Brands must re-invent to meet consumer expectations and adapt to economic challenges, says Yinka Adebayo at MCCA 2024. Experts discuss pricing, loyalty, and innovation.
Brands must re-invent to meet consumer expectations if they want to sustain consumer loyalty and patronage. Yinka Adebayo, Group Executive Director at Omnicom Media Group – WeCA, delivered this message during the second edition of the MediaConsortium Conference and Awards (MCCA) 2024. He emphasised that brands must adapt to today’s economic realities by staying trendy and relevant to meet evolving consumer needs.
Adebayo used the iPhone as a key example, stating that continuous innovation keeps consumers engaged, even with high prices. He urged companies to research consumer preferences and innovate regularly. He noted that brands failing to do so may lose patronage, impacting their market presence.
Also read: MediaConsortium Conference To Help Brands Tackle Economic Headwinds-By Elvis Eromosele
In a panel discussion moderated by Akonte Ekini, industry leaders discussed pricing, brand loyalty, and adaptation to market shifts. Adedotun Ajibade, Media and Insight Manager at Rite Food Ltd, highlighted that consumers are now more price-sensitive, favouring affordable options over brand loyalty. Chineze Amanfo, PR Lead at 9mobile, noted that brands are producing smaller packs to cater to reduced consumer spending power.
Public relations also play a crucial role, especially during crises. Brands must maintain clear communication with consumers to strengthen loyalty, Amanfo added. Dr. Dare Ogunyombo from Olabisi Onabanjo University stressed that Nigerian consumers are highly adaptive but critical, urging brands to balance profitability with value.
The MCCA event, which recognises excellence in marketing communications, awarded several brands and practitioners. Fearless Energy Drink won Energy Drink Brand of the Year, while Indomie Noodles took the Consumer-Friendly Brand title. This year’s event highlighted the increasing need for brands to adapt their strategies in response to economic pressures and consumer demands.
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