MIPAN: Wrong Assumptions, Insights Killing Nigerian Businesses

The Media Independent Practitioners Association of Nigeria (MIPAN), has identified wrong assumptions, wrong visions and unclear insights as factors aiding the failure of businesses in Nigeria, thereby crippling the overall economy.

Speaking at the Annual General Meeting of the body held in Lagos, MIPAN President, Femi Adelusi, said business owners in Nigeria often live with the illusion that their strategies are working at the beginning but get to know late that they are not making progress.

The AGM with the theme: “Key Enabler to Running Healthy and Profitable Agency Business,” gave the speakers at the summit the ample opportunities to unravel the challenges facing businesses and agencies amid economic and inflation crisis.

Adelusi said: “You may think you are making progress, but it may become too late before you realize you have not made the required level of progress. I have said here that key nuggets like insights and vision that unlock doors and ushers in limitless opportunities and potentials are necessary to grow businesses.

“One common thing for all of us either at the agency side or the client said is the fact that we just came out of the general elections. We are all affected by the removal of the oil subsidy and floating of the Naira.”

Speaking about the impact of the challenges on the entire marketing communications industry, he said: “Our industry remains a very engaged industry and we need to continue to look at how we can evolve and add value to the business of our clients. We must remember that they are the views of Lady Golden Wave and we must continue to be consultants and bring top leadership into how we help their businesses to grow.”

Speaking on the theme of the event, the Group Head Procurement and Material Management, Flour Mills Nigeria Limited, Osuagwu Chidimma, said innovation and creativity cannot be overemphasised, noting that the theme is about the key enablers.

“It’s important for businesses to constantly ask themselves, what is the vision behind my agency? If you focus only on buying media for your clients and making sure that you focus on your profitability, you may be short-timed and you may be short-sighted. Then you have many businesses that have been here before and they are not here anymore, principally because they did not focus on the right things,” he said.

Chairman/CEO of Graviti Hill Limited, Dr. Ken Onyeali Ikpe, stated that relevance is a key that every agency needs to acquire. “We build relevance by providing solutions. Hence, Relevance is that indispensable element,” Ikpe said.

CEO, X3M Ideas, Steve Babaeko, said there was a need for agencies to urgently adopt new revenue streams and enhance their brand-building efforts. He lamented the neglect of self-branding by agencies and advocated a shift in perception.