Agencies need to rethink business models – Rotimi Olaniyan
By Felicia Nwosu
Rotimi Olaniyan, Management Consultant, Senior Faculty and Course Leader at Nottingham Business School, has advised agencies to rethink their business models to enable them chart new roadmaps and design impactful business frameworks that will harness the implementation of right strategies to help them unlock value and build better relationships with clients.
Mr. Olaniyan stated this while speaking with MARKETING EDGE in an exclusive interview. The digital strategist noted that agencies must broaden their scope and business horizons to reboot for newer, fresher ideas while driving growth in the future.
“Agencies themselves now have to understand that their own business model has to change. They need to start looking for new techniques, new formats and approaches to serve clients, to generate the right type of consumer/ customer or client, and more importantly, the right kind of relationship into the future of the entire process,” he said.
The former Experiential Marketers Association of Nigeria’s (EXMAN) President revealed that brands also have roles to play in building deeper connection with consumers through efficiency and in driving consistent excellent service in their approach.
“On the demand side, they have a relationship to build with the consumers. They need to get to them faster, more efficiently and in the most intimate way they possibly can. Then, there is the supply side; brands have a responsibility to ensure they improve on their product or service manifestation in ways that will ultimately give or transmit value,” he said.
Mr. Olaniyan reaffirmed the importance of technology in contemporary business ecosystem while urging marketers to target purposefully on the right consumers with the right channels and messages.
“Technology is always going to be useful in each element or each step of basic laws, in terms of value chain which a brand needs to be watchful, and it depends on which particular area that such a brand currently has challenges, whether on the demand or supply side. As far as this country is concerned, you must situate your technology to the social conditions. We must be able to create data streams that we can then use to take good decisions and to also improve and enhance the relationship between brands and their various consumers,” he said.
He advised agencies to avoid building relationships centred only on financial pillars which can crumble immediately there is a strain on its cord as a result of financial breach.
“It is not so much about audience measurement as much as it got the efficiency and effectiveness of the strategy. Agencies must focus where there is efficiency and effectiveness, and in so doing, you create new markets. The problems that the agencies face is that if you keep thinking that is the way in which you can make money by placing media, then you die the moment it is no more about placing money but going to somewhere else. We should start thinking about what are the new business models that we can use to ultimately serve these same customers or clients, but in unique ways that allow us to be able to add more value,” he concluded.
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