Marketing and Advertising experts, industry leaders, and stakeholders gathered at the Industry Awards and Summit to discuss the emerging consumer trends and strategies for companies operating in the Fast Moving Consumer Goods (FMCG) sector.
The event-themed “Understanding Changing Consumer Preferences in Troubled FMCG’s Space” brought together key stakeholders in the FMCG sector, including marketing and advertising professionals, Chief Experience Officers, Chief Executive Officers, and Creative and Communication Heads.
Setting the ball rolling, Lampe Omoyele, the managing director, Nitro121, in his keynote presentation highlighted the strategies for navigating the changing personal preferences in Nigeria’s FMCG Industry.
He highlighted issues affecting the FMCG Space, such as supply chain disruptions, the impact of foreign exchange instability, fluctuating production costs, and unpredictable consumer purchasing power.
Based on a survey, he highlighted that the most common product categories consumers switched from are foods and beverages, household items, and personal care. Explaining reasons for consumers’ brand switching, he said:
“Economic concentrations are forcing consumers to shift, the majority of them. That’s a key point for business owners and brand managers to note. Then, the question was also asked: how have we adjusted? Some are buying in bulk, some are constantly comparing prices.
“Even for fuel now, when you have to buy petrol, it is being guided by how much a particular petrol station is selling. Even if the difference is just one naira per litre, some people are making that conscious decision.”
To navigate these issues, he emphasized prioritizing product quality and affordable packaging – creating smaller pack sizes to cater to different pockets and balancing profitability.
Speaking on strategic positioning for FMCG Companies, Stanley Obi, co-founder/chief executive officer, of Innova Hive Integrated Limited, highlighted how the evolving landscape like e-commerce expansion and sustainability-driven packaging has influenced consumer preference, he outlined investing in impressive marketing, strong models, and urged brands to prioritize quality and trust, as customers are willing to switch to brands that provide better value and experience.
The event also includes an address from Toyin Nnobi, marketing consultant, as she highlights how FMCG can adapt its business models to meet shifting consumer demands. She emphasized leveraging AI tools, data analytics, and predictive analytics and creating personalized experiences for customers as key strategies to catch up with evolving consumer demands.
Anthony Eigbe, vice president, Creatives and Communications, UAC of Nigeria Plc spoke on how FMCG sectors can Navigate economic headwinds through consumer-centric strategies, as he explained that communications must be fast-moving as consumer demands are constantly changing, therefore brands should create easier approval structures to ensure they are moving with the trend.
The event concluded with a panel session moderated by Gift Uche-Ewule, the assistant brand manager Indomie, and panelists include Roseline Abaraonye, Chief Commercial Officer, N. N Fems Group; Efe Obioma, Founder, BrandSparks; Nana Milagrosa, Chief Experience Officer, MPXM; Celestine Umehi, CEO, Arewa24; Remi Akande, Director, Marketing and Corporate Communications, LAPO Microfinance bank, represented by Awoniyi Olaolu; as they shared insightful knowledge on how FMCG brands can navigate amidst growing challenges.
