Luzo Digital boss highlights critical growth elements for OOH advertising
The Executive Director/Chief Operating Officer, Luzo Digital Network and Media Limited, Akachi Nwgu has identified five critical elements which he says would drive future growth of the Out-of-Home advertising sub sector in Nigeria.
Ngwu while proffering answers to MARKETING EDGE enquiries on industry matters in Lagos, recently observed that five critical elements were key determinants of growth in the sector and these includes consolidations, specialisation, sector specific practitioners, technology and emergence of regional players in the industry.
The agency boss who made critical assessment of unfolding developments in the Integrated Marketing Communications industry with specific reference to the Out-Of-Home sub-sector noted that the industry was in a continuous state of evolution and this would continue into the future, pointing out, however, that professionalism would become a common feature of the industry in the nearest future.
He projected that the industry would witness more of consolidations among practitioners as evidenced already by recent trends of consolidations, adding that more of such processes were soon to unfold going forward.
In his further analysis, Ngwu identified that technology would continue to impact on the operations of the business considering that data and insights would be the derivable outcome in the use of technology by practitioners.
He said further that in a bid to constantly support their marketing budget, advertisers and client companies would begin to request for result driven out of home advertising campaigns even as the industry would begin to see a growing list of regional practitioners as a result of increasing regulatory environment.
Commenting on what impacts that state regulations was having on growth and development of the sector, the digital marketing specialist noted that regulation was just only a catalyst and an enabler for industry growth and prosperity, stressing that engagement between practitioners and the regulators were so much in need for mutual survival of all the business players.
“For me I see regulation as a catalyst and an enabler for industry growth and prosperity. I recall as a young practitioner in the industry I was privileged to attend workshops and conferences by the Association of Advertising Agencies of Nigeria, AAAN during the presidency of Enyi Odigbo, and one of his calls to practitioners was self-regulation.
“Regulation in itself is not bad for any industry, society or family as no system can function properly without an element of control and discipline,” he concluded.
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