Nielsen chief underscores importance of testing companies’ innovations before implementation

6 total views, no views today

Various books and seminars have emphasised  the importance of innovations to keep organisations competitive or to gain market advantage but Ged Nooy, Managing Director of Nielsen Nigeria said innovation is not absolute as it must be subjected to testing before implementation to substantiate it.

Experts have said that out of every 7 new innovative products, only one succeeds and laying credence to this, Nooy who spoke at his company’s event in Lagos recently said concepts fail because a lot of managers rush to the market without testing the innovation before implementation and execution.

“Another challenge is that innovation is sometimes  just done to extend the brand line instead of identifying what the customer needs”, Nooy further said at the forum which looked at the question of whether retailers and manufacturers are equipped to beat the odds they are facing in Nigeria by anticipating and preparing for the future.

Nooy and his team had invited clients to assess future consumption trends and how this can be shaped and the big drivers and some of the developments that will do that.

According to him, “everyone is fighting for growth, competition for consumers’ wallets has never been greater, and growing share of those wallets has never been tougher. In a challenging environment, finding opportunities with the right insights becomes key to help beat the odds.”

In helping the clients beat the odd, Nooy said Nielsen creates a benchmark to determine how clients are performing. “If they are growing below the benchmark, we look at why until we find where the problem is”.

Also speaking, Ailsa Wingfield, Executive Director, Thought Leadership, Nielsen said, “Opportunities today and tomorrow are about understanding and delivering what consumers need and want. Times are shifting”, she said.

She noted that “there are more Read More...

OMO maturity boosts banking system liquidity with N105.2bn

13 total views, 1 views today

An inflow from Open Market Operation (OMO) maturities worth N105.2 billion is expected to bolster banking system liquidity this week.

This will be in addition to the current system liquidity of about N840.0 billion as at Friday last week, making a total of N945.2 billion.

“We expect to see a sustenance in the bullish run stemming from a strong system liquidity as well as sustained OMO auction by the Central Bank of Nigeria (CBN)”, analysts at Afrinvest Securities limited said.

Excess liquidity in the system, arising, mainly, from matured CBN bills and fiscal injections were consistently mopped-up through OMO auctions. Consequently, major money market rates trended in tandem with the level of liquidity in the system.

The CBN’s economic report for the month of May 2019 revealed that the total value of money market assets outstanding in May 2019 was N12.49 billion, showing an increase of 0.9 per cent, compared with 4.1 per cent increase in the preceding month.

The development was attributed, largely, to the 16.0 per cent, 2.9 per cent and 1.2 per cent increase in Bankers Acceptances, Commercial Paper and FGN Bonds outstanding, respectively.

Money market rates were generally stable and moved in tandem with the level of liquidity in the review period.

Provisional data from the report indicated that movements in banks’ deposit rates were mixed, while lending rates trended downwards in May 2019. With the exception of the 6-month and 12-month deposit rates, which declined to 10.26 per cent and 10.56 per cent, respectively, from its preceding month’s levels of 10.36 per cent and 10.70 per cent, all other rates of various maturities, rose from a range of 3.70 per cent – 9.71 per cent in the preceding month to a range of 3.71 per cent – 9.82 per cent Read More...

Strengthening CEOs, CFOs, CMOs relationships for organisational growth

10 total views, no views today

Major issues that keep Chief Executive Officers awake are declining revenue, increasing operational cost and consequently, no profit. In this circumstance and spite of any economic and environmental challenges, the troubled CEO turns round to hold the Chief Marketing Officer responsible for not selling enough of the products or services to augment revenue.

The perplexed CMO, in turn, is at cross roads as his/her budget and other resources for marketing activities which are expected to engage consumers and increase sales are often slashed by Chief Financial Officer and approved by CEO.

To CEO and CFO, their intention of slashing the CMO budget is to reduce operational cost, save money and make profit. Good intention, though the misunderstanding here is that the CEO and CFO are not immediately conscious of the translation of investment in marketing to revenue or the CMO has not shown such proof enough. Most companies often visit the CMO budget for cut when things are not going well.  Presently, the CMO budget is perhaps going up because he has to contend with various social vagaries which were non-existent before now.

