Considering the myriads of economic challenges that confronted many brands and crippled their operations in 2023, certain innovative strategies have been highlighted as veritable models that will not only deepen business survivals, but also drive them to various significant levels in 2024.

Dr. Tunji Olugbodi, Managing Director and Chief Executive Officer of Verdant Zeal Group, a Lagos-based Advertising and Marketing company, dropped this hint while hosting MARKETING EDGE editorial crew at his Lagos Head office on Tuesday, this week.

Olugbodi, who believes that most challenges that confronted brands in 2023 were not peculiar to Nigeria, but global phenomena, also stated that year 2024 is loaded with opportunities if players in the integrated marketing communication can position themselves.

Analyzing the strategies that can push brands from a survival state to a significant level, the advertising guru emphasized on the need to gain a critical mass.

“In gaining critical mass, there is need to follow the money. Following the money means there is need to go to where the money is spent. And knowing where money is spent means you have to go to where people congregate. Knowing where and how people congregate means you have to understand the mindset and mentality that make people congregate because they need connectivity, communication and community.”

Breaking it down further, he noted that the task of a marketing communicator is to understand those involving communities, to understand the meaningful connection they are creating and understand how communication has become an essential part of how they need to interact.

“I think if you understand those things then you will be able to re-adapt your product and services to those imagining it, because they keep changing and that is the truth. I think that is the reason people believe there is a Gen Z and millennials. Those are nomenclatures that can stay but the thing to note is that there is a general thread that holds us together as human beings regardless of who we are or where we come from. So, it’s about understanding those fundamentals. When you understand them, you will know how money is spent.”

Dr. Olugbodi, however, hinged his analysis on the importance of consumer attitude, which he believes is more significant to the critical mass. He suggested the need for institutional structures that guarantee e-commerce, commitment to providing a conducive environment for consumers to fly and to make sure the fundamentals of micro-economies are addressed.