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: 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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Koolkids talks: The future of Brand Communication

Show your Story, Don’t Tell your Story

I have learnt something really cool over time: the power of “showing your story” I know you would be wondering what I mean by “Showing your story” but LET ME EXPLAIN! 

Seth Godin once said “Brands are built around stories and stories of the identity of who we are and where we’ve come from are the most effective stories of all”

Showing your story is a powerful way to bring brands to life. So, you know how you watch a blockbuster movie and then you run to surf YouTube to know the behind the scene story of how the movie was put together? That is the power of curiosity and that is what consumers possess. They always want to know what goes on behind the scene of every brand. Do not just display your product or services or your achievement but also show a story of how the product was done or how the service was carried out. 

Consumers are interested in authentic brands. One way to show authenticity is showing the journey through which their beloved offering is made. Process or behind the scene videos are tremendous ways to show your story. Consider experiential marketing agencies such as Connect Marketing Services as an illustration.  Activations for brands are carried out by experiential marketing agencies. When a brief is received, experiential marketing agencies can film a video of the brainstorming session, follow it through with the implementation of their plans, and then launch the brand activation. They can then post the video to all of their social media networks. That is what I meant by “Show your Story, Don’t Tell your Story” Both beautiful and unpleasant moments can be found behind the scenes.

Your customers will have a better grasp of who you are and what you stand for if you share your story. This can enable people to relate to your brand intimately, which is essential for establishing trust. Arsenal’s “All or Nothing Arsenal.” documentary took us inside the Arsenal locker room to observe how they prepare and train specifically for the forthcoming football games. In this way, we would know they are not just galivanting but putting in hard work to win and please us the fans.  This is a vivid example of showing your story.

One of my friends once helped me recognise the importance of showing your stories while creating a trustworthy brand. Storytelling includes everything from the goods you sell to the customer service you offer, and it helps to summarize how your clients perceive or view your brand as a whole. Actually, what distinguishes you from your rivals and inspires customer loyalty is your brand.

Consumers are now passionate about the environment and self-care. Brand communications will tilt towards more purpose-driven topics as brands have become more ideas-led. Brands will communicate their corporate social responsibility to build brand reputation and image some more.

Interactive marketing through Live Product videography is another excellent example of a brand that chooses to show rather than tell its story. Every time a product videographer creates a product video, he shows you the process, including his successes and failures, so you won’t assume everything went perfectly the first time. He can also get real-time feedback from consumers as well as create a sales mechanism for instant pre-orders of products. 

In conclusion, your story is important because it helps people to understand who you are and what you stand for. When customers know what your story is, they are more likely to trust and communicate with you. To create deep communication, brands should therefore leverage consumer insights and communicate in a way they can connect better with their consumers whilst staying true to their brand identity.

 

Talk to one of our experts today and let’s future-proof your brand communications

 
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Koolkids talks: Experiential Marketing for tomorrow

Banner for Connect Marketing KoolKids Talks series on the future of experiential marketing

Aizehi Itua once defined an experience as a series of memorable engagements throughout a journey. For businesses, this comes in form of a transaction. From how latent customers become brand ambassadors, marketing has evolved over time and has developed models to ensure they constantly win at the top of mind, point of sale and after-sales. As technology continues to evolve, new and innovative ways of marketing are being created. One of the most interesting and captivating new methods is experiential marketing.

Experiential marketing uses physical experiences to engage customers and leave a lasting impression. It’s a type of marketing that focuses on creating unique, interactive experiences for customers. It’s also perfect for brands that want to connect with their customers on a more personal level. It allows customers to interact with the brand in a way that goes beyond just seeing an ad or reading a post. Experiential marketing immerses them in an experience they will remember. With so much competition, brands need to find new and innovative ways to stand out from the crowd, and experiential marketing is a great way to do just that. It’s not just about getting customers into the shop; it’s about leaving a lasting impression that keeps them coming back for more. And that’s what it’s all about.

Experiential marketing isn’t only beneficial for brands, but also for consumers who prefer personal interaction with the brand. It’s memorable, more personal, and creates a sense of community around the brand. When people come together to experience something fun or exciting, they feel like they’re part of something special. This can help attract new customers and keep existing customers coming back.

We have experienced the acceleration of technology and for the experiential marketing space, this speed is equally a cancer and a relief. As this broadens the possibilities to be imagined by experience designers. It also improved the quality of work that can be delivered by brands. However, it’s fast paced nature can be costly and make ideas go stale in no time. Having said this, questions have come up about what is next for this space? Is experiential marketing future-proof or just a trend? What does the future of experiential marketing entail?

Well, to be honest, it’s hard to say. But one thing is for sure: experiential marketing will become increasingly important. As technology advances, we’ll see more opportunities for brands to connect with their customers on a personal level.

Think about it: In a world where people are constantly bombarded with advertising, it’s more important than ever to create an experience that people will remember. And that’s where experiential marketing comes in. By creating an interactive experience, you can connect with your customers in a way that traditional advertising can’t.

So how can you use experiential marketing in the future? It depends on your industry and your target audience. But some ideas are:

– Hosting events or experiential pop-ups

– Creating interactive online campaigns

– Developing brand ambassador programs


Here are some trends to keep an eye on in the coming years.

1. Live events will continue to be popular. People love the experience of being in the same room as their favourite author, musician or speaker.

2. Virtual and augmented reality will continue to grow in popularity. Experiences that allow people to immerse themselves in other worlds are always fascinating.

3. Interactive installations are becoming more popular. Creating hands-on experiences is a great way to engage people and remind them of your brand. Real-time

4. Social media will continue to play a big role in experiential marketing. Platforms like Snapchat and Instagram allow people to share experiences in real-time with their friends and followers.

5. Promoting good causes (CSR) 

4. Increased brand collaborations 

As we move further into the 21st century, it’s becoming increasingly clear that experiential marketing is the future. By creating unique, one-of-a-kind experiences, brands can leave a lasting impression on their customers.

If you want to keep your finger on the pulse, consider how you can integrate experiential marketing into your business. If you wish to create an interactive storefront or host unique events, there are no limits to what you can do.

Experiential marketing is a powerful tool that, when used correctly, can have a huge impact on your business. This is one thing we have mastered at connect marketing services having done this for 15 years with over 50 global brands served.

Chat us up today to Start your next experiential marketing campaign today.

 
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