Brands and brand managers must continue to re-invent themselves if they must continue to enjoy enduring patronages from today’s consumers. Such re-invention has to be tailored towards meeting the desired expectations of the consumers.
Yinka Adebayo, Group Executive Director at Omnicom Media Group- WeCA, made the statement in a keynote presentation at the second edition of MediaConsortium Conference and Awards (MCCA) held Thursday Sept., 26, 2024 at the Lagos Chambers of Commerce and Industry (LCCI), Alausa, Ikeja.
Adebayo spoke on the theme: “Meeting the Brands/Consumers Expectation in a Challenging Economy”.
According to him, customers are looking to brands to come up with new things and trendy items, if it is not trendy one stands the risk of losing them which will eventually impact the brand negatively. For him, companies must constantly review their activities and give more attention to researching their consumers to be able to meet their needs.
“In a time when disposable income is shrinking, consumers expect brands to offer more than just products; they seek value, authenticity, and trust. Brands that understand the pulse of their consumers and deliver accordingly will be the ones to thrive,” he said.
Citing the telecom industry as an example, he said: “iphone will continue to be a phone of value to consumers because of the need it is meeting. Hence, you wonder why no matter how expensive the phone brand may be, the makers still make series of the models which may appear insane that despite buying an iphone 13 one may still want to buy an iphone 14 or 15.”
Differentiating between the marketing and selling concept, Adebayo described marketing is an action taken to bring attention to a business' offerings; they can be physical goods for sale or services offered adding that, not all businesses need to market their goods and services the same way.
For the selling concept, he noted that, this assumes that consumers are looking for aggressive sales and promotions from consumers. He pointed that many times, marketing tactics driven by the selling concept are based off the company's need to sell rather than consumers' need to purchase. Some of the tactic use include clearance sales.
“It may not be a needed purchase, but a consumer can be persuaded with strong marketing or advertising techniques,” he said.
“There is the need to constantly do research- so that you can produce brands that meet the desire of the people… You will have to constantly innovate in such a way that it will meet customers expectation.
“Often time they say customer is king and he is king for a reason.
When people say customer is always right, it is not often time they are right- there are cases where the customer is wrong but, how dare you challenge them?
Because they hold the money which you are looking for- you value them in such a way that it makes sense” he summed.
At the panel session, following the keynote address, industry experts believe a middle ground has to be struck between brands and consumers for a symbiotic relation to continue to exist especially in this challenging times.
The discussion moderated by the Chief Executive of Absolute PR, Akonte Ekini featured Adedotun Ajibade, Media and Insight Manager, Rite Food Ltd, Chineze Amanfo, PR Lead, 9mobile and Dr. Dare Ogunyombo, Lecturer at the Mass Communication dept., Olabisi Onabanjo University, Ago-Iwoye, Ogun State.
Adedotun Ajibade said seven out of every 10 buyers are no longer loyal to their initial brands when it comes to pricing. He noted that today’s consumers are more conscious of their buying decision hence they don’t have allegiance to any particular brand except the ones they can afford.
“Are brands really meeting consumers’ need in terms of pricing? That is why we have gone to the sachet economy to ensure they continue to grab the attention of the consumers.
Corroborating Adedotun’s position, Chineze said producing smaller packs is among the ways brands are adapting to the realities on ground.
“Brands are now producing smaller packs to meet up consumer reducing purchasing power so that they are more affordable.
She also focused on the role public relations play in maintaining brand loyalty, by stressing on the importance of clear and consistent communication especially in a crisis.
“In this economy, PR is not just about telling stories; its about managing expectations.
Consumers need to know that the brands they trust are aware of the challenges they face and are actively working to ease their burdens,” she explained.
For Dr. Dare Ogunyombo, the point is to establish the nexus between the brands and consumers expectations.
According to him, brands want to sell their product at a profit for sustainability, while consumers want to buy products at the best price for the best value.
He said: “Brands that ignore local realities are likely to miss the mark. Nigerian consumers are highly adaptive and but also highly critical”.
MediaConsortium Conference and Awards is an annual marketing event that brings together stakeholders from the Integrated Marketing Communications sector with the aim of discussing burning issues that affect the industry.
Speaking earlier in his welcome address, Adetunji Faleye, Co-Publisher, MediaConsortium said the conference provides us with a unique opportunity to explore the strategies, innovations and collaborations necessary to navigate the economic challenges.
"We are all aware that we are operating in an era of unprecedented economic challenges- marked by global uncertainties, shifting consumer behaviours, and evolving market dynamics. In such an environment, the role of professionals in Integrated marketing Communications becomes even more critical as we strive to connect brands with consumers in meaningful and effective ways," Faleye said.
This year’s event which was the second edition also honoured some brands and practitioners who have been exceptional in their practice and service delivery.
They include, Daniel Obi, Brand journalist of the year 2024, Fearless Energy Drink, Energy Drink Brand of the Year, 2024, Nestle Nigeria, Transformational Impact Award, Checkers Custard, Custard Brand and Oracle Experience Ltd which emerged Experiential Marketing Agency of the Year 2024.
Others were Without-A-Box, Future Leader in Perception Management, Indomie Noodles emerged victorious as Consumer-Friendly Brand, Golden won the Pasta Brand and Victor Gbenga Afolabi won the Outstanding Contribution to SME Growth Through Technology.
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