A political economist and management expert, Prof. Pat Utomi, and experts in the integrated marketing communication industry have asked brands to rethink their strategies and business models and work within regulatory frameworks in order to survive the volatility of the Nigerian economy.
The experts made this known at the second edition of Brandcomfest 2021, the annual gathering of stakeholders in the brands and marketing communications landscape, held in Lagos.
Utomi, who was the keynote speaker at the event, was quoted as saying that for brands to survive in a volatile economy, they must come under drivers that could bring creative destruction and the great disruption.
According to him, storytelling plays a vital role in brand building, most especially at this time. “The story you tell about your reality is what the world will believe about your reality,” he said.
Also speaking, Director, Head, Sustainability, Access Bank Plc, urged brands to embrace sustainability, saying, “Consumers want to go with brands that are ethical as sustainability is the ‘new cool’ and the focal point of the future.”
“In recent years, consumer interest has increased in environmentally and socially conscious alternatives, and these alternatives are continuously on the rise.”
In his speech, Joshua Ajayi, Convener of Brandcomfest and Publisher of Brand Communicator, said: “Despite claims of having the biggest GDP in Africa, it is irrefutable that Nigeria is deeply enmeshed in serious economic travails as all key economic indicators allude to this fact. More worrisome is the fact that no quick solution appears to be in sight.
“Even as our economic managers battle to navigate the economy from troubled waters, brand owners are not expected to fold their arms as they have to ensure that their brands survive, and even thrive as the bumpy ride to Nigeria’s economic recovery continues.”