Stakeholders Challenge CEOs, Marketing Practitioners on Consumers’ Preference
Emma Okonji
Brand owners and players in the Fast-Moving Consumer Goods (FMCG) space have been charged to be more strategic in their operations in order to meet the present-day consumers’ needs that are constantly evolving.
The socio-economic realities have made this to be so, as consumers, faced with decreasing purchasing power, continue to challenge their loyalty to any particular brand, with many opting for brands that meet their needs at any particular time.
To be able to get consumers’ attention, industry stakeholders said FMCG players and brand owners must know their consumers and be ready to evolve along with their preference.
The stakeholders said this at the 6th Industry Summit, held at the Chartered Institute of Bankers (CIBN) House, Victoria Island, Lagos with the theme: “Understanding Changing Consumers Preference in Troubled FMCG Space.”
Delivering the keynote address, Managing Director/CEO of Nitro 121, Lampe Omoyele, said consumers were modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending.
Focusing on a recent survey conducted by his company, Omoyele said price sensitivity, availability, and perceived value, were some of the factors that necessitated people to switch brands, especially in product categories such as food & groceries, household items, and personal care.
“From our study, respondents between the ages of 35 and 54 with monthly earnings of N250,000 and above said they have made adjustments to their shopping habits in the past one year,” he noted.
Marketing Consultant, Toyin Nnodi, while delivering her paper, averred that Nigerian FMCG companies must find a way to adapt or die.
Nnodi listed collaboration and partnership, omni-channel marketing, agility and production innovation, as some of the actionable strategies for successful FMCG operation.
Co-Founder/CEO, Innova Hive Integrated Limited, Stanley Obi, called on brands to position themselves strategically.
Speaking on the theme; ‘Strategic Positioning for FMCG Companies Amidst Evolving Economic Challenges, Obi said strategic positioning would give any brand the competitive advantage, adding that, it will ensure that “they don’t just sell products or services but offer an experience that no one else provides in the same way”.
