Anew media buying agency, Algorithm Media, has entered the market with promise to redefine the Marketing Communications space through adherence to core professional ethics as dictated by Nigeria Advertising code of practice and commitment to international best practice.
At the unveiling of the top-flight media specialist company in Lagos, its Chief Executive Officer, Seni Adetu, also officially announced its affiliation to Group M, a global media agency.
The company was unveiled at a media launch and panel discussion entitled “Connecting with the Nigerian Consumer in a Recession”. The event had a rich collection of senior business leaders, Chief Executive Officers and Marketing Directors of Blue Chip companies in attendance.
In his speech at the occasion, Adetu said “Algorithm Media, our company being formally introduced to you today, offers advertising media selection services that include media planning and buying. We are affiliated to Group M, the world’s largest media services company renowned for innovation, speed and excellence.
“Similar to all Group M affiliated agencies, Algorithm Media runs an independent operation in its own right. We, however, have the leverage and collaborate with Group M on activities that include content creation, digital advertising, finance, proprietary tool development and other business-critical capabilities”.
He added that as a globalised 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. With Algorithm Media open for business in Nigeria, blue chips and global corporations can look forward to speed, innovation and excellence in brand building.”
The Chairman, Fidelity Bank Plc, Ernest Ebi, who was chairman of the panel discussion segment, said the topic of discussion was very relevant against the backdrop of the economic headwinds in the country that had drastically affected consumer behaviours.
He said the high inflationary pressure, dollar shortage, low fiscal activities and accumulation of salary arrears, among others, had taken a toll on the consumers.
“The issues are quite weighty and are bound to affect consumer behaviours in the country,” Ebi stated.
The President, Coca-Cola West Africa, Peter Njonjo, stressed the need for companies to invest more and launch affordable products during tough times, saying, “The company will come out stronger and earn greater loyalty from the consumers. There is a huge population in Nigeria that is spending a lot every day.
“About N390 billion is spent in the country every day. About 130 million Nigerians in the E and D socio-economic class spend N67 billion daily while the C socio-economic class spend N140 billion daily. The question is: how much of that are you going to access?”
The Chief Executive Officer, Jumia, Juliet Anammah, said in good times, brands can do without data but in a recession it is impossible to rely on intuitive data making it important to get deeper insight to know what the consumer is thinking. This is because consumers would try to avoid impulse consumption in a recession, adding that spending would be mainly on fast-moving consumer goods and communication.
According to Anammah, elements that drive consumer behaviours include pricing, performance and the lifecycle of the product. “People want help. You need an ecosystem that looks beyond the product,” she noted, stressing the need to connect with consumers.
In her submission, the Chief Executive Officer, Ebony Life TV, Mo Abudu, said, “I happen to think that the recession is actually good for Nigeria. It has made a lot of people to think about how to be creative, innovative and compete for business.
“It is about thinking outside the box and saying, ‘How can we reach the consumers?’ This is the time for creativity to shine through and let’s see who is going to survive the recession.”
A former Chief Executive Officer, MTN Nigeria, Michael Ikpoki, described the period of recession as an interesting time, “because you can see different kinds of behaviours that also throw up opportunities.”
Commending existing industry players as well as regulator for their resilience, Adetu said: “I think there has been a huge improvement in the quality of media services offered by the main media independent players in the last few years. I say that reflecting back on my 30 years working on the client’s side. I think we must thank MIPAN and APCON for the roles they have played in this regard.
“Today, we are seeing more and more agencies having the necessary tools to enable quality insights for media strategy and planning, we have better and sharper responses to clients’ briefs and we are tracking media placement much more effectively. If you take the example of outdoor, with technology now, taking date coded pictures of flighted campaign on the billboard has been made a lot easier.”