Experiential marketing firms canvass BOI’s support on industry financing
Experiential marketing agencies under the umbrella of Experiential Marketing Association of Nigeria (EXMAN) are currently working out a mutually beneficial relationship with some financial institutions in the country with a view to securing favorable financial working terms for growth and survival of the industry.
Specifically, the marketing firms are presently having discussions with the Bank of Industry (BOI) in a targeted bid to secure a definite financial service terms that would be favorable to business operators within EXMAN’s fold.
Giving indications to this effect was former Vice-President of EXMAN and Chief Operating Officer/Leading Consultant, Aster Integrated Marketing Company Limited, Tolulope Medebem, while speaking in an exclusive interview with MARKETING EDGE in Lagos.
According to the agency boss, lack of proper financing was a major challenge to the growth and aspirations of industry operators and the trend has become worrisome for the current EXMAN leadership. She therefore said the EXMAN under its current leadership was embarking on all possible measures to collectively provide support to all experiential marketing agencies that are fully registered within its fold.
She added that similar attempts by the organisation towards obtaining financial support from a few other financial houses was already yielding positive results with the signing on recently of no fewer than 16 EXMAN registered marketing firms for facility access leading to a rate reduction of between 9 to 20 percent by a particular bank.
“Funding has been a major challenge for each and every one of us and that’s the reason why EXMAN came in. One of the things that they are trying to do and part of what they are doing presently is working with some financial institutions. I can tell you for free that we all are having funding issues and we all have our agency costs. Our experiential marketing sector, I would say, is pretty much like how we ourselves are; largely ungoverned and unmanned until recently. I think that was what brought EXMAN.
“But comparing it with everything else, it’s an industry that is growing; it’s an industry that has full potentials; it’s an industry that has the ability to evolve into major things because all over the world, a lot of clients are beginning to take their budgets away from other forms of marketing to pretty much experiential. And experiential is something that works on the basis of experiencing, that is, using your five major senses of hearing, tasting, smelling and touching,” she explained.
She added, however, that achieving the much desired growth in the industry would be largely dependent on how much the practitioners are able to proof and convince the clients and service consumers by showcasing positive values and healthy perception for the practice.
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