Over 70 per cent of consumers switched brands in 2024 — Expert

• Says Brands must know their customers to enhance loyalty

A marketing communications practitioner, Mr. Stanley Obi, has stressed the need for brands to be close to their customers, to enable them understand their needs, in order to prevent a mass shift of loyalty, as witnessed in 2024, where over 70 percent of consumers dumped their usual brands for others.

Speaking at this year’s marketing summit tagged: “Understanding Changing Consumers Preference in Troubled FMCG’s Space”, organised by The Industry Newspapers, over the weekend, in Lagos, the Co-Founder/CEO of Innova Hive Integrated Ltd advised brands on the need to be very conscious of the fact that loyalty can change if consumers discover other options that give more value for their money.

He believed today’s brand custodians must do everything possible to ensure that they remain the most preferred amidst the several challenges being faced by today’s consumers, and which have eroded their purchasing power.

For instance, Obi noted that today’s consumers are increasingly becoming price sensitive and will be ready to shift loyalty even with a narrow price margin.

“Besides, the statistics are scary. Apart from the issue of import dependency and inflation, figures also show that 88 percent of Nigerians earn below N200,000; while 43 percent are self-employed.

“What this simply means is that if you are here, earning over N200,000, you belong to the privileged class, because majority of Nigerian consumers are not in this category. And what this also means is that they are not in a position to patronise their brands, as they would have loved to due to challenged finances.

“I believe what brands should be thinking of, at this time, is how to survive in situations such as this,” he argued.

One of the strategies to be adopted, Obi stated, is the need for brands to know why their customers’ allegiances are shifting. He believed this can only be achieved by having constant communication with those customers, using their products, and past users of their products, too.

The marketing communication guru also harped on packaging and price innovation as another survival strategy for brands. He believed brands should offer their products in a pack that will make it attractive and affordable.