7 Ekwunife Okoli’s Quotes That Will Make You Rethink Your Marketing Strategy
By Azeez Disu
Recession has changed the business landscape in Nigeria; some companies have closed shop while others struggle to survive in the turbulent economy.
With the country on the path of recovery, Ekwunife Okoli, a Lifetime Marketing Achievement Award recipient at the 2017 MARKETING EDGE Award, shared insights on what brand owners, managers and marketing professionals should do in a recovering Nigerian economy.
Okoli made bold statements at the 2017 MARKETING EDGE National marketing Stakeholders Summit held at the Federal Palace Hotel, Lagos on 16th June where he was the guest speaker. The theme of the event was “Brand Marketing and Marketing Management in a Recovering but Restructuring Nigerian Economy: Challenges and implications for marketing services providers.”
Below are some of the insights he shared at the event:
1. “The only thing that changes during recession, recovery and boom is consumer behaviour”.
- What does recession look like in our organisations?
2. “Spend time with the consumers; know what the consumers are looking for”.
- Is my consumer segmentation still valid?
3. “People are willing to buy made in Nigerians goods – once the value and cost offerings are properly aligned”.
- Is my brand portfolio optimal?
- Are my priorities right?
4. “Innovation is so important in a period of recession”.
- What gaps exist in my brand portfolio?
- Do we have the organisational capability?
5. “If you get pricing wrong, it shows off on consumer behaviour”.
- How good is my pricing strategy?
6. “Agencies like clients that have clear and consistent strategies”.
- How clear is my client’s strategy?
7. “30% marketing budget gets loss through procurement”.
- If you have an advertising agency you should have a procurement department
- Marketers should not dabble into procurement during recession
About Ekwunife Okoli
Ekwunife Okoli earned his stripes as a marketing communications expert at Diageo, a global leader in alcoholic beverage drinks, where for over three decades he served in various capacities.
Currently, he is the Founder and CEO of Advantage Consult Limited based in the United Kingdom, a consulting firm he established to add value to the growth of the marketing industry.
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