Brands must adjust their offerings to compete for consumers’ limited spending power – Uwubanmwen
By Felicia Nwosu
Amid the current economic challenges, brands must strategically compete for consumers’ shrinking disposable income. This assertion was made by Osamede Uwubanmwen, President of the Advertisers Association of Nigeria (ADVAN), who emphasized that businesses need to innovate and adjust their offerings to match the financial realities of their target markets.
The former VP of the World Federation of Advertisers highlighted the need for businesses to rethink their approach. He suggested that brands should offer lower-priced alternatives to ensure affordability while encouraging more frequent purchases. He also addressed the competitive landscape, noting that brands are vying for limited consumer funds while contending with market saturation.
“Things are tough, and now more than ever, knowledge is crucial. If a consumer cannot afford a 20-naira item, make it 5-naira. They’ll buy more often, and the brand remains top-of-mind. There’s clutter in the airwaves—everyone is talking. The challenge for brands is figuring out how to break through and stay on the consumer’s shopping list.”
Uwubanmwen further explained the impact of broader economic issues: “It’s a challenging time. Farmers, for instance, can’t go to their farms due to the threat of being kidnapped or killed. This disrupts the production of economic goods, adding more strain to the economy. In a booming economy, you might get away with minimal marketing, but when times are tough, businesses need to work harder to stay top-of-mind. Consumers are more cautious with their spending and are willing to switch brands to save money.”
He added that ADVAN is taking steps to help businesses navigate these challenges through capacity building and knowledge sharing. “We prioritize imparting knowledge to help brands succeed. Our awards, for instance, are designed not just to celebrate winners but to encourage others to learn from their strategies.”
Uwubanmwen also noted that the Nigerian economic landscape continues to pose significant challenges for businesses, and marketers must adapt to these new realities to survive. Despite the challenges, he pointed out that difficult times present opportunities for seasoned marketers. Given the tough economic conditions, he urged businesses to engage skilled marketers who understand the current environment.
The accomplished marketer stressed that brands must adjust their strategies and embrace integrated marketing communications to navigate uncertainties and shrinking consumer spending power. He highlighted several factors contributing to the economic strain, including fluctuating exchange rates, crude oil prices, and insecurity, which has particularly affected sectors like agriculture.
“Now more than ever, marketers need to be strategic, reading market signals and customer behavior. Brands can no longer afford to throw money around; every naira spent on marketing must bring significant returns. The integrated marketing communications sector must adopt data-driven strategies to weather the storm. I’m not just talking about big data; I’m talking about interpreting data in a way that answers specific questions. Why would a consumer buy your product in this environment? Marketers need to make data-driven decisions that ensure their marketing spend yields maximum returns.”
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