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Why many businesses fail – Experts

Financial and business analysts at the weekend blamed the collapse of some companies on their inability to innovate and change their business models in line…

Financial and business analysts at the weekend blamed the collapse of some companies on their inability to innovate and change their business models in line with the dynamics of the contemporary business world.

They spoke in Lagos at the maiden edition of The Marketing Conclave, a thought-leadership conference organised by First Katalyst Marketing, a leading below-the-line agency, to commemorate its 10th anniversary in Nigeria. 

Dean of Lagos Business School and keynote speaker of the event, Professor Chris Ogbechie, who spoke on, “Marketing for the Future” said marketing drives every economy of the world.

He noted that COVID-19 has forced many businesses to change their business model, adding that if businesses don’t innovate, they will cease to exist.

He added that today’s consumers and other stakeholders expect companies to do more than just offer products and services.

“Consumers are more sophisticated and now expect companies to lead with purpose, by deeply embedding social and environmental impact.”

Thereafter, he stated that five key trends will drive the growth of marketing in the country and globally.

They are Artificial Intelligence, the rise of voice marketing, blockchain, virtual reality, and data. These issues, he explained, will drive key marketing decisions in the near future.

He urged marketers to move from 4Ps, which are product, price, place, and promotion; to 4Es which are experience, engagement, exclusivity, and emotion in order to stay relevant in the future. 

The experts however urged marketers to rethink and put the customers at the centre of their strategy, and think beyond the four Ps of marketing if they want to remain relevant. 

Managing Director of the agency, Soji Odedina, said the story of the agency started from a humble beginning and has evolved into a household name having offices in other African markets.

“The Marketing Conclave is our 10th-anniversary gift to the marketing community in Africa. As a platform, it is designed to bring practitioners together to discuss matters arising concerning theory and practice,”

Meanwhile, panelists who spoke on the theme urged marketers to focus on where the consumers are and create memorable experiences for them. They also called for the deployment of story-telling, influential marketing, and keying into trends.