In a bid to address the data availability and accessibility issues prevalent in the media and marketing sector, PHD Nigeria, a leading agency in media planning and buying, has launched an advanced data proprietary tool called ‘Ocular.’ This cutting-edge tool is tailored to provide organizations with real-time, top-quality consumer data and insights, enabling them to make well-informed decisions that guarantee a solid return on investment (ROI).
The unveiling event, which took place at the Marriot Hotel in Ikeja, Lagos, featured Dozie Okafor, the Managing Director of PHD Nigeria, who revealed that ‘Ocular’ had been in development for two years noting that the primary goal is to enhance the efficient management of advertising investments, supported by well-informed decisions that can be quantified with precise data.
Dozie Okafor explained the motivation behind creating ‘Ocular,’ citing previous challenges related to data recency, accuracy, and responsiveness to real-time needs. He emphasized the need for more flexible and adaptable data solutions.
“Why did we create Ocular? I think it stemmed from a lot of the data challenges we have had over the years. We had a lot of questions about the recency of the data and the accuracy of the data and how quickly we can turn things around. A lot of the data is rigid, it wasn’t flexible enough to respond to the needs of the day”.
According to him, the new technology will compliment existing measurement tools and can be adopted to suit the specifications of varied users.
Furthermore, Cornelia Emem Babatunde, the Research Lead at PHD Nigeria, highlighted the significance of this new technology, stating that it can be customized to meet the diverse requirements of users.
She emphasized the collaborative nature of ‘Ocular’ and encouraged the audience to embrace this transformative platform for consumer behavior insights in the Nigerian research landscape.
During a discussion titled “The Future of Data; Unlocking Insight for Business,” industry experts including Ojie Ehineta, Digital and Media Manager, (West Africa), Pernod Ricard, Oge Maduagwu, Media Manager, (West Africa), Unilever Nigeria, Motunrayo Babalola, Country Marketing Lead, Lipton & Infusions, Oludare Kafar, Head of Marketing (Nigeria), Kingmakers and James Odejimi, Head of Marketing (Nigeria), HPZ Haier Thermocool emphasized the pivotal role of real-time, high-quality data in driving business growth. The panelists stressed that understanding consumers through accurate data is essential for optimizing marketing budgets and implementing effective tracking and evaluation systems, leading to seamless and result-oriented strategies.
Oge Maduagwu highlighted the significance of data in future-fit organizations, emphasizing its role across various aspects such as finance and supply chain. She stated that having consumers at the core of business activities necessitates a deep understanding facilitated by data.
“Any organization that sees itself as future fit will have data and insights at the forefront. From everything, end to end, from finance, supply chain, because we have the consumer in the heart of everything that we do and that is something that we cannot do without. Data is critical as the beginning of my job in understanding who my consumers are”.
Similarly, Motunrayo Babalola emphasized the critical role of data at the beginning of her work, emphasizing the importance of knowing consumers’ preferences and thoughts before entering any market. She stressed the need for data-driven planning and rigorous evaluation to ensure a positive return on investment for every dollar spent.
Ojie stressed the rapidly changing business environment and the need for well-informed decisions. He pointed out that businesses must adapt to the evolving ecosystem and leverage data to gain consumer insights. He highlighted that it’s not just about numbers but understanding how data translates into impacting the business.
James highlighted the critical role of data in driving innovation that aligns with consumer needs. Data plays a central role in shaping new and relevant offerings for consumers, he said.
Oludare expressed the vital nature of real-time data for their operations, emphasizing the need to measure the impact of campaigns immediately.
This underscores the importance of timely data in their decision-making processes and assessing the effectiveness of their strategies.
The insights shared by these experts underlined the indispensable nature of data in shaping effective business strategies and fostering growth in the dynamic market landscape.
‘Ocular,’ currently available in seven states, is poised to bring about a transformation in the media and marketing landscape. It offers real-time and precise insights into trends, consumer behavior, and performance metrics, essential for effective evaluation of marketing strategies.
This cutting-edge technology empowers users to monitor consumer habits, product consumption, and conduct real-time surveys. ‘Ocular’ provides valuable information about demographics, psychographics, media consumption, and the purchasing power of consumers. It equips businesses with the tools they need to make data-driven decisions and tailor their marketing efforts more effectively.
