At the second edition of the MediaConsortium Conference and Awards (MCCA) held on September 26, 2024, at the Lagos Chambers of Commerce and Industry (LCCI) in Ikeja, brands and brand managers were strongly advised to continually reinvent themselves to maintain consumer loyalty. This advice came during the keynote address delivered by Yinka Adebayo, Group Executive Director of Omnicom Media Group- WeCA, who spoke on the theme “Meeting the Brands/Consumers Expectation in a Challenging Economy.”
Adebayo emphasized the need for brands to adapt to the shifting preferences of today’s consumers. “Consumers are looking for innovation and relevance,” he said. “If a brand fails to meet their expectations, especially in a challenging economy, it risks losing them, which can have long-term negative impacts.”
Using the telecom industry as an example, Adebayo highlighted how top-tier brands like iPhone continuously release new models to meet consumer demand, even though many users may already own previous versions. This constant innovation, he explained, is key to retaining brand value in the eyes of consumers.
Adebayo also distinguished between marketing and selling strategies, noting that while marketing draws attention to products and services, aggressive selling often focuses on pushing sales through promotions like clearance sales. “Not every purchase is essential,” he noted, “but strong advertising can persuade consumers to buy.”
He further stressed the importance of market research, stating that understanding consumer needs is the foundation of long-term success. “Brands must continuously innovate to meet customer expectations. The phrase ‘the customer is king’ holds true, as consumers control the purchasing power,” he concluded.
A subsequent panel discussion, moderated by Akonte Ekini, CEO of Absolute PR, expanded on Adebayo’s insights. Adedotun Ajibade, Media and Insight Manager at Rite Foods Ltd., noted that 7 out of 10 consumers are no longer loyal to specific brands, particularly when prices increase. “Today’s consumers prioritize affordability over brand loyalty, especially in this tough economy,” he said.
Chineze Amanfo, PR Lead at 9mobile, echoed Ajibade’s sentiment, explaining that brands are increasingly producing smaller, more affordable packaging to cater to the reduced purchasing power of consumers. She also emphasized the importance of clear communication in maintaining consumer trust, particularly in times of crisis. “Consumers need to know that brands understand their struggles and are taking steps to address them,” she said.
Dr. Dare Ogunyombo, Lecturer at Olabisi Onabanjo University, stressed the importance of understanding local market dynamics. “Brands that ignore the realities of Nigerian consumers risk falling behind. Our consumers are highly adaptive and critical, especially in difficult times,” he warned.
The MCCA, an annual event that brings together stakeholders from the Integrated Marketing Communications sector, also saw brands and professionals recognized for excellence. Some of the winners included Fearless Energy Drink, which was named Energy Drink Brand of the Year, and Oracle Experience Ltd., which won Experiential Marketing Agency of the Year.
In his opening remarks, Adetunji Faleye, Co-Publisher of MediaConsortium, highlighted the importance of collaboration and innovation in overcoming economic challenges. “We are in an era marked by global uncertainties, shifting consumer behaviors, and evolving market dynamics. In such an environment, Integrated Marketing Communications professionals play a crucial role in connecting brands with consumers in meaningful ways,” he said.
This year’s event celebrated both brands and individuals who have demonstrated exceptional service and innovation in their respective fields. Notable awards included the Transformational Impact Award for Nestle Nigeria, Brand Journalist of the Year 2024 for Daniel Obi, and Outstanding Contribution to SME Growth Through Technology for Victor Gbenga Afolabi.
