Brands and brand managers must continue to re-invent themselves if they must continue to enjoy enduring patronage from today’s consumers.
Such re-invention has to be tailored towards meeting the desired expectations of the consumers.
Yinka Adebayo, Group Executive Director (GED) at Omnicom Media Group — WeCA, made the statement in a keynote presentation at the second edition of MediaConsortium Conference and Awards (MCCA) held Thursday, September 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 posited: “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 a series of 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 as an action taken to bring attention to a business's 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, Adebayo noted that this assumes that consumers are looking for aggressive sales and promotions from consumers.
The GED pointed out that many times, marketing tactics driven by the selling concept are based on the company's need to sell rather than consumers' need to purchase. Some tactics used include clearance sales.
“It may not be a needed purchase, but a consumer can be persuaded with strong marketing or advertising techniques.
“There is the need to constantly research so that you can produce brands that meet the desires of the people. You will have to constantly innovate in such a way that it will meet customers’ expectations.
“Oftentimes, they say the customer is king, and he is king for a reason.
“When people say the 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,” Adebayo maintained.
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 relationship to continue to exist, especially in these 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 department, 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 decisions; hence, they don’t have allegiance to any particular brand except the ones they can afford.
“Are brands meeting consumers’ needs 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 the ground.
“Brands are now producing smaller packs to meet consumers reducing purchasing power so that they are more affordable,” said Adedotun.
She also focused on the role public relations play in maintaining brand loyalty by stressing the importance of clear and consistent communication, especially in a crisis.
“In this economy, PR is not just about telling stories; it's 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 would like to buy products at the best price for the best value.
He retorted: “Brands that ignore local realities are likely to miss the mark. Nigerian consumers are highly adaptive, but also highly critical.”
MediaConsortium Conference and Awards is an annual marketing event that brings together stakeholders from the Integrated Marketing Communications sector to discuss 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.”
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, Nestlé Nigeria, Transformational Impact Award, Checkers Custard, Custard Brand and Oracle Experience Ltd, which emerged as Experiential Marketing Agency of the Year 2024.
Others were Without-A-Box, Future Leader in Perception Management, Indomie Noodles emerged victorious as a Consumer-Friendly Brand, Golden won the Pasta Brand, and Victor Gbenga Afolabi won the Outstanding Contribution to SME Growth Through Technology.
All rights reserved. This material and other digital content on this website may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without the prior express written permission of THE NEWS ACCELERATOR NETWORK.
For advertising inquiries, news coverage, or press releases, contact thenewsacceleratornetwork@gmail.com or 08033599492, 08051017159.
Post a Comment