mandatory costs, like employee salaries and benefits, over optional costs, like office renovations or pointless travel.

 

A proactive approach to managing cash flows will also help experiential marketing agencies in Nigeria maintain their liquidity. This entails keeping a close eye on revenue and spending and making sure the organisation has enough cash on hand to cover its debts as they fall due.  This might entail putting strategies into action like prompt client billing, negotiating fair terms of payment, managing working capital, and using credit lines or other financing options to fill in any gaps in cash flow.

 

Last but not least, having a well-defined and efficient financial plan in place is crucial for experiential marketing agencies in Nigeria. This entails establishing specific financial goals, regularly assessing the agency’s performance in relation to these goals, and monitoring any deviations. As a result, the agency may be better able to identify potential obstacles and opportunities and adapt its financial plan as necessary.

 

In conclusion, it will be difficult for Nigerian experiential marketing agencies to manage finances and maintain liquidity in 2023. However, these organisations can overcome the difficulties and continue to prosper in the upcoming year by concentrating on developing a solid and diverse client base, controlling expenses, controlling cash flow, and having a well-defined financial plan in place.

 

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2023 in focus: How brands can achieve customer centricity through experiential marketing in 2023

Experiential marketing is an increasingly popular strategy that focuses on creating immersive, interactive experiences for consumers. This type of marketing allows brands to connect with their customers on a deeper, more emotional level, which can be incredibly effective in building brand loyalty and boosting customer satisfaction.  According to KPMG’s global trend report 2022, it suggests that customer experience is one of the primary levers that unlock the budget for digital transformation.

In the coming year, achieving customer centricity through experiential marketing will be more critical than ever for brands. With competition in the marketplace at an all-time high, it’s crucial for businesses to find ways to differentiate themselves and create meaningful connections with their customers.

One way that brands can achieve customer centricity through experiential marketing is by using technology to create unique, interactive experiences for consumers. For example, brands can use augmented reality (AR) or virtual reality (VR) to create an immersive environment that allows customers to engage with the brand in a new and exciting way. This was one technology used expertly by Connect Marketing Services during the launch of the Marriott Hotel, in Ikeja. We created a zero-contact experience that enabled event attendees to view every room using augmented reality. This served as an external trigger and gave pandemic proof experience to the consumers.

Another way to achieve customer-centricity through experiential marketing is by creating personalized customer experiences. This could involve using data and analytics to tailor marketing campaigns and experiences to the individual preferences and needs of each customer. By doing this, brands can create a more personalized, meaningful experience for customers, which can help to build a stronger connection with the brand. One way Connect Marketing Services played in this space was with their shopping festival property, ShoppaSpree in partnership with Mastercard. Here, shoppers were rewarded for using their cards. However, we were able to scale the personalization through technology by creating random QR codes to be scanned by consumers for personalized rewards based on data provided upon sign-up.

In addition to using technology and personalization, brands can also achieve customer centricity through experiential marketing by hosting events and experiences that are designed to be engaging and memorable. This could involve hosting a pop-up shop, hosting a live event or concert, or offering exclusive, limited-time experiences to customers. By creating these types of experiences, brands can create a sense of excitement and anticipation among customers, which can help to drive brand loyalty and customer satisfaction.

Ultimately, achieving customer centricity through experiential marketing is all about creating engaging, memorable experiences that connect with customers on an emotional level. By using technology, personalization, and events, brands can create unique, immersive experiences that will help build a stronger connection with customers and drive brand loyalty.

 

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