Experts in the integrated marketing communications sector have called on marketing practitioners in Nigeria to adapt to a new market reality that prioritizes consumer needs and preferences. This was a key message at the Media Consortium Conference & Awards held in Lagos. The experts noted that the modern consumer is more informed, empowered, and value-centric, requiring marketers to devise strategies that go beyond traditional buyer-seller relationships.
According to Dr. Bolajoko Bayo-Ajayi, President of the National Institute of Marketing of Nigeria (NIMN), today's consumer is the "most dangerous" due to the vast amount of information at their disposal. She argued that the advent of the internet, social media, smartphones, e-commerce, fintech, and Artificial Intelligence (AI) has transferred market power from sellers to buyers. As a result, marketers can no longer control the market and conversations surrounding their brand.
Dr. Bayo-Ajayi emphasized that Nigerian consumers are becoming more demanding and choosy due to the prevailing economic downturn. She stressed that marketers must deliver on their brand promise and move beyond making products attractive. The NIMN boss highlighted the need for marketing practitioners to evolve and understand data, AI, behavioral science, customer experience, digital ecosystems, sustainability, analytics, and commercial accountability.
Femi Opadere, Head of Digital at Globacom, corroborated the claim of a new market reality where consumer decisions are no longer influenced by catchy product adverts. He noted that present-day consumers expect relevance, convenience, trust, value, and voice, and compare and validate before making a choice. This shift requires marketers to adopt bold, forward-looking strategies and deep cross-sector collaboration.
The conference theme was informed by the need to discuss the new market reality and its implications for marketing practitioners. Godwin Anyebe, Co-Founder of Media Consortium, explained that the theme aimed to encourage customer-centric innovation and forward-thinking strategies. The conference provided a platform for experts to share insights and best practices in adapting to the changing market landscape.
The experts also emphasized the need for marketing practitioners to move beyond traditional marketing approaches and understand the evolving needs of consumers. They stressed that marketers must prioritize customer experience, data, and technology to remain relevant in the new market reality. The NIMN has a responsibility to ensure that practitioners evolve and understand the changing market dynamics.
The Media Consortium Conference & Awards brought together experts and practitioners in the marketing industry to discuss the new market reality and its implications. The conference highlighted the need for marketing practitioners to adapt to the changing market landscape and prioritize consumer needs and preferences. Key recommendations included the need for marketers to deliver on their brand promise and evolve to understand data, AI, and customer experience.
Key points
- Marketing practitioners must adapt to a new market reality where consumers are increasingly informed and empowered.
- The new market reality requires marketers to prioritize customer experience, data, and technology.
- Marketing practitioners must evolve to understand data, AI, behavioral science, customer experience, digital ecosystems, sustainability, analytics, and commercial accountability.
