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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2023 in focus: Talent Sourcing for Digital Transformation in Experiential Marketing Space

Talent Sourcing for Digital Transformation in Experiential Marketing Space

In 2020 the Covid-19 pandemic made it nearly impossible to execute mind-blowing strategies in the experiential marketing industry. However, post-pandemic the rise in interactive technology has broken all engagement barriers between brands and their customers. It has become a comfortable ride in getting the attention of consumers with unique and tailored experiences through digitization, physical and one-on-one engagement, which is the core of experiential marketing keeps dwindling, and may never be a topic for discussion in coming years. 

There has been a paradigm shift in the ways agencies execute marketing campaigns. Leveraging digital technology has become a winning ingredient for execution. As a result, agencies must equip their business with the right talents for business continuity, a deliberate identification of required capabilities versus available capabilities i.e., skills, attitudes, and competencies needed to deliver value and stay competitive. 

One key challenge in talent sourcing for the experiential marketing space is the rapidly evolving nature of the industry. With new technologies and platforms emerging all the time, companies need to be agile and adaptable in order to keep up with the latest trends and developments. This means that the talent they bring on board must be able to adapt and learn new skills quickly and be able to think outside the box to create unique and engaging experiences.

Another challenge is the increasing competition for top talent in the experiential marketing space. With more and more companies looking to create engaging experiences for their customers, the demand for skilled professionals is high. This means that companies need to be strategic in their talent-sourcing efforts, and focus on building a diverse and talented team that can help drive their digital transformation.

More importantly, attracting, sourcing, and onboarding digital natives for a faster transitioning of the agencies to the desired state is critical to business survival. 

A key focus must be on the talent acquisition process; attracting, sourcing, onboarding and retaining processes

 should be optimized using interactive technology, i.e. where and how these talents are sourced and engaged are of importance. The under-listed are some ways by which experiential agencies should adopt 

  1. Identify the specific skills and expertise needed: Determine the specific skills and expertise that are required to successfully implement and manage digital technology in experiential marketing campaigns. This may include technical skills, such as software development and data analysis, as well as creative skills, such as design and storytelling. 

  2. Create a Persona for the Identified role: In order to have a candidate who meets the cultural and required skill set, a persona that defines these requirements will ease the selection process. 

  3. Search for relevant candidates: Use various recruiting methods, such as job postings, networking, and referrals, to find potential candidates with the desired skills and expertise. Consider looking for individuals with experience in technology, marketing, and customer experience, as well as those with a passion for innovation and problem-solving.

  4. Evaluate candidate fit: Carefully review the resumes and portfolios of potential candidates to determine their suitability for the role. Consider not only their technical skills but also their cultural fit with the organization and their ability to work well in a team environment.

  5. Conduct interviews: Conduct in-depth interviews with potential candidates to get a better sense of their skills, experience, and potential fit with the organization. Ask specific questions about their experience with digital technology in experiential marketing, and how they would approach challenges and opportunities in this space.

  6. Make an offer: Once a suitable candidate has been identified, make a competitive offer that includes a compelling salary and benefits package, as well as opportunities for growth and development. Be sure to clearly communicate the expectations and responsibilities of the role, as well as the potential impact the candidate could have on the organization’s success.

Overall, talent sourcing is a crucial aspect of any digital transformation in the experiential marketing space. It requires a combination of technical expertise and creative thinking. By identifying and recruiting the right individuals, organizations can effectively implement and manage digital technology in their experiential marketing campaigns, driving innovation and growth. By building a strong employer brand, investing in training and development, and being strategic in their hiring efforts, companies can attract and retain top talent and drive their digital transformation to success.

 

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