In today's dynamic consumer landscape, brands and their managers must continuously reinvent themselves to maintain enduring patronage. This transformation should be strategically aligned with meeting the evolving expectations of consumers.

Yinka Adebayo, Group Executive Director at Omnicom Media Group- WeCA, emphasized this crucial aspect in a keynote presentation at the second edition of the MediaConsortium Conference and Awards (MCCA). The event took place on Thursday, September 26, 2024, at the Lagos Chambers of Commerce and Industry (LCCI) in Alausa, Ikeja.

Mr. Debayo delivered a presentation on the topic of  “Meeting the Brands/Consumers Expectation in a Challenging Economy”.

He emphasized the significance of innovation and trend awareness in capturing and retaining customers. Failure to adapt to current trends poses the risk of losing market share and negatively impacting brand reputation. Mr. Debayo stressed the importance of continuous self-evaluation and market research to effectively meet consumer demands.

“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.”

Yinka Adebayo, Group Executive Director at Omnicom Media Group- WeCA presenting an award to Fearless Energy Drink which was recognized as the Energy Drink Brand of the Year for 2024

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 that followed the keynote address, industry experts emphasized the necessity of finding a balance between brands and consumers to maintain a mutually beneficial relationship, particularly during these challenging times.

The discussion, led by Akonte Ekini, Chief Executive of Absolute PR, included insights from Adedotun Ajibade, Media and Insight Manager at Rite Food Ltd, Chineze Amanfo, PR Lead at 9mobile, and Dr. Dare Ogunyombo, a lecturer in the Mass Communication department at Olabisi Onabanjo University in Ogun State.

Adedotun Ajibade pointed out that seven out of ten consumers no longer exhibit loyalty to their original brands when it comes to pricing. He highlighted that modern consumers are increasingly aware of their purchasing decisions, leading them to favor brands that align with their financial capabilities rather than remaining loyal to any specific brand.

“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 focus 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”.  

The MediaConsortium Conference and Awards is an annual marketing event that convenes stakeholders from the Integrated Marketing Communications sector to address critical industry issues.

In his welcome address, Co-Publisher Adetunji Faleye emphasized the conference's significance in exploring strategies, innovations, and collaborations to overcome 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.

During this year's second annual event, several brands and professionals were recognized for their exceptional contributions and service delivery within their respective fields.

Among the distinguished honorees were Daniel Obi, who received the accolade of Brand Journalist of the Year 2024. Fearless Energy Drink was recognized as the Energy Drink Brand of the Year for 2024, while Nestle Nigeria was presented with the Transformational Impact Award. Checkers Custard was acknowledged as the Custard Brand of the Year, and Oracle Experience Ltd emerged as the Experiential Marketing Agency of the Year 2024.

Additional notable recipients included Without-A-Box, which was recognized as the Future Leader in Perception Management. Indomie Noodles achieved recognition as the Consumer-Friendly Brand, and Golden was awarded the Pasta Brand of the Year. Victor Gbenga Afolabi received the esteemed honor of Outstanding Contribution to SME Growth Through Technology.