Notwithstanding the daunting business environment orchestrated by the removal of fuel subsidy and seemingly intractable rise in dollar rate to naira that crippled consumers’ purchasing power in 2023, top players in the integrated marketing communication ecosystem believe that year 2024 is packed with promises for Nigerian brands.

However, there is a need for them to leverage innovative strategies as only brands who are strategic and innovative can cash-in on the opportunities that are abound in the coming year.

The experts who spoke differently in an exclusive interview with MARKETING EDGE recently, did not only identify certain mistakes some brands made in 2023, they also suggested how these can be translated into strength and opportunities that will drive Return on Investment as they get along in the New Year.

According to Mrs. Bunmi Oke, CEO and Lead Consultant, Ladybird Limited, brands need to do away with some packages that are too expensive for consumers if they really want to hold their ground in 2024.

“One of the secrets of survival of brands is that they always go with consumers’ knowledge and insight. If you have noticed, a lot of brands are re-packaging to meet up with consumers’ pocket. They have mini-packs, free-packs, budget packs and the rest. But the truth is, the disposable income versus the cost is reducing. They must have promotion. They should also do away with some packages that are too expensive.

“There are different strategies that are going to be seen in the New Year which have since survived in other countries. It’s going to be a time of rethinking. So the beauty of it is that it’s going to make a lot of people more prudent. I think in the long run, we are going to be more cost-conscious and less frivolous but during that period, people must survive,” she said.

On his part, Adeola Kayode, Head of Brands & Creative Services, 9Mobile shared some strategies put in place by his organization to retain consumers’ loyalties and tackle possible challenges that may come with the New Year.

“To a large extent, we are looking at the key trends that happened within that space that are influencing our sector. We are looking at individual’s challenges and opportunities and our own strength as well. And then, we are looking at the opportunity we can use that strength to leverage and begin to build the brand on.”

For Mrs. Sola Salako, Southwest Representative at Competition and Consumer Protection Tribunal, there is a need for brands to draw example from Cowbell Milk who reduced their packages to sachets in order to meet the demands of their customers and still retain their loyalty.

She noted, “Brands know their customers. It was the innovation of knowing the customers that caused cowbell to reduce packaging to sachet. Today, it has become a standard because they realize the people in the market they operate don’t have much disposable income to be able to buy in big packs.

“So brands need to understudy and understand what the situation of their customers are at this time and start putting up innovative ideas to meet and overcome those ideas for them. Nigerian consumers want to buy but it has to be available and affordable to them. So once you meet that need, even with the little income they have, they will still buy and by so doing, brands will profitably remain in business irrespective of external challenges.”

Also speaking on the matter, Victoria Uwadoka, Corporate Communication and Public Affairs Manager, Nestle Nigeria said brands need to drive more efficiency across their operation and the whole value chain, from the supply to the market.

“Brands need to become more agile, and they need to drive more efficiency across their operations. This is what brands need to do. They need to drive more efficiency across the whole value chain, from the supply to the market. That is what brands need to do- efficiency, agility to accelerate change when you need to take option B or XYZ. And brands need to be fit on ground to understand the environment and to be very agile, to adapt as it’s needed. Those that I think if brands should do and do successfully, they will succeed in driving efficiency across their operations in 2024,” Uwadoka submitted.