There’ll be mergers and consolidations in Nigeria’s IMC sector, says Jude Odia
The Managing Director at Starcom Media Perspectives, Jude Odia, has taken an analytical assessment of unfolding trends in Nigeria’s Integrated Marketing Communications industry and projected that mergers, consolidations and size-trimming would become a common feature in the industry by the turn of the next decade.
Speaking in an exclusive interview with MARKETING EDGE, the media expert stated further that the industry would witness a lot of phasing outs because, in his opinion, “there are some existing companies now that would be no more in the next five years”. And this trend, he says, needs not be cause for apprehension.
The projections, according to the agency boss, is based on current developments noticeable in similar markets that are comparable to Nigeria’s such as the case in Disney and a few other production companies across America where, trends of mergers and consolidations have been in the rise recently.
“The truth is, for every 50-100 years, life shifts. So, it shouldn’t be a myth. The only thing is that we stand a chance of not just ushering in this new move. We have the pillars to be key players in the emerging future having played the old school for a good time”.
“Those markets are going to filter into Nigeria in a short while. Some discerning networks are seeing it already and are future-proofing their businesses.”
He observed further that, over the next decade, talents would become more than ever before a scarce commodity given that there would be increased mobility and also multi – tasking in talents.
He added that “the regular 9-5 working hours is also going to be challenged because you might not need to come to a building called an office to be productive, especially in a place where easy movement is difficult”.
According to him, “Clients are going to be remodeling compensation for industries, and a lot of demand would be placed on performance marketing, and payments would be based on results and not activity”.
On what constitutes present day challenges of present day Nigerian IMC sector, the agency top man highlighted what he termed the dearth in knowledge and human capacity development, transparency challenges coming from the agencies, weak regulations at industry levels as well as the 120 days credit terms coming from clients to agencies.
“Agencies need to do more on transparency. The doubts that we are raising is causing the client to be more apprehensive about the value they are getting from us, so we need to be seen to be more transparent and not just voice it or chest-beat it.”
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