As economic challenges reshape the spending habits of Nigerian consumers, brands face a critical decision—innovate or be left behind. This was the core message at the second edition of the Media Consortium Conference and Awards, held in Lagos.
With industry professionals from marketing, media, and communications sectors in attendance, the event explored how brands can stay relevant in a fast-changing market. Yinka Adebayo, Group Executive Director at Omnicom Media Group, took the stage with a bold keynote, urging brands to focus on constant innovation to meet consumer demands.
“In a time when consumers are tightening their belts, brands need to offer more than just products. They need to offer value, authenticity, and trust,” Adebayo explained. “Without understanding the purse of your consumers, brands risk fading into irrelevance.”
Citing the telecom industry as an example, Adebayo highlighted how brands like Apple continue to succeed by releasing new models that align with consumer desires—despite shrinking disposable income. It’s this balance between value and trendiness that keeps consumers engaged.
The conference also featured a panel discussion moderated by Akonte Ekine, CEO of Absolute PR, where experts debated the new reality for brands. Adedotun Ajibade of Rite Foods observed that loyalty to brands has shifted as consumers now prioritize affordability over allegiance.
According to Chineze Amanfo, PR Lead at 9mobile, to stay competitive, many brands have adopted the ‘sachet economy’ approach—offering smaller, more affordable packs to cater to price-conscious shoppers. She explained, that this strategy helps brands remain accessible without sacrificing value.
The conference wasn’t just about discussing challenges. It also celebrated brands that have shown resilience and innovation in the face of economic pressures. Companies like LG Electronics, Oracle Express Ltd, and Indomie Noodles were honored for their outstanding contributions to consumer satisfaction.
As the event drew to a close, one thing became clear—brands that want to thrive must go beyond the ordinary. They must listen, adapt, and continuously reinvent themselves to keep up with the ever-changing demands of today’s savvy consumers.
In an unpredictable market, innovation and consumer connection will be the driving forces for brand survival.
