Whose 2022 projections failed?
By Zion Rufus
…For starters, Arsenal did not qualify for the Champions League(They almost did anyway)
At the beginning of the year 2022, we interviewed some big names in the Nigerian marketing communications industry. In this exclusive conversation, we asked the marcom leaders what they hoped to achieve this year as they shared with us some of their most touching expectations, resolutions, wishes, and projections for the year 2022.
see interviews here… https://marketingedge.com.ng/imc-leaders-reveal-their-2022-new-years-resolutions/
Whose projections failed?
Managing Director, Starcom Media Perspectives, Jude Odia had hoped to see growth in the market, a budget shift to digital, and more potential in overall media spend.
Unfortunately, economic headwinds heralded by the Russia/Ukraine war and lingering post-pandemic effects overturned these projections. In less than a year, there was a dramatic fall in stocks and overvaluation; where some tech companies filed for bankruptcy, larger corporations announced hiring cuts, laid off staff by the thousands, and digital assets began to act like liabilities.
Like Odia, Oluwatobi Adekunle, Marketing Manager, Eskimi expected to see tremendous growth in the digital advertising budget, and ensure that organisations and companies spend more on digital advertising.
Neither of the above happened.
Although the first few months of 2022 had looked promising, in the wake of the looming recession, companies began cutting back on their marketing budgets.
Economic analysts also revealed that the $850bn (£720bn) global advertising market is facing the prospect of a “car crash” next year as the cost of living crisis forces households to drastically cut back on spending, triggering companies to consider slashing their marketing budgets.
For President of the Media Independent Practitioners of Nigeria (MIPAN), and Founder/Group Chief Executive Officer of BrandEye/Mediaplus, Femi Adelusi, there was an expectation for Nigeria to win the Nation’s cup in February 2022.
However, Nigeria was eliminated from the African Cup of Nations after a shocking 1-0 defeat to Tunisia. Senegal later won the Africa Cup of Nations championship match for 2022.
The MIPAN President also expected Nigeria to win the FIFA World Cup Nov/Dec in Qatar; sadly, Nigeria did not qualify. Nigeria’s failure to beat Ghana in March had prevented them from qualifying for Qatar 2022.
What got fulfilled
Chief Creative Officer /CEO, X3M Ideas and President of the Association of Advertising Agencies of Nigeria (AAAN), Steve Babaeko had disclosed plans to continually back APCON in their bid to sanitise the industry.
It happened.
This year, APCON, which became ARCON, unveiled a new law; banned the use of foreign models and voice-Over artists to solve the redundancy challenge of the creative sector; and is now mandated to register all forms of business affiliations, combinations and mergers in the advertising industry as part of efforts to enforce ethical practices in the industry; and took on the statutory responsibility of making provision for the regulation and control of advertising in all its ramifications, among other powers.
President, Association of digital marketing professionals (ADMARP) Nigeria, and VP Product Marketing and Growth at Terragon Group, Oti Ukubeyinje hoped to continually drive the Association of Digital Marketing Professionals (ADMARP) on the path to becoming the central hub for the digital marketing profession in Nigeria both from a people, knowledge and reward perspective.
He did.
Industry professionals lauded ADMARP for its brilliant comeback after the Association’s relaunch event which was held in July. Ever since, ADMARP has continued to deepen its position as a home for world class digital marketers based in Nigeria.
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