Adstrat Wins N250m Afribank Public Offer Account
Stories by Tunmise Adekunle
As banks continue to comply with the CBN directive on recapitalization, advertising agencies and most importantly, brand management consultancies are fully in the trenches to strategically craft the best and most effective marketing communication tools that will create the desired perception for their clients.
To this end, Afribank Plc has appointed the Charles O`tudor led Adstrat brand consultants to handle communication on its public offering scheduled to take of next week.
THISDAY checks revealed that Afribank's choice of Adstrat for the 250 million Naira campaign was informed by the bank�s quest for a dynamic and creative consultancy that will take it through a total acculturation exercise, and reaffirm its position as a leading bank in the market.
The award of the Afribank public offering account to Adstrat is expected to mark a turning point in the history of the bank . It goes to reinforce the belief that the new management is fully poised for a positive change and for the future.
The bank�s close working relationship with Adstrat and its sister companies is also expected to afford it a taste of disruptive effective communication strategies by three of the young and most restless marketing communication companies, Adstrat, Stratis and Axle. Inside sources informed THISDAY that while Adstrat is meant to co-ordinate the total articulation of the campaign, its strategic media affiliate-Axle, has been given the mandate to expose the offering via a multi-media approach like: TV, radio, press among others. This also includes international media such as CNN, and the internet.
Adstrat strategic image/event affiliate, Stratis has the mandate to ensure a positive perception of the offer and the Afribank brand.
The relationship is expected to translate into an over subscribed public offering and a renewed Afribank.
For the marketing communication industry, it is a case study of credibility; first of its kind where a total campaign brief, running into 250 million Naira would be awarded to a young group of consultancies rather than being split amongst several agencies or worst still given to a complacent egg head agency.
Feelers from industry watchers revealed that the Afribank pre-offer campaign which broke last week goes to confirm Adstrat�s innovativeness and strategic brand positioning prowess. The teasers they confirmed were highly communicative just as they created the desired attention.
Adstrat, which PR and event sister company, Stratis and media company, Axle are handling the image plus event, and media buying brief respectively, is expected to ensure that Afribank�s equity in the market place increases beyond the offer. Sources close to the consultancy disclosed that Adstrat�s re-oxygenation of Afribank is total. The bank will be given holistic brand oxygenation from a strategic image projection to strategic media buying.
More than any of its contemporaries, Adstrat has successfully packaged public offers for several banks in recent times. The brand management consultancy known for its thorough approach and beyond-the-ordinary campaign strategies is back to the market place once more barely two months being part of the well oversubscribed public offering of the Tayo Aderinokun led Guaranty Trust bank Plc.
Adstrat has in a short time carved a niche in the financial services marketing. Within three years, the consultancy has successfully marketed the public offer of Manny bank, Chartered bank, NAL bank, Standard Trust bank and Guaranty Trust bank. The Afribank public offer, the biggest in the series of Adstrat�s briefs is a test of the firm�s wit in terms of total brand management consultancy.
According to David Ese, executive consultant, Axle media Ltd; "our media placement for the bank is strategic. This is in line with our philosophy-to do the unusual to achieve optimum result".
Stressing further on the strategic image and perception for the offer, Aderemi Ajala, Senior Consultant, Stratis said in view of the season of public offers, Stratis will ensure total brand dominance via image projection such that Afribank�s offer will connect with investors.
The senior consultant, Adstrat, Eno Martins who is also the account manager, informed that Adstrat's processed thought to finish is a major guiding tool to strategically oxygenate Afribank. She said the bank will be positively positioned beyond the sale of its offer, making it a truly responsive bank with an excellent banking culture
Forty-four years ago Afribank embarked on a mission to build a reputable and endearing financial institution, today it stands tall as one of the fourth largest banks and the biggest in terms of IT facilities and asset base.
Its deposit base has risen from N2.4 billion in 1990 to N67.9 billion in 2003, an increase of 2,640 percent. The bank�s total assets which stood at N3.3 billion in 1990 increased to N85.4billion in 2004, an increase of 2,423.54 percent.
With prudent management of resources and aggressive marketing strategies, the Profit Before Tax of the Bank also rose sharply from N66.2 million in 1990 to N2.2 billion in 2002. The Bank has also consistently been growing its shareholders� funds. This increased by 1,561.60 percent from N288.3 million in 1990 to N4.7 billion in 2003 and Group shareholders funds of about N8 billion in 2004.
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