Promasidor Sticks With Mediareach
After weeks of speculations, Mediareach has finally won the nod of FMCG Company Promasidor to continue to oversee their multi-billion naira media buying business.
The decision to retain the frontline media buying agency came after weeks of speculations that the Promasidor account was on its way out of Mediareach, which had hitherto suffered losses of two major accounts.
The loss of Etisalat and Guinness accounts to rival agencies after public pitches and the subsequent call for a review by Promasidor, fuelled speculations that the agency was on the decline and could lose its market leadership.
This was followed in December 2015 by a major in-house shakeup which resulted in the cut down on the agency’s workforce. No fewer than ten employees in various management cadres were affected in the shakeup which triggered a feeling of unsecurity among other staff not affected.
The turmoil has sparked series of desperate moves by management of the media shop who are said to be contemplating a change in leadership. MARKETING EDGE gathered from a reliable source that the agency could possibly redeploy its founding Chief Executive Officer Mr. Tolu Ogunkoya to head the Group’s operations. But it is not clear if Ogunkoya will agree to step down as the CEO of the agency and move over to the group’s office as helmsman.
Meanwhile, the triumph by Mediareach in the Promasidor’s review pitch comes as a huge relief to the management of the agency, as the FMCG Company which boasts of multiple brands in its portfolio is one of the biggest spenders in Nigeria, with a total billing amounting to N10billion annually.
The call for a review of the Promasidor account came on the heels of the arrival of Arla Foods, makers of Dano milk which made a grand entry into the Nigerian market last year with a N4billion investment in state-of-art factory in Lagos. Arla which is one of the biggest diary companies in the world also last year called for a review of its media business which was won by Carat Media Fuse in a bid to create an upset in the lucrative Nigeria milk milk market.
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