Recently, the city of Lagos played host to the second edition of the prestigious MediaConsortium Conference and Awards, an event that brought together key players in media, advertising, public relations, and branding. With the theme “Meeting Brands and Consumers’ Expectations in a Challenging Economy,” the conference addressed the complex dynamics of balancing consumer needs with brand strategies in today’s difficult economic environment.
The event, which took place at the prestigious Lagos Chambers of Commerce and Industry, gathered experts and thought leaders to discuss the shifting trends in media and brand engagement as companies and consumers alike grapple with inflation, currency devaluation, and increased living costs. One of the highlights was the keynote address delivered by Yinka Adebayo, Group Executive Director of OMNICOM Group, West and Central Africa. Adebayo’s insightful address set the tone for the event, offering a critical analysis of the current economic landscape and its impact on brand-consumer relationships.
Keynote Address: Navigating Expectations in a Volatile Market
Yinka Adebayo, in his keynote speech, delved into the heart of the issue, outlining how brands can maintain relevance and trust with consumers despite economic turbulence. According to him, the key lies in a more empathetic and data-driven approach, which focuses on delivering value while understanding the evolving needs of consumers.
“In a time when disposable income is shrinking, consumers expect brands to offer more than just products; they seek value, authenticity, and trust. Brands that understand the pulse of their consumers and deliver accordingly will be the ones to thrive,” Adebayo stated.
He further highlighted the importance of leveraging technology, such as data analytics and artificial intelligence, to gain deeper insights into consumer behavior. “Data is the new oil in the branding world,” Adebayo added. “By understanding what consumers need and predicting their future expectations, brands can tailor their messaging, products, and services to maintain a strong connection in challenging times.”
Insights from Industry Experts
Following the keynote address, a panel discussion moderated by renowned media personality, the Lead Strategist, Absolute PR, Akonte Ekine further unpacked the complexities of brand and consumer engagement. The panel featured Dr. Dare Ogunboyo, a lecturer at Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Chineze Amanfo, PR Lead, 9mobile, and Adedotun Ajibade, Media and Insight Manager, Rite Food Ltd.
Dr. Ogunboyo, known for his academic work in consumer behavior and media, spoke about the shifting consumer psyche in a recessionary economy. “Consumers today are more discerning, making careful choices about where they spend their money. Brands must therefore focus on building long-term relationships based on trust and transparency,” he said.
Ogunboyo emphasized the role of local context in brand messaging. He noted that understanding the cultural and socio-economic factors that shape consumer behavior in Nigeria is crucial for success. “Brands that ignore local realities are likely to miss the mark. Nigerian consumers are highly adaptive but also highly critical. They want to feel seen and heard,” he stated.
The PR Lead, 9mobile, Chineze Amanfo offered another dimension to the conversation, focusing on the role of public relations in maintaining brand loyalty. She stressed the importance of clear and consistent communication, especially in a crisis. “In this economy, PR is not just about telling stories; it’s about managing expectations. Consumers need to know that the brands they trust are aware of the challenges they face and are actively working to ease their burdens,” he explained.
She further elaborated on how PR strategies should adapt to the times, incorporating more digital engagement and personalized content to foster loyalty. “With digital platforms becoming the primary means of communication, brands need to invest in interactive and engaging content that resonates with their target audience. It’s no longer enough to be visible—you must be relatable,” She added.
Meeting Expectations Amid Economic Constraints
One of the key takeaways from the conference was the consensus that while the economy may be tough, it is possible for brands to thrive by maintaining consumer trust and delivering consistent value. Yinka Adebayo highlighted that one of the biggest challenges for brands is finding the right balance between cutting costs and maintaining quality. “While the temptation to reduce product quality or services may be high, brands that take this route risk damaging their reputation in the long run,” he warned.
Panelists agreed that brands need to be innovative in finding cost-effective ways to meet consumer expectations. This includes rethinking product packaging, diversifying marketing channels, and employing flexible pricing strategies that take the economic reality into account.
The Awards Ceremony
The event also recognized excellence in media, branding, and public relations with a series of awards that celebrated individuals and organizations excelling in the industry. The winners were lauded for their creativity, resilience, and ability to adapt to Nigeria’s challenging business environment.
For instance, Nigeria Breweries Plc was recognized with the prestigious Sustainability Award of the Year, highlighting its commitment to environmentally friendly practices and corporate social responsibility. In the spirit of celebrating excellence in journalism and branding, Daniel Obi of Businessday newspaper was honored as the Brand Journalist of the Year, acknowledging his impactful reporting and insights into the branding landscape.
Additionally, Without A Box received the Future Leader in Prescriptions Management Award, underscoring its innovative approach to improving perception management. Indomie Noodles was also celebrated, winning the Consumers Friendly Award for its commitment to quality and customer satisfaction. Various other brands were recognized throughout the ceremony, showcasing a diverse range of achievements in branding and consumer engagement. The event underscored the importance of sustainability and responsible business practices in Nigeria’s evolving market landscape.
