Media experts call for rethink on strategy in uncertain times
By Abimbola Mohammed
It is not the strongest speeches that survive nor the most intelligent but the one most responsive to change – Charles Darwin
This was the view of Maureen Ngwu, Business Director, MediaSeal WPI, during the just concluded MARKETING EDGE virtual annual Summit held on 26th of August, 2021 with the theme: “Rethinking the Blue Ocean Strategy in Uncertain Times”. She made reference to the quote while explaining the importance of rethinking the Blue Ocean strategy in the media industry.
Speaking from a media point of view, Mrs. Ngwu noted that the media is currently on fire from all corners of the communication ecosystem, explaining that it was as a result of so many players making the space a Red Ocean. She mentioned some of the obvious impact as price discount.
Her words: “It’s no longer about the strategy; it’s no longer about the process of getting to where you are and that is because everybody is now playing. The implication of these is that the big agencies will be getting the upper hand because we are jostling for the few advertisers that place advertisements. The small agencies need to redefine their territory; they need to redefine their boundaries or they will see themselves being whizzed away.”
She continued: “Though repositioning and seeking your Blue Ocean may be difficult but it is not impossible. You just need to look at the pain point of the industry that you service. So, with these I say that if you are trying to disrupt the status quo and beat bigger competitors you are not going to do that by playing their game. You need to change the game; either you redefine the game or create something new.
“And of course we know that part of the uncertain times we face now is the digital and tech acceleration. When you look at the Nigerian market you will know that there are over 50% millennials and Gen Z, and that is where most of the brands play. Understanding these generations’ fast-changing habit and how they interact socially and culturally will help you leverage and set yourself apart in the digital and tech world.”
She advised that for media agencies that are struggling, they need to reconsider their offerings and services in these uncertain times.
Also speaking during the summit, Akintunde Johnson-Bada, Country Manager, Viacom CBS Networks Africa, argued that digital media is the Blue Ocean for the media industry.
His words: “Is it possible to apply the Blue Ocean strategy in today’s post pandemic world and the answer is yes. Implementing a Blue Ocean strategy involves the change of mind set. Now that economic situation has changed, the question is how can one stay profitable and generate growth? How do we recreate and maintain our current content format as well as our current distribution platforms? Are there other ways to do radio differently? Are there other ways to deliver content on linear TV? More importantly, how do we create pipelines and pathways to budget and new revenue strips?
“When adopting the Blue Ocean strategy, the mind-set should be to recognize that industry boundaries are not fixed, but are organic. As players we have to approach things from that standpoint. While there is tendency to focus on the negative side of the pandemic, shrinking budget, and reduced appetite on the side of the pandemic, we have to recognize that these changes themselves provide opportunity for innovation and disruption.”
On his part, Soji Olaogun, General Manager, Algorithm Media, defined Blue Ocean as a place where you stop competing and start creating a new business space for yourself. He added you must have the first mover advantage because the Blue Ocean is place where you are creating differentiation and reaching your cost because you do not have a lot of people to compete with.
Mr. Olaogu, however, argued that the fact that the Blue Ocean works for a particular organization doesn’t mean it will work for the entire industry, adding that the process should treated as an ecosystem.
He said: “To make progress in the media industry we cannot afford to look at it on an individual organization basis, I think we need to look at it as an ecosystem. I want to introduce the concept of the media ecosystem which comprises the advertisers, the agencies and the media owners.
“We need to think about what we can do to sustain the industry because at a point, giving discounts to clients will no longer work. What can we do to sustain the industry? I believe there is so much our industry can do to improve the ecosystem. An ecosystem thrives on interdependence, and until we know that we need to work together as advertisers, media agencies and the media owners, then we can’t make any progress because there are rules in the ecosystem and the rules need to be followed for it to survive. The more we try to create a Blue Ocean as an individual or organization the more we actually hurt ourselves.”
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