EXMAN 11th AGM fireside chat explores issues affecting the industry
By Oluwaseyi Lawal
The Experiential Marketers Association of Nigeria (EXMAN) recently held a fireside chat as part of its 2024 Annual General Meeting, engaging industry leaders and stakeholders in a comprehensive discussion on critical issues affecting the experiential marketing industry.
The conversation spanned topics such as the ethics of staff poaching, economic challenges, staff welfare, and the necessity of financial literacy within agencies.
Addressing the blurred lines surrounding the ethics of hiring from multiple agencies simultaneously, Angela Makinwa the Vice President of EXMAN, highlighted the complexities involved in staff poaching, emphasizing the importance of ethical treatment of employees, the permissible extent and timing of poaching from other organizations, and the role of staff training and remuneration as a big factor in poaching. She pointed out that unethical poaching practices often stem from poor treatment of employees, making it easier to lure staff away from their current positions.
She said, “The treatment of staff and renumeration is important. It is easier to poach people when they are not treated well. Not taking care of staff gives room for them to go elsewhere. Equity is also important. We need to sit down and reasses our staff treatment policies to prevent poaching and also promote equity within the agency.”
Speaking on economic pressures as a factor that pushes employees to seek employment elsewhere, former President of EXMAN, Tunji Adeyinka, identified economic inflation and high operational costs on the part of the agency. Adeyinka advised agencies to scale down operational costs and prioritize financial literacy to navigate the economic challenges posed by fluctuating exchange rates.
Urging agencies to adopt cost-reduction strategies and get educated on financial management, he said, “We need to teach ourselves financial literacy and be in line with what is happening in the industry. Our economy is largely impacted by the exchange rate.”
Kayode Olagesin, one time President of EXMAN and Managing Director of Town Criers Limited addressed the challenges agencies face with client relations, particularly concerning agency fees and payment delays. Olagesin cited a reduction in agency fees from 10% to 6% and the extended wait times of 30 to 45 days for payments, highlighting that it is important for agencies to adopt the payment practices that is more suitable for them; either the commission based structure of the retainer structure.
Managing Director of Ideas House and a former President of EXMAN, Kehinde Salami, emphasized the critical need for agencies to develop a deep understanding of finance. He advised agencies to be selective with projects, stay true to their values, and recognize that their expertise, not commodities, are what they offer to clients. Salami also underscored the importance of considering salaries, operational costs, and end-of-year bonuses in their financial planning.
“It’s not every project that you do. You must be true to your values. Agencies should understand that we sell expertise not commodities” Salami asserted, explaining the two primary payment models for agencies: commission-based or retainer structure.
The fireside chat provided a platform for industry leaders to share insights on navigating the evolving landscape of experiential marketing in Nigeria. The discussions underscored the collective commitment to enhancing the industry’s standards and ensuring sustainable growth.
EXMAN’s 2024 Annual General Meeting highlights the association’s dedication to fostering a collaborative and ethically sound environment for experiential marketers, setting the stage for continued progress and innovation in the industry.
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