Olowola evaluates brand management ecosystem amidst challenges

By Felicia Nwosu

Meka Olowola, Managing Director of Zenera Consulting, shared his insights on the evolving landscape of Nigeria’s brand management ecosystem. The top professional leader acknowledged the sector’s transition from traditional advertising to a more digital-centric approach, noting significant developments in local competency as international players divested over the years.

Stating this in an exclusive interview, he reflected on key challenges that indicated the challenge of talent shortages and the struggle to replace seasoned professionals, as well as the ongoing difficulty of gathering accurate consumer data. He also emphasised that the lack of robust data analytics hampers effective service delivery and brand equity growth, but despite this, he expressed optimism about untapped opportunities within the sector that is poised for growth with the right strategies, while highlighting that the Nigerian market still faces hurdles.

“Manpower capacity development is not keeping pace with the needs of the industry. The economic landscape has added further complications, with hyperinflation and volatile foreign exchange rates straining businesses. There are exciting possibilities in the digital space, social commerce, and data-driven innovations.”

Urging companies to remain engaged with their consumers even during economic downturns, he warned that cutting back on communication and advertising could hurt long-term profitability.

According to him, the sector has transitioned from a traditional advertising focus to a predominantly digital landscape. He observed that many international players have exited the market, while homegrown competencies have developed substantially.

The brand custodian pointed out that advertising spending has shifted from traditional media to digital platforms, particularly with the rise of cable television over the last 10 to 15 years. He emphasized that the COVID-19 pandemic brought additional challenges, as consumer behaviors

He stated that the fragmentation of the Nigerian media landscape presents both challenges and opportunities. He advocated for an omni-channel approach to communication, emphasizing the need for brands to integrate their messaging across multiple platforms while tailoring it to specific audience segments.

Looking ahead, the Zenera boss predicts that data will play an increasingly critical role in shaping brand strategy over the next five to ten years. He anticipates a shift towards more personalized and pragmatic advertising as consumer sophistication increases.

In discussing market entry strategies for new products, he advised brands to conduct thorough market research and develop unique value propositions to differentiate themselves from competitors. He illustrated this point by referencing the evolution of Nigeria’s financial ecosystem, highlighting the growing number of bank account holders and the opportunities available for brands to target underserved markets.