“Focus on strategic relationship, scenario planning”
By Ibidunni Banjoko
Young professionals in the Integrated Marketing Communication (IMC) industry have tasked marketing professionals and brand owners on the need for strategic relationship and scenario planning, stating that it is the surefire means of surviving in today’s volatile market. This assertion was made by distinguished panelists during the 2023 MARKETING EDGE’s Q1 Quarterly Virtual Summit, which was held on 29 March, 2023.
Obaro Obiuwevbi, Head of Strategy at X3M Ideas, in his presentation, stressed the need for strategic relationships in a fast-changing world and business ecosystem.
While speaking to the theme, “Strategic Relationship as Useful Tool for Navigating Changing Ecosystem”, Obaro explained: “Things keep changing; if you are trading in one thing, by the time you are five days into the business there will be new innovations that will make changes in the business. This is making people lose investment and incur debt as a result of the fast-changing world that we live in today.
“People combine different businesses at a time; you will see that companies are merging different businesses together in order to survive.”
“But as a business owner, you can’t do everything, you have to find your own space. Since you can’t do everything, you need a relationship, a partner, or a collaborator. For me, a strategic relationship is like a formula to survive in the fast-changing time that we are living in as no man is an island. You need not just relationships but those that are very strategic,” he added.
He further explained that a strategic relationship is a partnership between companies and individuals designed to achieve common goals.
“There are different types of relationships that work for businesses; firstly, B2B is a fully functional business in partnership with other businesses. Secondly, B2C is a business in partnership with the individual, looking at how an individual can add value to a business. This is neither influencer marketing nor brand ambassador. It’s the kind of relationship between Kanye West and Adidas; the kind of relationship happened between them about ten years ago. Kanye West always projected himself as a creative person though he does music and he thought he was a leader in fashion, but Adidas is a brand leading as well but we have the likes of NIKE who is ahead in market share,” he explained.
Explaining further, the creative wizkid said that Adidas saw someone who showed some level of understanding in the fashion industry and the influence he had made them think that they could work together to create something.
“In 2019 alone he yields $1.3 billion in revenue for Adidas just in one arm of their business. Kanye West has given the brand revenue and, by extension, he’s given himself credibility. He understands that he is able to create a sustainable business in fashion. This is a smart relationship between a brand and an individual,” he noted.
In his presentation, Damola Richard Salvador the CEO and Lead Strategist at Digisplash who spoke to the theme, “Climbing the Value Chain: Scenario Planning as Panacea for Complex Marketing Environment”, highlighted that every business owner should know that their marketing strategy must stand out as they are in competition with everyone.
“The marketing space is tougher than it used to be because of the situation of the country. So, all marketers need to upscale their strategy as the competition gets tougher,” he said.
Speaking further, he said that scenario planning is not what many marketers do, citing a report, which revealed that less than 60% of marketers build their plan on scenario planning.
“COVID-19 pandemic happened to be an eye-opener for many businesses, and digital transformation has accelerated as a result of the pandemic which has made businesses realise that they must be flexible and dynamic. Marketing can’t be done the same way as before, and businesses need to plan for unforeseen occurrences.
“Good marketing should be done based on value and relevance as value stands out for any business in a competitive space. Scenario planning helps the marketer to make sure that their strategy adds value,” he noted.
“Part of the things that drive innovation is situation analysis on scenario planning. If you do not understand the possible scenario in an outcome then it affects your planning. People want to pay for what is valuable, and make sure that your strategy always adds value,” he added.
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