According to Chris Ogbechie, Senior Faculty Officer, Lagos Business School at a recent lecture, the CMO is today contending with turbulent environment occasioned by changing consumer needs, social values, and competition from both global and local markets and dropping consumer disposable income.

Companies especially those in the same sector are also competing on profits. Under this scenario, the CMO is under pressure and therefore he/she is asking for more financial resources to conquer and meet expectations.  Above all, he/ she also needs innovative strategies. But the challenge at this time is that the CEO and CFO are not sure that the allocation of more resources for activities will translate to increase Read More...

Zenera consulting emerges outstanding Brand Management Company of the Year

19 total views, no views today

Leading brand management and advertising company, Zenera Consulting, won the Outstanding Brand Management Company of the Year award while its Managing Partner, Meka Olowola, received the Innovative Leadership in PR and Image Management accolade at the 2019 National Marketing Stakeholders Summit & Brand and Advertising Awards of Excellence.

The awards were conferred on the brand following a meticulous selection process involving several nominees and judges. The bestowments give substance to the cutting-edge solutions the company offers its clients in areas of strategy, reputation management, branding and advertising.

Commenting on the honours, Olowola said: “With heightened demand for cost-effective cutting-edge marketing, 2018 witnessed several exceptionally high-octane creative campaigns. It is, therefore, very gratifying that it is against this backdrop that all our hard work was adjudged worthy of these awards by the very industry itself. Whilst saying a big thank you to outstanding talents in the Zenera Group and other stakeholders, we reinstate our commitment to continuing to delight clients and peers in a sustainable and all-inclusive manner.”

Olowola’s recognition stemmed from his vast contribution to the growth of the indigenous public relations and reputation management sector in his 25-year career. According to John Ajayi, Marketing Edge’s Editor, “[Meka Olowola’s] emergence as Marketing Edge Innovative Leadership in PR and Image Management Awardee, which we are reluctant to describe as an award, was a product of painstaking review and assessment of your immense contributions to the pace-setting and front-running status of Zenera Consulting as a full-service Branding and Public Relations (PR) firm in Nigeria.

[It is] needless to say that not only are you a respected and celebrated PR professional and brand builder per excellence, the name Meka Olowola has become a brand in integrated marketing communication circles across and beyond the shores of Nigeria, hence the … Read More...

Flour Mills Nigeria aims at doubling business in 5 years to N1.2trn revenue

24 total views, no views today

Flour Mills of Nigeria Plc, foremost market operator in food and agro-allied products has outlined an ambitious business plan for the next five years. The 59 year old company is targeting doubling its business within this period from N600 billion revenue to over N1.2 trillion in 2024.

The strategy of the business expansion of the  company which has over the years diversified into fast moving consumer goods is not only organic growth, but acquisitions and partnerships.

Paul Gbededo, Group Managing Director of the company which controls about 42 percent of the flour business told BusinessDay recently at the celebration of the company’s trade partners for their contributions to the FMN business growth that the business expansion is to ensure that the vision of feeding the nation and Africa is realised.

“Value and job creation is our focus and that will be in the downstream. It is not just good to acquire assets in the upstream but we need to focus on the downstream and create more value”. To ensure continuous business growth, it rewarded its business partners for their patronage and performance. The event which was attended by over 500 guests, culminated in the handing over of 17 trucks to the top performing dealers.  Top 5 dealers were celebrated with the special award of 30-ton trucks and trailers which further expands their business model with primary distribution capability.

This year’s conference theme , “Breakthrough partnering for growth,” looked back at the rich and unique heritage the company shares with its partners and reinforced the continued commitment towards mutual profitability and growth.

“Our success story as the leading consumer business in Nigeria, will not be complete without our esteemed dealers and partners who form an integral part of how we are achieving our purpose of Read More...