NIMN 2022: Avoid Old Models, Reinvent New Ideas, Experts Charge Captains of Industry, Business Owners
Business owners, captains of industry, and brand guardians eager to stay relevant and improve their business results have been tasked with reinventing their businesses to take advantage of new opportunities brought about by advances in technology.
Charging the Lagos weekend at the 2022 Annual Marketing Conference organized by the National Institute of Marketing of Nigeria (NIMN), the experts, drawn from the various sectors of the national integrated marketing communications space, have argues that it was becoming increasingly dangerous for proprietary companies to continue to stick to old business models, in a rapidly changing technology-driven space.
Speaking on the theme “Fostering Business Sustainability in the Age of Data and Technology”, keynote speaker Mr. Kola Oyeyemi said that contrary to the traditional belief that the advent of technology will improve the lives of many people to the detriment of a “smaller”, technological advances have continued to weigh on many companies, due to the inability of these companies to take advantage of the advantages inherent in these technologies.
He therefore argued that with the explosion of data and highly aggressive disruptive technologies, it has become imperative to discuss corporate sustainability from a performance fundamentals perspective.
Describing the issue of disruptive technologies as “troubling”, the managing director of Axiom Intel Limited noted that while technology can improve operational and financial efficiency, it can also accelerate a company’s decline and extinction, if it is not exploited.
“It’s like riding a wild tiger. Any mistake can be very fatal. Technology can help you improve your operational and financial efficiency. It can make you leaner, fitter, smarter and more profitable. It can help you make it more innovative and enable faster market access. However, technology can also accelerate your extinction,” he said.
Oyeyemi also warned that such disruption could negatively impact businesses, although this is not necessarily due to intra-company competition, but as “barbarism from outside” the industry.
Using the advent of smartphone technology as an example, he argued that the introduction of the first smartphone device by IBM in 1992 and the advent of the Internet had caused smartphones to change the face of business interactions forever and personal.
“It is one of the most visible examples of creative destruction. The smartphone has taken the mobility of life and business to a whole new level and created a convergence of industries in this powerful device,” he said. -he adds.
According to the former President of the Advertisers Association of Nigeria (ADVAN), convergence has led to the untimely death or mutation of many industries, with more than 14 classic industries changed or being changed by the smartphone.
Some of the industries affected, he added, included music production and distribution, video production and distribution, banking, insurance, watch, print production, broadcasting, games, retail chains, cards, credit, cinema, advertising, photography, hospitality. , transport, logistics, education and medical practice.
Oyeyemi attributed such disruption to the fact that technologies take no account of existing rules of engagement or old competitive advantage factors.
“They are barbarians who have torn down old structures and systems and created a whole new framework for competitiveness beyond industries,” he said.
The keynote speaker therefore urged business owners to beware of organizational rigidity, as such a strategy undermines innovation and ecosystem thinking and could therefore lead to the extinction of these businesses.
In her contribution, Marketing Coordinator, Allied Foods (Burger King), and one of the conference panelists, Joyce Ibukun Adeyemo, emphasized the need for marketing practitioners across the country to take disruptive marketing seriously.
“It’s because it helps you freshen up your products in the eyes of your customer and creatively gives you a competitive edge,” she said.
Also speaking at the event, the Institute’s President and Chairman of the Board, Mr. Idorenyen Enang, described the conference as a means of creating a platform for stakeholders in the national marketing space to ‘to exchange ideas.
He explained that the 17 prominent practitioners, some of whom were from sister professional bodies, was a way to further improve the practice and collaborate with sister professional bodies, with the aim of bringing more benefits to its members.
The institute elected Prof. Michael Kupolati and Ms. Ebisan Onyema as First and Second Vice Presidents respectively.
Announcing this at the institute’s annual general meeting (AGM) held on the second day of the marketing conference, the institute’s president, Enang, said the newly elected leaders would replace the duo. composed of Dr. Kasuwar Gambo and Mr. Chuka. Eborah, the former first and second vice presidents, respectively, who had served their terms on the institute’s board.
Congratulating the duo, Enang expressed the belief that the newly elected officers would put to good use the vast experiences they had gained over decades in the field of marketing.
He also expressed the institute’s gratitude to the past first and second vice presidents for their contributions to the growth and development of the institute over the past few years.
Responding on behalf of the new officers, Kupolati assured them of the duo’s commitment to contributing their own quota to the development of the marketing institute.
Kupolati and Ebisan emerged victorious after the online manifesto evening and voting exercise, conducted by the institute’s electoral committee, between June 8 and June 17.
While Kupolati was elected unopposed with 293 votes out of 450 registered votes, Ebisan beat Ayoade Adeyemi with 241 votes against 180 for the latter.