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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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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