- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
In an exclusive interview with Brands & Marketing, Uwadiae argued that since consumers are expected to cut down on their expenditure, and impulsive buying expected to be on the decline, as a result of the oil subsidy removal, there is the need for brands to study the real needs of their target consumers, with the aim of providing products and services that would adequately meet those needs at affordable costs.
“In this situation, brands must stand out to really differentiate themselves more. They must have a better parameter because the economic power for the consumers may no longer be there. You need to show that you can deliver as a brand before you can have access to today’s consumers’ pockets.
The brand that will survive in that terrain should be able to understand their customers and their lifestyles,” he added.
He noted that the nation’s marketing communication industry is becoming increasingly fragmented, giving room for players in the industry to have niche products.
“The idea of one person monopolising everything in any particular area is becoming more difficult now, resulting in more specialist’s activities,” he said.
The development, he stated, had given rise to an upsurge in experiential marketing, especially direct marketing, because clients are increasingly imbibing trader mentality now. “They want to put money and get result immediately.
Most brand owners are no longer engaging in marketing activities that would sustain their brands for long. And the flip side is that it does not give room for brand building. What they are doing is to simply transfer products and make money.
The desire to build a relationship with the brand is not there. That is why everybody now seems to be going the promo way,” he added.
He however believes market fragmentation would give room for activities of some players in the industry, who have not been trained in the whole Integrated Marketing Communication process to blossom.
“These are the people who have not gone round the entirety of the whole IMC process. It allows them to poach for jobs, dazzle the brand owners with beautiful presentations and get paid.
But with that, you are no longer building relationship, with the brand; since the only way of doing that is to see practitioners working on a brand for some quite a time to enable them understand the brand so as to devise the necessary marketing communications strategy for such brand,” he added.Share