Home > Interviews > Media Business is very dynamic and specific- Mr. Feyisola Olukoya, Managing Director MediaStamp Ltd

Media Business is very dynamic and specific- Mr. Feyisola Olukoya, Managing Director MediaStamp Ltd

What Is Your Guiding Philosophy At MediaStamp?

We are customer centric. As a matter of fact our guiding philosophy is giving every client at every contact a dose of our ‘customer delight’ services and see through integrity that will generate patronage over a long period of time. It is the greatest thing that we are here to push because for us, integrity is key. Media business is very dynamic and specific because people want to see your depth and the value you can add to the business they have trusted you with. If you look at it, media generally is about getting worth for client’s investment and ensuring that the aspirations of the brand or product is achieved and so if anybody is going to trust his money with you, then they can trust that you will also deliver on your promise.

We do what we say, and then we don’t say what we don’t mean. If we tell a client that we will do their job, we will do their job. We don’t have so many clients, but the few that we have we do their job well and they have come to trust us overtime as the agency to partner with. So that is the major distinguishing factor that we pride ourselves in.

But then, beyond all that, we have responsibility to all other stakeholders the media they work with. That’s why today, despite our age, we have made conscious effort to guide our name especially in the fulfillment of our obligations to stakeholders in the industry. We don’t take client’s money and eat it up. When we take client money, we pay the media and that explain the lavish and bogus relationship we have with the media in general

Let’s talk about the relationship between the media and newspapers organizations; it has not been cordial over the years. Is MIPAN doing anything to make the operation smooth between the two?

Well sincerely speaking, I can’t speak for MIPAN. But I belong to MIPAN, and I know that MIPAN as the umbrella body for Media Independent Agencies is doing the best to bring everybody together, both from press, broadcast and others under this umbrella that we represent.

But you know that every sector will also have its own challenge. There are so many other things that up till today, we are still finding it very difficult to understand because of the challenges that have come to every aspect of this industry. We have some quacks in the industry; we also call them portfolio media agencies. They have no office, they have no staff, they have nothing, they are not registered they get jobs out there, they go to the media house and yet get same discount or more discount than they give the registered agencies. So more or less, those guys are taking the job away from the agencies and then at the end of the day you begin to wonder, why do I belong to this associations? Why do I have to register? Why do I have to have an office? Why do I have to employ people? Why do I have to pay? Why do I have to be an agency? Especially now when profit is shrinking, discounts are no longer there. Every discount is now passed back to the client, so what do you expect the agency to live with? There
is a lot going on and Newspaper houses have a lot to do to address this abnormal situation before we are all sent out of business. I recognize it is a survival race but we must all learn to play within the rules.

So what is the destination of MediaStamp in the next five years?

When we started, we set targets. We said in first three years, we want to be known as a good agency, a performing agency, an agency of trust, to work with and work for. We set out to create an impact in the industry and create a foot note that people can see and talk about.

 

To God be the glory we have been able to do that. We are not an underdog anymore, people know Media Stamp for what we stand for, for what we represent, they know us by our deeds, they know us for what we have done and now, MediaStamp has come to stay. For the next five years, we want to play big, we have our eyes up there and we want to do something new in this industry. The atmosphere now might not suggest that, but sincerely speaking we are not constrained by it, we set our sight on the future, we see it coming and we are working towards it even by our size, by the caliber of people that we have.

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Mr. Feyisola Olukoya, Managing Director MediaStamp Ltd

The next five years is going to be very glorious because we are going to play in the big league. We might not be the first, we might not even be the second. Our focus is not in the position but we want to be ranked as one of the best. And when you are one of the best, you play good based on what you are able to do.

I don’t want people to talk about MediaStamp based on positional ranking but I want them to talk about MediaStamp based on what it represents, based on what MediaStamp is bringing to the industry, based on how we have been able to influence the industry. I want the industry to refer to us as ‘the STAMP that delivers’.

As an entrepreneur, could you tell me the similarities as when you were an employee and now you are an entrepreneur?

They are two sides of the coin. You start from being an employee to become an employer. There might be some similarities in the functions and activities, the responsibilities are far apart. As an employee, you get employed by an individual or company and get paid an agreed salary at the end of each month. You are invariably working for somebody; but as an entrepreneur, you employ people and pay them as the owner of your business. While it was never your headache how you get paid as an employee, you have to bother how you get money to pay you employees as an entrepreneur. Sourcing business, executing the business and sustaining the enterprise especially at a time like this in the life of a country like Nigeria, is a big job as an entrepreneur will have to bother so much about. At the same time, and away from the troubles of running a successful enterprise, the joy of owning and running your own business can never be over emphasized. Your own destiny is in your hand and you determine the course of it unlike when you really don’t have control as an employee.

My experience from all the places I have worked made me a better entrepreneur. I learn how to manage business, manage human resource and financial resource as well.

On the last note can you describe yourself?

I am Feyisola Olukoya, happily married and a jolly good fellow. I am one man that believes in God. I got here because God has been very good to me.

I see everybody God has brought my way as a partner, friend, sister or a brother and together, we approach the job as a family.

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