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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Brand Chat moves to Linkedin

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CONNECT MARKETING SERVICES HOLDS SECOND EDITION OF MARKETING CORE

Event host, Moromoluwatiketike Akinborewa; speaker, Aizehi Itua; and some of the studio audience at Marketing Core 2022

Nigeria’s foremost experiential marketing company, connect marketing services, recently held the second edition of its annual digital conference, Marketing Core.

The hybrid event had in attendance industry giants and thought leaders in the marketing space. It also featured workshops where topics revolving around marketing in a frictionless world were discussed by Tech expert, Yosola Atere from Nigeria, Anks Patel from the UK and Aizehi Itua from Nigeria.

In a press briefing with the agency’s Head of Brand and Comms, Aizehi Itua, he stated that there is a need to future-proof the talents in the Marketing industry and this can be achieved through knowledge transfer. This will enable them to compete favourably in their various industries.

Aizehi also stated that businesses need to have a proper understanding of the new and emerging consumers the COVID-19 Pandemic has produced to help them best position themselves for success. This event has done that expertly. We are building on our successes from last year to champion the digital transition of experiential marketing in Nigeria and this is one of our numerous platforms helping us achieve this. He added.

The event was also sponsored by Alpha and Nimbus and The Ambulance Company.

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