Stakeholders and Experts in the
Integrated Marketing Communication (IMC) industry in Nigeria recently gathered
at the 2015 edition of the National Marketing Summit organized by Marketing
Edge. OLUWAGBENGA BANKOLE examines the role of marketing in this era of
dwindling oil price.
Judging from different perspective, there is no doubt that
the dwindling oil price has immeasurably affected the economy of the country. Nigerian
economy is currently experiencing a downward trend. The fall in the price of
crude oil, a major source of revenue for the country, has serious implications
for the country’s economy.
Oil glut has
for half a century been a global dominator of economies. It determines
commodity prices. It determines “rich” and “poor country”. It determines the
now obsolete index of GDP. It shapes markets and social well-being, and thus it
determines markets and Marketing.
The economic situation is biting so hard in some states in
the federation that monthly receipt from the federation allocation has sharply
declined. Consequently, some of the states can no longer meet up with their
financial obligations. Thus, only a few state governments are able to pay their
workers as and when due, while many others are unable to meet their obligations
to their workers. Some Federal Government agencies are equally not faring any
better in this respect. The private sector is also not totally immune from the
gloomy economic reality in the country as it has impacted negatively on the
value of the naira. With the diminishing value of the naira, local industries
are facing serious challenges that could actually lead to downsizing of workers
if the situation is not quickly addressed. Hence, from every perspective, these
are, indeed, trying times for the country.
While speaking on a topic “a new roadmap for marketing
business in the age of global oil glut” at the recently held 2015 edition of
the annual National Marketing Summit in Lagos, Chairman, Lead Consultant, Sef
Patri Services Mr. Josef Bel-Molokwu said that the changing façade of economies
as a result of the nuances and fluidity of an Oil-defined miasma has for more
than a decade now sustained an atmosphere of challenges, fears, uncertainties -
and a surge of innovation and creativity.
He said marketing has done much more than most national and
global input sectors by responding quickly to global force changes and
challenges.
Bel-Molokwu noted that the response of Marketing should be
two-fold, in a broad perspective, stating them as finding the Answer in
Innovation and Creativity, and providing unconventional solutions to keep
attracting – and attracting - more of
the apparently unending stream of consumers, retaining them and converting them
into Partners and Ambassadors.
“This new orientation to Marketing has at its heart the need
to absorb the shock waves of recession and value shrinkage occasioned by a realization
that dependence on Oil and Oil-based computations of national wealth will not
likely endure for the next decade. New energy sources, new production
processes, new Oil fields in hitherto non-Oil locations can only intensify the
glut,” he said.
He also stated further that “It is not just that Oil prices
are falling, or that more Oil is being found. The reality is that soon, very
soon, Oil will become a commodity of the past. So, it behooves Marketing
experts to take on the need to open new markets in the direction of serious sell
of intangible, no longer the
effortless sell that is Oil.”
Bel-Molokwu said that a new era
of Marketing is here, an era that does not have to be slowed down by market
vagaries or be dependent on Oil, Glut or no Glut, but It is an era of
Knowledge, adding that it is an era of creativity, digital and mental boom and
billion Consumers.
“The 7th Era of
Marketing is right here with us, and we MUST recognise its “here-ness” and understand that we cannot evade it in Nigeria as we
have evaded technology and production. The 7th Era of Marketing is
the era of Experience Orientation. The Era of Experience Sharing is characterized
by digital media dominance and a Consumer that is equipped with Knowledge as
well as the avenues to be empowered to Know. As a result of this, as adequately
described by Marc Mathieu, Unilever’s senior vice president for Brand
Marketing, only the Truth [about the Brand] will make today’s Consumer happy.
He says that Truth is also everything the Consumer would be happy to know and
be connected [with the Brand and its attributes].” he emphasized.
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