AAAN President Urges colleagues to support clients’ brands
Amid the current economic crisis in the country, advertising practitioners have been urged to support their clients’ brands with a view to sustaining their businesses.
Speaking exclusively to MARKETING EDGE, the President of Association of Advertising Agencies of Nigeria (AAAN), Mr. Kayode Oluwasona said that despite lack of accurate data, advertising spend in the country would definitely face a serious decline this year.
“It is so unfortunate that in Nigeria, the way we handle data is a bit worrisome. The government bodies in charge of statistics are trying now struggling to improve. But as it is, data is never real time and hardly correct. I would have liked to point to specific data but I can only appeal now to informed estimate and common sense. What is happening around is that the economy will affect every sector of the economy and society – advertising inclusive. The trend is such that we find clients reacting to the current economic situation we are in.
“It is ironic because it is in this kind of situation that brands should be supported more. Things are tight, competition is fierce, and things are tough and getting tougher even . What do we do? That is when you should try to make your brand stand out. That is when you should give support to your brand against others,” he said.
He added that since most brands were choosing advertising and promotion (A and P) to maintain some handsome bottom line, advertising budgets are being cut, support budgets are dwindling now, individuals as economic units are rationalizing and downgrading, the result is a ripple effect on advertising practitioners.
Research shows that Nigeria’s advertising spend is currently valued at around N100 billion annually. Last year, total global ad spends, according to eMarketer, slowed to $569.65 billion.