(L-R): Lecturer, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Dr. Dare Ogunyombo; PR Lead, 9Mobile, Chineze Amanfo; Media & Insight Manager, Rite Foods Ltd, Adedotun Ajibade; and  Chief Executive, Absolute PR, Akonte Ekine; at the 2nd Edition, MediaConsortium Conference and Awards (MCCA),  held in Lagos, recently.

 

 

Brands and brand custodians, desirous of relevance and  enduring patronage from today’s consumers have been charged on the need to continually re-invent themselves, to enable meet the  expectations of such consumers, marketing communication practitioners have said.

 

 

 

Speaking at the  Media Consortium’s Conference & Award 2.0, tagged: ‘ Meeting The Brands/Consumers’ Expectation In A Challenging Economy’, held in Lagos,  marketing communication expert, Dr. Dare Ogunyombo, advised ‘premium’ brands to be less ‘arrogant’ in the market place, when it is obvious  their impacts are no longer being felt in such space.

 

 

 

The Mass Communication Lecturer, Olabisi Onabanjo University, Ago Iwoye,  Ogun State, would rather want  such brands  come up with  offerings that actually resonate with the nation’s financially-stressed, but highly discerning consumers, at these challenging times in the nation’s economic history.

 

 

Ogunyombo  described as unfortunate the fact that some brands still pride themselves as premium, when it is obvious  that their offerings are no longer  resonating with the  consuming public.

 

 

 

 

L – R: Co-convener, MCCA, Adetunji Faleye; Pasta Brand Manager, FMN, Rachel Ekeh and Group Executive Director, Omnicom Media Group, WECA, Yinka Adebayo.

 

 

The  don,  therefore, warned such brands to be wary, since   such behavior can make them  extinct from the market.

 

“The situation we are in today is quite challenging for individuals and brands alike. That is why brands must not be arrogant, as we are seeing it in some brands that call themselves premium, when it is obvious that they don’t really have what it takes to be tagged so,” he stated.

 

 

Ogunyombo also believed there are expectations to be managed both from the brand and consumer sides, at this time. For instance, he argued, while brands want to sell profitably, consumers also want to get products at affordable costs.

 

 

“I, therefore, think that brands must come up with costs that are accessible to the consumers, while consumers on their part must realize that brands are challenged, and therefore show understanding,” he stated.

 

 

In her contributions, the PR Lead, 9Mobile, Chineze Amanfo described the economy as very tough for both brands and the consumers. She, however, stated that brands have continued to adapt, by making their offerings  more affordable, despite the tough environment, to enable them meet their customers’ needs.

 

 

“But how well they have succeeded in doing that, I think ,remains a subject  for another time,” she added.

 

 

The Group Executive Director, Omnicon Media Group, WECA, Mr. Yinka Adebayo described the  present economy as tough for both the consumers and brands.

 

 

According to him, while today’s consumers are paying more for less, many brands are also struggling to stay afloat.

 

 

Adebayo, who was the Lead Speaker at the event, however highlighted different concepts, such as: Production Concept, Product Concept, Selling Concept, Marketing Concept and others,  that brands can adopt  to stay afloat. He, however, cautioned on  the danger of  adopting those concepts hook, line and sinker.

 

 

For instance,  he explained that while  Production Concept is all about mass production of offerings  by a brand in order to maximize profit, the danger in the concept is that of ending up producing sub-standard goods.

 

 

“Besides, in the case of  adopting the Selling Concept, the brand is not interested in whether the consumer is interested in the offering or not. Its pre-occupation is to sell, whereas the brands should have done their homework to ensure that what they are dishing out to the public is what they actually want,” he stated.

 

 

According to him, customers are looking to brands to come up with new and trendy items, to avoid losing such customers. For him, companies must constantly review their activities and give more attention to researching their consumers to be able to meet their needs.

 

L-R: Conveners, MCCA 2.0, Adetunji Adeleye, Godwin Anyebe, and Amechi Obiakpu

 

“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.”

 

 

Explaining the  rationale behind the conference’s theme, Co-Convener, Mr. Tunji Adeleye stated that idea was to   provide a unique opportunity to explore the strategies, innovations and collaborations, necessary to navigate the ‘unprecedented’ economic challenges, marked by global uncertainties, shifting consumer  behaviours, and evolving market dynamics.