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Moshood-Abiola Arogundade
Department of Mass Communication, University of Lagos, Nigeria

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A Qualitative Analysis of the Influence of the 2020 Economic Recession on Marketing Decisions: A Cross-Organizational Study Soji Alabi; Tayo Popoola; Moshood-Abiola Arogundade
Economit Journal: Scientific Journal of Accountancy, Management and Finance Vol 5 No 2 (2025): Economit Journal: Scientific Journal of Accountancy, Management and Finance: (May
Publisher : Britain International for Academic Research (BIAR-Publisher)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/economit.v5i2.1344

Abstract

The study examined the impact of the 2020 economic recession on the marketing strategies of several firms in Nigeria. A qualitative research approach was employed, and data was collected from twenty (20) individuals across four sectors: telecommunications, real estate, media and entertainment, and banking. Data was collected utilising a semi-structured interview framework. A majority of the responders, 13 (65%), were females, with a mean age of roughly 33 years. Findings indicated that businesses had justifications for making a variety of marketing decisions. In addition to a substantial decrease in budgetary allocation, organisations implemented modifications in transitioning to digital advertising platforms, enhancing digital business operations, aligning organisational processes with technology, and embracing a customer-centric advertising approach. The findings suggest that while digital advertising offers cost efficiencies, companies should anticipate rising platform costs and algorithm changes by diversifying their marketing strategy.
Impact of 2020 Economic Recession on Advertising Agencies in Nigeria Soji Alabi; Moshood-Abiola Arogundade
Economit Journal: Scientific Journal of Accountancy, Management and Finance Vol 5 No 3 (2025): Economit Journal: Scientific Journal of Accountancy, Management and Finance: (Aug
Publisher : Britain International for Academic Research (BIAR-Publisher)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/economit.v5i3.1346

Abstract

Existing literature tends to focus on broader marketing trends or global advertising shifts, leaving a gap in understanding how Nigerian agencies navigated the 2020 downturn and its implications for their future practices. This study seeks to address this gap by investigating the challenges faced by advertising agencies in Nigeria during the economic crisis. Qualitative research method was adopted, and data was gathered from ten (10) participants across five different advertising agencies in Nigeria. Additional findings revealed that the 2020 economic downturn had dual consequences for lead generation among advertising firms, depending on their ability to adapt to economic shifts and structural variations. While some formed international relationships and secured health awareness campaign gigs, others leveraged referrals to expand their business. Also, it was found that the 2020 economic recession exerted divergent effects on client-agency relationships within the advertising sector, contingent upon the agencies' responsiveness to the circumstances and their pre-existing operational frameworks. While some experienced cordial relationships through virtual collaborations, some relationships went sour. Based on the findings, it was recommended that advertising firms undertake digital transformation, incorporating remote collaboration tools and data-driven marketing techniques. Agencies can promptly capitalise on new opportunities, such as public health campaigns, by equipping their personnel with training in virtual client management and agile service delivery.
Co-Authors Soji Alabi Tayo Popoola