Algorithm Media recently hosted Corporate leaders & marketing communications stakeholders to a thought-leadership panel discussion, as part of the activities marking the official unveiling of the company and the announcement of its partnership with GroupM – the world’s largest media services company, and a subsidiary of the world renowned WPP.
At the occasion, senior Nigerian business leaders, and global experts from WPP and GroupM came together to discuss the topical issue of connecting with the consumer in this declining economy. The event, hosted at the Four Points by Sheraton attracted the heavyweights of multinational and local businesses.
Speakers at the event included Mr. Peter Njonjo, President, Coca-Cola West Africa; Mrs. Juliet Anammah, CEO, Jumia Nigeria; Mr. Nnamdi Okonkwo, CEO, Fidelity Bank Plc. Ms. Mo Abudu, CEO, EbonyLife TV and Mr. Michael Ikpoki, immediate past CEO, MTN Nigeria. Mr. Ernest Ebi, Chairman, Fidelity Bank Plc and former Deputy Governor, Central Bank of Nigeria, chaired the occasion.
During the panel, there was a lot of emphasis on price to value dynamics given the affordability issues experienced by Nigerian consumers currently, in the light of their shrinking disposable incomes. Njonjo had this to say “To come out stronger and earn greater loyalty from consumers, companies must invest more and launch affordable products in tough times like the current recession. They must also be cost-conscious so they are not under margin pressures given that there is little or no headroom for pricing”.
There was also the manifestation that in spite of the downturn in the economy, some businesses are doing well, as shared by Julie Anammah. She said: “the consumers are going back to basics; smartphones are still doing well because consumers don’t want to jeopardize communications, groceries, FMCGS, health and fashion products are still holding up, but high-value electronics like TVs have been impacted”.
The main take-away from this event was that Algorithm Media would be looking to make a difference in the industry because of its in-depth understanding of the consumers and its ability to provide media solutions that connect with them, both discreet and specific.
In his welcome address, the convener of the event and Founder/Group CEO of Algorithm Media, Mr. Seni Adetu said “We have the leverage and the opportunity to collaborate with GroupM on activities that include content creation, digital advertising, proprietary tool development and other business-critical capabilities.
“As a glocalised media specialist company, we aim to become the “go to” media agency for creative media planning and buying. When the client needs reassurances of commercial benefits from their media spend and 110% governance assurance, we would ask they speak to us”, Adetu said.
In attendance were several Boardroom titans including Chief Olusegun Osunkeye; Mrs. Ibukun Awosika, Chairman First Bank; Otunba Gbenga Daniel, a former Governor and founder of Kresta Laurel; Paul Gbedebo, MD/CEO Flour mills Nigeria Plc, Chief Dugard, Group MD Tower Aluminium Plc; Enase Okonedo, Dean, Lagos Business School; Bunmi Oni, former Cadbury Plc CEO; Emeka Onwuka, Former CEO, Diamond Bank; Mr. Udeme Ufot, Founder SO&U; Alhaji Garba Kankarofi, Registrar, APCON; Olorogun Sonny Kuku, Asiwaju SK Onafowokan, Prince Yemi Adefulu; Dr. Yemi Ogunbiyi; Nike Ogunlesi; Pastor Idowu Iluyomade, Ken Onyali-Ikpe; Frank Aigbogun and Chief Mrs. Moji Dokpesi; among others; with an audience of Marketing Directors from across various industries.