The need for the business community to understand Africa’s economic perspectives so as to build lasting connections with consumers in the continent was a major issue pondered at a forum organised by the Market Trends International (MTI) in partnership with the European Society for Opinion and Market Research (ESOMAR).
The event, themed “Exploring Unique, African Economic Perspectives” is the first in its series in Nigeria, which has been hosted in several countries of the world in the last eight years.
Speaking at the forum in Lagos, the Chairman of MTI, Josiah Ebhomenye, said that the forum hopes to engage members, local data and research insights from communities to offer valuable content and time to interact and discuss among participants.
Ebhomenye, who is also the Country Representative of ESOMAR, further said that his agency and other research agencies were the only indigenous market research agencies established in the early 70s but foreign and local research agencies have now flooded the market research space in the country in the recent times.
Titled ‘Consumer Connection: Unique African Perspectives’, a senior lecturer at the Department of Sociology, University of Lagos, Augustine Agugua, described consumer connection as the process of building a strong relationship between a brand and its customers, which involves understanding the needs, preferences, behaviours of consumers and creating experiences that resonate with them.
His words: “Understanding African perspectives is important because it enables businesses to create products and services that meet the needs of this diverse market and build lasting connections with African consumers.”
Looking at traditional beliefs and spirituality, he pointed out that many African consumers still hold strong traditional beliefs and spirituality, which he opined could influence their purchasing decisions.
He stated that consumers are often highly loyal, particularly to brands that have a long history on the continent or that are seen as being authentically African.
To him, building a strong brand reputation is essential for success in many African markets. With over 1.3 billion people on the continent, he said that businesses that understand African consumers’ needs and preferences could develop products and services that cater to this vast market.
On her part, Bukola Sowunmi of Unilever Nigeria, who spoke on ‘Intimacy and insights into action – path to brand growth’ said that for a brand to grow, there is need to penetrate the consumers.
“The more people we penetrate, the more usage for the brand and the more the brand grows. As an industry, we are good at data analysis, we can be better at distilling insights, but the only grail is action and impact.”
On the other hand, she advised that businesses should deliver insights that address people’s pain points, insights that are de-averaged and insights that are future facing.
Also speaking, a Market Research, Insight and Consulting Director at Pierrine Consulting, Paul Oziegbe, revealed that there has been a growth in the market research in the last 12 months, adding that Nigeria leads the African continent with a clear path of growth based on clients’ need and consumer peculiarities.
Earlier, Ebhomenye said that the Nigerian market is peculiar, saying that the event, which was titled “ESOMAR Connect Nigeria”, would go a long way in educating the participants of such peculiarities.
At the event, there was also a panel discussion, which featured experts that provided insights and innovative perspectives on areas of research.
