It was meant to be an award-presentation event to celebrate individuals and brands for their accomplishments on the nation’s marketing space in the past one year.
But besides the recognitions, the 2024 Nigerian Marketing Awards (NMA) also provided an avenue for marketing professionals to rub minds, and devise strategies towards navigating the slippery and turbulent terrain the nation’s marketing space is fast becoming.
The advent of technology, Internet of Things (IoT), Artificial Intelligence (AI), and others have changed the way consumers react and make their choices, evidence of the growing evolution of today’s marketing landscape.
But what prospects and challenges does such development hold for brands, desirous of staying relevant?
For the Convener of the Award (NMA), Prince Tony Agenmonmen, the advent of technology has become a reality that marketing practitioners must be ready to live with. But, marketers must still remain authentic, ethical and focused on delivering genuine value to their consumers, as they embrace such technology.
The immediate past president of the National Institute of Marketing of Nigeria (NIMN) argued that while AI remains a powerful tool for marketers, it is, however, the heart and vision of each marketer that turns technology into transformation.
He noted that the increased consciousness of today’s consumers about environmental impact of the products and brands they support, provides opportunity for marketers to communicate sustainability in meaningful ways, champion brands that prioritise the planet, and craft campaigns that drive awareness and inspire positive change.
Agenmonmen explained that this year’s edition of the awards, tagged ‘Ignite’, was designed to light up the spark in every marketer to push boundaries, set new standards, and elevate marketing across the country.
He added that despite the challenges confronting the nation’s economy, and by extension, the marketing space, the organisers of the awards remain unwavering in their commitment to transparently celebrate accomplished individuals on the space.
“Every step we take, every decision we make, is rooted in a vision of an awards system that stands above all others in integrity and influence,” he added.
Interestingly, the Keynote Speaker at the event, Dr. Charles O’Tudor, Principal Consultant at Adstrat BMC could not agree less with Agenmonmen’s call for authenticity, amidst technology.
He went further to stress the place of personal branding, and the need for today’s marketers, desirous of staying relevant and making a success in the corporate world, to inculcate this.
Connecting it to the event’s theme, “Ignite”, the Adstrat BMC boss stated that personal branding is no longer optional for marketers, but has become a crucial competitive advantage.
“True personal brands lead and solve problems. They create campaigns that go beyond mere sales. Personal brand connects with your corporate brand. The personal brand adds value to the corporate. It is more important than the corporate because what makes up a corporate brand are individuals.
“Every day you go to work, your personal brand adds value to the corporate. So your personal brand is very vital to the success of the corporate brand,” he noted.
O’Tudor also agreed the marketing space is evolving, especially with the advent of tech and IoTs, a development, he noted, has also made brands adjust to the new wave of AI.
One of the manifestations of the evolution, he added, was the prominence of the youth demography, picking awards on the NMA stage, describing it as indicative of the market reception and openness to new ideas.
The Chairman, Awards Decision Committee (ADC), Iquo Ukoh, described the dip in the number of entries for the awards, this year, as indicative of the abysmal performances of many organisations, and brands, especially those in the Fast Moving Consumer Goods (FMCG) Category, in the 2023-24 Financial Year.
She however, commended the awards organisers for their resilience, despite the trying economic times, which had hindered brands from performing to their full capacity, and expressed the delight at the marked improvement in the quality of such entries, when compared with those of last year.
READ ALSO: Nigerian brands should learn to compete in the market place —Tony Agenmonmen, former NIMN President
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