Nwagwu, Dr Ikpe, others proffer insights to running profitable business
By Amechi Obiakpu
Experts in the Integrated Marketing Communications industry (IMC) have listed brand knowledge as one among other key factors to running a profitable agency business.
They said this at the Media Independent Practitioners Association of Nigeria (MIPAN) 2023 Annual General Meeting (AGM) held Thursday August 31, 2023 in Lagos.
Speaking on the theme: “Key Enablers to Running a Healthy and Profitable Agency Business”, they pointed that any agency that does not have a good knowledge of any brand they are managing will not remain in the business for long.
In his Keynote address, Osuagwu Chidinma, a seasoned manager and supply chain executive, who is also the Group Head of Procurement and Materials Management at Flour Mills of Nigeria Plc, stated that agencies cannot be healthy and profitable if the brands they work with are not successful.
He noted that, it will be difficult to add value to any brand one does not have adequate knowledge about as the connecting point between the clients and the agency will be missing, which is the brand knowledge as key. Hence, the key is crucial to success in anything because it unlocks doors of potential and opportunities.
Speaking to MediaConsortium, Maureen Ngwu, Managing Director at MediaSeal said the theme under discussion was important given the challenges confronting agencies today.
She noted that the industry has come to a stage that it is having a downward slope so, thinking of all options – how can the agency reinvent and be beneficial and be healthy is important.
“To be more relevant today, we need to create value to the clients. What are the values beyond going to buying media and what are other sources we want to open up for flow of income- these and more are what people need to wholistically think through,” she said.
On her part, Brenda Nwagwu, Managing Director, QVT Media said agencies are at the point where re-inventing their businesses is key to adding more value to clients.
“I think where we are is probably a re-invention period. We need to re-invent ourselves to be relevant to build that profitability road after profitability then sustainability. Profitability without sustainability will end sooner than later.
“They say when your client is not successful, then you are not successful. When your client is not doing well you can’t do well. But if your client is having challenges, you don’t wait until they get to the doldrum before you jump into there and be part of the solution,” she averred.
The key note address with the theme: Key Enablers to Running a Healthy and Profitable Agency Business”, was dissected by a panel of discussant which comprised Dr. Ken Onyeali Ikpe, Chairman/CEO of Graviti Hill Limited; Steve Babaeko, President of the Association of Advertising Agencies of Nigeria (AAAN) and CEO of X3M Ideas; Adetunji Adeyinka, Group Managing Director of the Republicom Group and Osuagwu Chidimma, the Group Head of Procurement and Materials Management at Flour Mills of Nigeria Plc and moderated by Jude Odia, the Managing Director of Starcom Media Perspective.
In his submission, Dr. Ken Onyeali Ikpe emphasized the significance of relevance in agency operations. He stated, “Relevance is a key that every agency needs to acquire. We build relevance by providing solutions. Hence, Relevance is that indispensable element.”
Tunji Adeyinka added that transformational thinking and talent management are pivotal to agency success. He underscored the need for collaboration beyond organizational boundaries and recommended functional boards of directors to foster growth. He reminded attendees that profitability alone doesn’t ensure health; sustainability and inclusivity are essential.
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