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Industry experts search for disruptive marketing strategies

by Emmanuel Ogundele
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… Launch $20,000 prize Hackathon competition

Industry experts have started a move in search of unconventional and disruptive marketing strategies to grow and deepen the marketing ecosystem for the benefit of players in the value chain.

In the recent years, various sectors such as banking,  auto industry, and purchasing methods have experienced disruptions enhanced by technology but in some cases exacerbated by Covid 19. Though some Nigerian industries like Fintech have seen some innovations but a lot can still happen in other sectors.

 It is in this line of thinking for marketing and media industry that Eko Innovation Center in partnership with GDM Group launched Media and Marketing Hackathon tagged ‘MarkHack 1.0’ in search of  tech disruption  in marketing  and media space as key to redefining consumer recruitment and interaction.

The idea is to have registered participants to ideate and create solutions that would disrupt and tackle some of the challenges faced in the industry using technology.

Under the programme, over 500 individuals have registered from 72 locations, 5 countries, and 4 continents and the best 10 teams with the most viable concepts will go head-to-head at the finale on 18th May for a chance to win $20,000 prize pool and an acceleration program with up to $50K equity investment to get their products ready for the market.

The founder of Eko Innovation Centre, Victor Afolabi explained that the whole idea is to grow and make the marketing and media ecosystem deeper, more developed, richer with assets, improve valuation, and improve impact of the industry. With this, he believed that the industry will attract investments, attract best of minds and grows so that everybody will be a winner.

Afolabi further said that participants would be split into teams of 5 and are required to work together for 3 weeks, brainstorming and ideating new concepts based on their focus areas. They would  be sub-grouped into 8 focus areas which include consumer experience, media consumption, consumer recruitment & interaction, trade & retail engagement, analytics and metrics, events marketing, media monetization, and content creation.

Each team gets to pitch their ideas to a selection Jury of subject matter experts and the best 10 teams would be picked by the Jurors.

He said the marketing ecosystem is ripe for disruption and new ways of engagement and at the end, value is brought to the consumer and the clients.

Also speaking to BusinessDay, Tobosun Alake, special adviser to Lagos state governor, said the state keyed into the MarkHack project because the state believes in innovation as only way to drive the economy and raising living standard of people.

“It is high time marketing is disrupted for better economy. There is a need to think outside the box, for new solutions in the market place”.

Delivering the keynote address on the topic, “Tech Disruption in Marketing: The Key to Redefining Consumer Recruitment and Interaction”, David M. Raab, Founder/CEO, Customer Data Platform Institute urged marketers to be innovative, understand the concept of disruption and be deliberate about it, stating “Change is everywhere. Usable disruption is hard to find. Look for strong benefits and good defense. Support disruption with innovative solutions for business success.”

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