Our market share grew by 40% – Optimum Exposure MD
Despite economic challenges, Optimum Exposures, one of Nigeria’s leading outdoor agencies continues to record growth in its business. Managing Director of the agency, Engr. Bayo Adio told MARKETING EDGE in an exclusive interview that the company’s market share in 2015 shot up by 40% above what it was in 2014.
This was as many other out-of-home agencies are still lamenting and wriggling in the aftermath of the negative impact of the economy on their businesses and the stifling policies and rules of the regulatory bodies.
Engr. Adio noted that though the result of 2015 was not yet published, he was optimistic that his agency had sustained the growth projection. The Optimum Exposure boss said that the company was able to stay afloat and make profit despite the global economic meltdown which was negatively affecting Nigerian businesses, and other industry challenges that is stifling growth with in Out-Of-Home segment.
“My market share grew by 40% above the previous year; the volume of business in 2015 was 40% bigger than what it was in 2014,” Engr. Adio said.
Optimum Exposure grew despite a notable decline in the annual spending of clients for that year on the outdoor industry. The out-of-home marketing budget for 2014 fell by a whooping N3billion from the N23.5billion of the years 2013. He also stressed that a good number of the billboard campaign were run on pro bono as clients could not afford to pay for them.
“We don’t have the figures for 2015 yet, the spending for 2014 was N20.5billion, before then it was N23.3billion in 2013, so it fell to N20.5billion, the reason why it fell, critically looking at it, it is a surprise because during that period a lot of investments came into digital, but there were lot of low occupancy of billboards,” Engr. Adio said.
He also expressed fears that the decline in clients budget may continue in 2015, when the results are out because of the negative economic indices.
Despite the trouble in the economy, Optimum Exposures continues to push for growth by investing in innovative out-of-home platforms like The Lion on Third mainland Bridge Lion and recently acquired Elephant, birth of whom represent the most innovative acquisitions in the domestic market.
“In 2016, we want to increase our market share and as you can see I am putting more investment into it, looking at the country’s situation, I think the industry is going to dig further, we are about the middle of the year now, some major brands are cutting their strength so, it’s likely to deepen.” The outdoor agency boss said.
Engr. Adio however advised stakeholders not to be discouraged but they should think of better ways of doing the business if they want to stay afloat.