Creating value, engaging with customers and understanding data are key ways experts have said brands can keep customers attention in a hugely competitive business world.
Speaking during the second Businessday Masters of Marketing conference, Yinka Adebayo, executive director, Media Investment OMG Weca, said in growing a successful brand, the value proposition cannot be compromised.
“Although the pandemic hit many businesses, some companies have leveraged on this opportunity and have created products which are still serving consumers while some other brands have gone out of business within the same time. It is about being more creative and innovative,” Adebayo said.
At the conference, marketing experts reiterated the need to deploy data optimization, innovation and engaging content to achieve impactful marketing objectives for brands post pandemic.
Speaking during the second panel session which focused on “Rewriting the playbook: Stories from the frontlines of direct-to-consumer marketing”, Otome Uyo, Client Service & Strategy EXP Marketing, said a lot of ideas and activities that used to be revered prior to the COVID-19 pandemic had been displaced by the new normal, hence the modification of marketing is in tow.
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Ultimately, activities will hinge on the hybrid approach even when everything reverts to the pre-pandemic way of life because the new normal enforced by the pandemic has an upside giving people the opportunity to be present anywhere and anytime virtually, he said.
“Marketing and products still involve human conversation, however how products are delivered, mode of operations and engagement as well as other crucial marketing variables have changed and this change will still continue hence brands need to find new and interesting ways to connect to consumers,” he said.
A study conducted by Microsoft in 2000 measured how long people focus on one thing for a specific amount of time. The results showed the average person’s attention span was 12 seconds. About 15 years later, it dropped to 8 seconds.
Oge Maduagwu, media manager at Unilever West Africa, pointed out that brands must get to the point where whatever message they want to pass across must be done very fast and they must work twice as hard to make their products top notch and relatable.
“I have heard people say content is king but I say storytelling is the kingmaker. It is about telling your story in such a way that it bolsters memorability and brand power,” Maduagwu said.
She also mentioned that brands must have distinctive assets and key cues within their assets so that without a full-length advertisement, people can relate with your content. It could be a logo or a song that makes your brand stick in people’s mind, like Coca Cola adverts.
“You must remain salient, because if you don’t remain on air, people will forget you,” she said.
Experts also pointed out that businesses must also be willing to engage in difficult conversations such as gender inequality and other trending issues even though they must tread with caution.
Sandra Amachree, senior media & brand PR manager, Nigerian Breweries, said companies need to see this as an opportunity to share their values with their consumers.
“It is also important to take note that on issues like this there are for and against. So it is not about taking sides but organisations must be willing to do a thorough research and get into the roots of the matter and how it affects people,” Amachree said.
Alero Ladipo, head, Marketing & Customer Experience Old Mutual Nigeria also explained that brands should not just see themselves as an end product but they must be a golden thread that runs through the entire process of servicing their customers.
Ladipo also emphasized that it is important for organisations to understand data and tell the story to stakeholders. “Break it down, decipher it and apply accordingly. it is also important to help your organisation understand the data as well.”
She pointed out that it is important for organisations to pick the right partners and agencies as they will need their assistance over time.
During the conference, Ifeoma Dozie, director, marketing/communications SSA Mastercard, made a presentation that showed how Mastercard had evolved over time, its growth strategy and their core focus for the future.
Dozie explained that Mastercard now ranked 10th among the best companies in the world following top companies like Amazon, Microsoft, Alibaba, Apple and Coca Cola. This is a huge fit considering it ranked 87th position 10 years ago.
Mastercard has gone from storytelling to story making, and has now evolved to story inspiring which is empowering consumers to find the right path for them, she said.
“Customers want brands that make a meaningful difference in their lives and want to make the world a better place, when they find brands that are able to do that, it will impact their buying decision,” she said.
Dozie, making reference to a book ‘Quantum Marketing’ by Raja Rajamannar also mentioned that marketing should be both a science and an art. The new marketing mindset should be a combination of understanding data, Return on Investment (ROI), understanding bottom line as well as staying innovative and creative in a changing world. Mastercard also has inclusive initiatives such as financial inclusion, women empowerment and green coalition for impact.
However, Uyo advised that while proffering solutions to needs, it was necessary for companies to anticipate consumer’s needs and strategize ahead to meet those needs, adding that brands need to revamp their method of communication and marketing to something concise, relatable and interesting.
“Finding basic human truths, turning them into messages that your brand can support, and delivering them in the most powerful way is important. Beyond that consistency is key in order to remain remembered,” he said.
