Marketing experts have stressed that marketing practitioners must adapt to the new market reality of increasingly empowered consumers to remain professionally relevant. This call was made at the Media Consortium Conference & Awards held in Lagos. The experts acknowledged that the value dynamic is shifting as today's consumers are more informed, empowered, and value-centric. They emphasized that marketing practitioners and brand custodians must devise strategies to see consumers not just as buyers but also as decision-makers.
Dr. Bolajoko Bayo-Ajayi, President of the National Institute of Marketing of Nigeria (NIMN), delivered a keynote speech titled "The Value Shift: Strategies for the New Market Reality in the Age of the Empowered Consumer." She described the present-day consumer as "the most dangerous" due to their increased access to information and ability to make informed decisions without relying on brands. Dr. Bayo-Ajayi attributed this shift to the rise of the internet, social media, smartphones, e-commerce, fintech, creator economies, and Artificial Intelligence (AI), which have transferred market power from sellers to buyers.
According to Dr. Bayo-Ajayi, the present-day brand has lost marketing control, unlike in the past when consumers would listen to and accept a brand's narrative. She noted that consumers can now control their advertisements, websites, and experiences but not what other customers say about them. Dr. Bayo-Ajayi emphasized that marketing practitioners must move beyond making products attractive and instead focus on product development, pricing, customer experience, data, technology, and business strategy.
The NIMN boss stressed the need for marketing practitioners to deliver on their brand promise, as brand promise only elicits consideration from buyers, while brand proof earns their belief. She charged marketers to move upstream and ensure that their profession evolves to enable Nigerian marketers to understand data, AI, behavioral science, customer experience, digital ecosystems, sustainability, analytics, and commercial accountability without losing human understanding at the heart of marketing.
Femi Opadere, Head of Digital at Globacom, corroborated Dr. Bayo-Ajayi's claims, stating that present-day consumers expect relevance, convenience, trust, value, and voice. He noted that, unlike in the past, consumers now compare and validate information before making a choice. Opadere emphasized that marketing practitioners must adapt to this new reality to remain relevant.
Godwin Anyebe, Co-Founder of Media Consortium, explained that the conference theme was informed by the need to discuss the new market reality, which requires bold, forward-looking strategies, deep cross-sector collaboration, and an unwavering commitment to customer-centric innovation. The conference aimed to address the challenges and opportunities presented by the empowered consumer.
The experts' call for adaptation is timely, given the rapidly evolving marketing landscape in Nigeria. As consumers become increasingly empowered, marketing practitioners must prioritize understanding their needs, preferences, and behaviors to develop effective strategies. By doing so, they can ensure their professional relevance and contribute to the growth and success of their organizations.
Key points
- Marketing practitioners must adapt to the new market reality of empowered consumers.
- The present-day consumer is more informed, empowered, and value-centric.
- Marketing practitioners must prioritize understanding consumer needs, preferences, and behaviors to develop effective strategies.
