Experts analyze brands’ challenge to balance profit with customer satisfaction
By Felicia Nwosu
In Nigeria’s turbulent economic climate, brands face a delicate balancing act: satisfying increasingly discerning consumers while maintaining commercial viability. In view of this, some experts across the integrated marketing communications space opined that the challenge lies in optimizing vision and mission, aligning with consumer satisfaction, and delivering on brand promises, without sacrificing profitability.
They also warned that missteps can lead to long-term consequences. Affirming that the environment is highly challenging, Meka Olowola, Managing Partner at Zenera Consulting Limited, cited hyperinflation and unpredictable foreign exchange rates, while noting that consumer spending power is going down, and that this economic squeeze forces brands to rethink their strategies.
Highlighting long-term damage of neglecting brand presence, he cautioned against slashing advertising spend even when cutting costs might seem like a solution.
“You never stop communicating, you never stop engaging with your consumers. The key to navigating this tightrope lies in understanding the consumer. People are moving away from just pushing messages out to actually connecting with their audiences.”
Olawola observed that this has necessitated a shift towards data-driven, personalized marketing. He therefore urged brands to leverage consumer insights to create meaningful connections,while predicting that data is going to play a lot more critical role, as brand success is not solely dependent on marketing prowess.
Dr. Tunji Olugbodi, Executive Vice Chairman of Verdant Zeal Group, stressed the importance of a conducive economic environment, maintaining that “Everything and anything that makes commerce possible is what marketing professionals must focus on.
He advocated for stable institutional structures, a predictable FX regime, and a secure environment, all of which he stated, are crucial for fostering consumer confidence and driving commerce.
“There’s no way our economy can grow or improve, whether you’re talking of local investment or foreign direct investment, if security is not there. Beyond economic stability, brands must prioritize professionalism and strategic thinking.”
Udeme Ufot, Co-Founder of SO&U Group, emphasised the need for clear strategic frameworks rather than intuition, especially in a rapidly evolving landscape, insisting that agencies must be adaptable and tech-savvy, as they live in a world without media borders. The Creative veteran called on brands to embrace digital integration and leverage technology to optimize performance.
Moreover, Ufot highlighted the importance of cultural sensitivity, while emphasizing the need for authentic communication that resonates with diverse audiences. “Creativity in advertising must be both professional and respectful of cultural values.” Ultimately, brands must strike a delicate balance between commercial objectives and consumer satisfaction. This requires a holistic approach that encompasses data-driven marketing, a supportive economic environment, strategic planning, and cultural sensitivity.”
By prioritizing both profit and purpose, brands can build lasting relationships with consumers and thrive in Nigeria’s dynamic marketplace.
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