In the fight for survival in the depressed economies, and the battle to stand out and mean more to consumers in the emerging markets, ideas will become the golden salt and superior thinking will take centre stage.
Now, more than ever, marketers and their professional consultants will have to embrace the concept of new thinking. New thinking that is translated into new ideas, new markets, new consumers, new strategies, wow! and cutting-edge creatives, new media, and new talent on both sides of the parties.
Trendwatching.com's report in July/August 2008 calls this trend "innovation avalanche": “There's more innovation happening than ever before. New brands, new niches, new concepts, new products, new services and new experiences are flooding an equally fast expanding number of markets...The global brain has been unleashed, and there's nowhere to hide for those who aren't part of it.”
Multinationals, conglomerates, small-sized firms and entrepreneurs need to rapidly take note of global trends and seek out opportunities that they can actively leverage upon in their local markets for the benefit of their target audience. And what are these trends that we all need to take cognisance of?
- Self actualisation: Take a look out on the streets as you go to the office every morning, and back home in the evening. What do you find? A teenager selling Gala on the highway or a young man selling Etisalat recharge cards along Onikan or at Ikeja bus stop wearing colourful t-shirts adorned with their idols. It could be a bright red vest with the words “Ronaldo” emblazoned at the back, or a face towel with the name “D'banj” artfully inscribed on the side of it. They want a connection to these celebrities because they feel they can also attain these heights, irrespective of whatever circumstances they currently find themselves in. They all want to become ‘bigger' and ‘better'. They want to do more, get more, achieve more. They want to self actualise. And only those brands that are properly positioned and engineered to reflect the ‘spurs' that will drive these consumers all the way to the top will win in the market place.
- 'Perkonomics': “Perks and privileges are the new currency” - Reinier Evers. Evers describes ‘Perkonomics' as a growing trend that will “become an integral part of every B2C industry and sector, as we move towards a consumer society that is based more on experiences.” Consumers are becoming enlightened all over the world, and are demanding, that not only should their civil and consumer rights be respected, but that brands should also offer them much more than the usual, before they even take a second look at them. Those who regularly visit ‘suya' spots are all too aware of the free piece of suya that is given to the customer to taste before they even start ordering. The “art of being offered that piece of tiny meat”, might tweak the decision in the favour of the ‘megida', whether the customer decides to buy or not. Customers demand for freebies everywhere, and love the additional perks that go with their patronage.
- Ideas rule: In the search for differentiation your brand must own a ‘position', a ‘thought', an ‘ideal', or a ‘set of values' that defines its being. Those who relentlessly pursue, advocate and apply superior thinking to their business will achieve success and fulfillment of their goals and objectives. Ideas will become the primary currency for future businesses and brands that will prosper in these changing times. As a marketer, one must continually ask, “What are the current market needs?” “Are they being served?” “Is the consumer satisfied or frustrated?” “Where can I find them?” “How do they think?” “What do they do?” “What would they like to do?” “What are their future needs?” “What role can my brand play in their lives?” “How can I make my brand a ‘Lovemark' - a symbol that represents joy, fulfillment, and wholesome love that goes beyond its functional attributes?”
- Brand YOUth™: John Hegarty, chairman and worldwide creative director, BBH, posited in his article “Youthful Thinking” which featured in the book: ‘A History of Advertising [1842-2006]', that in “advanced societies, we are witnessing an aging population. How national structures deal with this phenomenon will determine future economic growth. However, the problem for marketers isn't how to talk to an ageing population. It's how to talk to a ‘youthening' population.” In Nigeria, the average median age is 18 years old. Over 40% of the population are between ages of 10-35 years. Eighteen is the legal, sexually active age, therefore, in the next 15 -20 years, Nigeria will still be a very ‘youthful' nation. These youths are the leaders of tomorrow. Those who will make informed decisions about your brands at a relatively young age. They are the future CEOs of corporate organisations, responsible for millions of dollars in future marketing spend. Has your organisation put in place a clearly defined strategy roadmap to capture this market now, and trend up in the future?
- Rise of media, music and entertainment (MME): The average Nigerian artiste is now a huge celebrity, as Nigerians have come to accept, respect, idolise and patronise ‘na we own'. Tuface, D'banj, and 9nice - popular musicians - have all been honoured severally with local and international awards. D'banj who won a statute at the 2007 MTV Europe Music Awards, recently performed on stage with Kelly Rowland and other top Nigerian recording artistes at the MAMAs [MTV Africa Music Awards] Festival, which was held in Abuja, in November 2008. Nigerians dominated the MTV Africa Awards as they scooped six of ten trophies in the inaugural ceremony. The fashion industry has also grown in the last few years. Ade Bakare and Zizi Cardow have exhibited their haute couture designs on the fashion runways of Europe and Africa. Nollywood's rise to international prominence and acceptance is a classic success story. Filmmakers from across the globe now troop en masse to Nollywood to learn Nigeria's unique way of filmmaking. The advent of the cinema is also a growing phenomenon in Lagos, Abuja and the Northern region.
- Rise of the BRIC nations: Yes, we saw them coming, but how prepared are we? 80% of businesses I prospected in 2008 were either handled by indigenes from Asia and the Middle East, or they partnered with local businessmen and held a majority stake in the market where they had invested. These sectors cut across manufacturing, food and beverages, technology and ICT, automobile, real estate and electronics. The Asian economies are looking for consistent and sustainable growth beyond their shores. Due to the downturn in the economy of America and western Europe, other rich Asian economies [China, Singapore, Hong Kong] that have previously benefited from American consumer boom and demand, will have to seek for opportunities in emerging economies like Nigeria, Ghana and Kenya to export their goods. Economic growth in the BRIC nations will remain relatively stable in the face of global recession experienced by the rich economies.
- Technology, digital media and online oxygen: The creation and production of entertainment gadgets, social websites, film animatics are all based on future consumer needs and wants, backed by research, and fuelled majorly by youths and their demands [and love] for what's new. The exploitation of technology to create and produce goods and services that speak to the ‘inner cool' of the consumer and help them self actualise is now a global trend and phenomenon.The need to connect at all times, either by voice calls, sms, email, mms and chat is like breathing air to millions of people around the world. Over 1.5 billion people, almost a quarter of the world's population, will have access to the internet in 2009, fuelling online retail purchases, e-commerce, m-commerce, e-banking and general e-services. Marketers will have to improvise and develop innovative concepts and creative ideas that will drive consumers to shops, supermarkets and malls to see and purchase their goods and services. Exit conventional billboards and static indoor media displays; enter moving digital and engaging media channels.
- Mobile is IT: The world is going instant. Everyone wants everything now. And the mobile phone makes that happen: You can watch the current financial news in China, log unto the Apple website and watch a store being opened live in Shanghai; or even become an I-reporter for CNN, and watch friends ski in Hawaii - real time of course. Mobile phones have now assumed the status of 'personal assistants'. They will not only be used to receive and make calls, texts, pictures, music, videos and watch news and favourite TV shows. Standard mobile phone models everywhere will soon be enhanced to facilitate and accommodate online browsing, e-banking, e-commerce, and to receive personalised advertising adverts and messages based on specific consumer profile and behavioural attitude to consumables.
The charge for Nigerian marketers in 2009 will be to critically assess these trends, and seek for opportunities that will totally differentiate them in the market place. Innovative strategies, brand roadmaps and business blueprints for leadership and dominance will become a sine qua non for most organissations seeking for business growth and consideration by consumers.
