Mr Seni Adetu, former Managing Director, Guinness Nigeria Plc, says Africa as an emerging market remains an attractive business destination.
This, according to him, follows the level of accelerated growth recorded by the continent in the last two decades.
Adetu, also Founder, Algorithm Media Ltd, made the assertion at the Nigeria-South Africa Chamber of Commerce (NSACC) February Breakfast webinar, themed: “Consumer Marketing in the New World”, on Thursday.
He said that more opportunities abound in the continent in spite of the challenges with infrastructure, weak capital, security, amongst others.
Adetu, however, stressed the need for the rethinking and reconfiguration of business strategies impactful on consumers’ experiences to engender retained consumer markets.
According to him, key consumer insights that shape consumer behaviour include health and well-being, individual experience, busy lives, celebrating roots or increasing pride in Africa manufacturers products, and pursuit for value.
“Business is about growing superior shareholder value which is about winning the heart and mind of the ultimate end user (consumer).
“You are not going to win my heart by giving me a product that others can give me, I need to see an experience and a connection.
“To win the heart of consumers, you must understand what sharpens
consumer trend, the impact on their future, their motivations, key marketing
activities to suit the taste and preference on your consumer among others.
“We are witnessing unprecedented changes in taste and lifestyle with technology changing the world.
“To connect with the consumers, think about football, music, fashion, movies; these are the passions you can connect with.
“Going forward globally, technology and digital acceleration would take place, consumer journey must lead to experience, while providers of online engagement platforms would dominate the world,” he said.
Adetu projected a number of major trends impacting on the Africa consumer markets in the next five years from the emerging middle class, urbanization, female enfranchisement and the emergence of millennial ( more sophisticated, technology savvy consumers).
Also, Mr Osayaba Giwa-Osagie, Chairman, NSACC, in his opening remarks, said consumer marketing in the new world had changed tremendously following the impact of COVID-19 pandemic on the world.
He urged businesses to incorporate those changes in the short and long term organisational goals for effective consumer marketing.
“From the onset of COVID-19 pandemic, consumer behaviour changed drastically and even after the lifting of the various containment measures to reduce its spread, the behavioural changes still remained.
“Therefore, businesses need to rethink and reconfigure their mode of operations especially with regards to consumers in a changed world,” he said.