What does 2023 hold for marketing communications?
By Zion Rufus
2023 has already been themed “the challenging year for businesses” as industries brace for the possibility of “storms that may hit”, taking lessons from unexpected incidents and trends that dominated 2022 and resulted in the disruption of earlier projections and positive outlooks.
From global economic crisis and threat of a looming recession, to the exodus of the skilled workforce in Nigeria, the current gloom hovering over the social, economic, and political climate in Nigeria is still expected to shape the landscape and dictate marketing outcomes in 2023.
Transformation or extinction
Emerging technological trends have made it more apparent that a monumental stagnancy is hitting the marketing communications industry in Nigeria. With professionals calling for the transformation of the current ad agency models, urging for collaboration, and constantly revisiting the conversation on the importance of creativity, it is evident that going into 2023, the industry has to decide between transformation or extinction, as it now urgent for agencies in Nigeria’s marketing communications industry to evolve beyond existing under what has been tagged a “stereotypic” and “traditional” agency structure.
Changing the digital game
The digital space has become a “No child’s play”. With increased internet proliferation, unstable consumer demands and preferences, and shortening attention span amongst other trends, customer satisfaction has become crucial, online competition is fierce, and talent retention has become a priority.
In 2023, winning players in marketing communications aren’t just the ones that “go digital”, they are the ones who will continually offer value, creatively create, and stay abreast of the waves and changes hitting the industry. You snooze, you lose.
Outcome of 2023 elections; Japa or Stay
Word on the street is, the continuous stay/existence of businesses and skilled workers in Nigeria will be largely dependent on the outcome of the 2023 elections. Across industries, the skilled populations are leaving the country in droves. From healthcare, tech, education, and banking sector, to media and marketing communications, the reduction/increase in migration of the workforce will be dictated by HOPE.
Advertising President, Steve Babaeko shared in an interview: “You can take away anything from people, and they will be fine, as long as you leave them with hope. I think what we are seeing is a situation where people can’t see any light at the end of the tunnel, so they have decided to go in search of something to give them hope and purpose.”
Agencies will lose more talents to startups
Although an already existing trend, it is expected that there will be an even bigger mass migration of talents to the tech space and “greener” climes. According to The Room, Africa will have the biggest impact in supplying tech talent to the world; and the world is moving in a direction that affirms this.
Mixed economic signals and fluctuating markets
In the middle of existing inflationary pressures already posing bigger challenges for manufacturers, there is also an indication that a severe global recession is gaining momentum for 2023, creating more downside risk for global equities. Several markets such as the Real estate, Stocks, Crypto, and energy are already posting losses; and now, every sector stands to be affected by this impending collapse.
According to the World Bank, as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging markets and developing economies that would do them lasting harm.
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