Wole Olagundoye Quits Exp, New MD May be Named Next Week
Feelers emanating from Exp Marketing Nigeria Limited has indicated that a new Managing Director may be announced soon in the place of Wole Olagundoye who left the company last month.
A Source close to Exp told MARKETING EDGE that the management of the agency has put machineries in place to secure a suitable and capable replacement for Olagundoye who was a top figure in the experiential marketing industry in Nigeria.
Our source also indicated the he was not certain where Olagundoye, who is also the Vice President of the Experiential Marketing Association of Nigeria (EXMAN), is headed next but suspect he was getting ready to set up his own agency, which is likely to commence operation in the course of the year.
“I can tell you that the management at Exp are already working at getting a replacement for Olagundoye, and though I cannot say exactly when that announcement will be made, but I am sure it won’t delay beyond next week, so that the agency can get into top gear early enough,” our source said.
Olagundoye’s move might not be unconnected with the desire to properly position for maximum benefit as the experiential marketing industry has the in the several years enjoyed unprecedented and sustained growth. And analyst have also forecasted an even bigger growth in the coming years.
Speaking recently about the growth in the sector Olagundoye said “I think we see a slide towards experiential marketing spend these days and that we have seen in the last five years where spend has moved gradually to experiential marketing sector from advertising. It’s the reason why you find some advertising organisations having a second line interest in experiential, simply because the spend is moving towards that experiential.
“Now some companies are actually diverting funds to support experiential marketing, they are now seeing the effectiveness and the impact on their brands. For instance, if you take the Tobacco industry, their only means to engage is strictly experiential. So therefore, their total 100 per cent marketing budget is directed to experiential marketing activities. The trend is now on, we can see the spend moving toward experiential.”
Last year, the President of EXMAN, Rotimi Olaniyan revealed at a public function in Lagos that the experiential business in Nigeria was worth N30billion. And more growth is expected this year as more brand owners are opting for below-the-line marketing strategies, as against above-the-line, due to cut in marketing budget occasioned by shrinking national economy and weak purchasing power.
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