In a dynamic and challenging economic landscape marked by constant shifts and unpredictability, industry leaders have underscored the need for continuous innovation and strategic foresight to sustain growth and efficiency. Speaking at the Annual Public Lecture organized by the National Institute of Marketing of Nigeria (NIMN), Ikeja Chapter, titled “Transform Challenges into Strategic Opportunities for Sustainable Success in Volatile Times,” marketing veterans emphasized the role of strategic adaptability in turning challenges into business advantages.
Bolajoko Bayo-Ajayi, NIMN’s 1st Vice-President and keynote speaker, highlighted the economic hurdles currently affecting Nigerian businesses, such as soaring inflation and consumer reprioritization. She noted that food inflation, currently exceeding 37% as of September, forces individuals and businesses to make hard choices. “Small and medium enterprises, particularly those operating on thin margins, are the hardest hit,” Bayo-Ajayi stated, illustrating the pressure on companies to rethink long-standing strategies. She stressed the need for businesses to monitor emerging trends, assess the impact of current economic challenges on operations, and strategically plan to address these effects. “This isn’t a time to remain rigid in long-term strategies; instead, we must strike a balance between long- and short-term goals, keeping flexibility at the core.”
Highlighting the complexity of competition today, Bayo-Ajayi added that brands are no longer only competing within their sectors. “Consumers are faced with a multitude of choices, and brands must focus on what’s changed in consumer behavior to capture that value,” she explained, emphasizing that challenges and opportunities exist side-by-side. She encouraged companies to assess which strategies from the past are still relevant, adopt short-term agility, and balance long-term goals.
Yinka Adebayo, another keynote speaker, reiterated that crises often provide platforms for managers to demonstrate their capabilities. “Brands don’t die but they do when their managers are out of ideas,” Adebayo noted. “Gen Z, for example, follows influencers closely, and brands that tap into these passion points can elevate their visibility and loyalty.” Beyond simple brand awareness, he said, consumers today seek meaningful experiences, and brands that fail to capture “mindshare” will struggle to gain “market share” , urging brands to go beyond awareness campaigns and focus on creating meaningful consumer experiences.
In a discussion moderated by Mrs. Omome Odili, other industry voices also contributed their insights. Gbolahan Akinkobi of Nigerian Breweries, Adeyemi Ojo from BIC Nigeria, and Prof. Bolajoko Nkemdinim Dixon-Ogbechi explored the significance of collaboration, emotional intelligence, and efficiency in modern marketing. Adebayo further stressed the importance of emotional intelligence in navigating this complex landscape, urging marketers to listen closely to the insights provided by team members at all levels.
The speakers collectively emphasized several key principles for thriving amid uncertainty: collaboration and networking, which foster innovation; emotional intelligence to augment data-driven decisions; and efficient spending to maximize resources. Adebayo encouraged marketers to build networks, listen to their teams, and engage foot soldiers who often possess invaluable insights. He further advocated for “glocal” thinking leveraging global strategies but tailoring them to local contexts emphasizing that foresight, strong partnerships, and adaptive thinking will set successful brands apart.
Dr. Kehinde Joda, Chairman of the NIMN Ikeja Chapter, highlighted the institute’s commitment to continuous professional development. “Our goal is to ensure marketers are equipped to navigate the disruptive ecosystem we find ourselves in, keeping professionals and marketing students a step ahead of emerging trends,” Joda remarked in an interview with The Brand Colossus.
The event also welcomed students from over ten tertiary institutions, underscoring a strategic effort to bridge academia and industry. Dr. Kehinde Joda, Chairman of the Ikeja Chapter, emphasized the importance of this collaboration in fostering the next generation of marketers, who will drive Nigeria’s marketing landscape forward. By engaging students in these professional conversations, NIMN aims to create a “town and gown” synergy, where theoretical knowledge meets practical experience. This initiative is expected to inspire new talent and introduce them to industry insights that are crucial for sustainable growth and innovation in Nigeria’s rapidly evolving economy.
Through collaborative efforts, strategic agility, and a focus on both consumer experience and data-backed decision-making, marketing leaders believe Nigerian businesses can thrive despite the challenges posed by today’s economy.
