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For Nigerian businesses to continue to weather the storm of the present challenging environment occasioned by lot of economic and social issues, they must build portfolio of products that are economy resistant, Doyin Salami, CEO, Kainos Edge Consulting, has advised.
Such portfolio of products, combining packaging and pricing, informed by deep market research will appeal to diverse consumers with income disparity, whether the economy is growing or shrinking Salami says.
The economist, who spoke with marketers and communication officers of organisations at a forum on ‘Business growth in a volatile Economy: Facts versus Myths’ organised by Advertising Association of Nigeria (ADVAN) recently in Lagos, cautioned businesses against adopting ‘one size fits all’ for the Nigerian market.
Presently, Nigeria is a peculiar market with huge disparity of income, declining share of consumption, poor performing sectors and poor infrastructure, which have forced the consumer to behave in a particular way.
For instance, Salami said out of 46 sectors in the Nigerian economy, an economy that could be said to be a diversified, only 12 percent of them were growing faster by population growth while others are performing below population growth. “These are the trends you really need to understand,” he told the chief marketing officers (CMOs).
He also told them that Nigeria’s economy, and largely emerging markets invite businesses to ask ‘what if’ in their strategies, saying even when things appear unlikely, the scenario planning should make CEOs and CMOs to ask the question ‘what if’ in their business planning.
According to Salami, in 2014, Nigeria’s economy was growing at about 7 percent, and if businesses had asked what if affordability becomes a problem sooner, they would have been better positioned as of today. By 2016, he said affordability actually became a problem. “Those that asked that … Read More...