Unexpected. Unprecedented. Unpredictable. 2020 was the year a virus & many other events tore through the core of our being and businesses, assailed our health systems and the wellbeing of our economies. The effects ricocheted through every continent, country, region, city, street, and home.
We looked back on what 2020 meant for brands and businesses in Nigeria and accessed key takeaways to what 2021 will look like in Marketing & Communications. It hasn’t been easy, but there are loads of opportunities to take hold of in 2021. Here are some trends and key take-outs that will accelerate your marketing activities this year.
Consumer Pressure Points: Your Nigerian consumers are earning less while having to spend more.
Let’s do some quick math to figure out why- As of 2020, economic growth had dwindled by as low as 6.1% and currency devaluation (NGN470to 1USD as of Jan 2021) placed consumers purchasing power at an all-time low.
Like that’s not enough strain on the pocket of consumers, the removal of subsidies and deregulation of PMS raised prices up from 145/liter to ₦160/liter.
With 55.7% of the labor force unemployed or underemployed and 41% of working Nigerians aged 15-64 losing their job due to COVID -19, you can see that the math is frightening. What does this mean in English? It means more people are going to be focusing their spending on essentials in 2021.
Sustainability; loud and proud: In 2021 Stakeholders will naturally be drawn to a more sustainable business as they recognize the value in a company that is proactively managing and assessing the risks to its operations in line with the global sustainable development goals.
With sustainability issues becoming more prominent in the public eye, companies must adapt to the ‘new normal’ (a more efficient and streamlined approach) that is now a necessity if a business is to survive.
People are craving more human content, specifically via video: People don’t connect with logos, colors, or fonts. They connect with other humans. This is not new, but it’s more important than ever.
- The average user spends 88% more time on a website with video
- 70% of B2B buyers and researchers watch videos throughout their path to purchase
- Video viewers are 64% more likely to buy than non-viewers
- The world reportedly watches 1 billion hours of YouTube social video per day
- Video is an easy-to-digest content format that gives our eyes a rest from the overabundance of textual information
- 97% of marketers claim that videos help customers understand products.
- Over 80% of all traffic will consist of video by 2021
- 90% of consumers claim a video will help them make a purchasing decision.
Customer experience Reimagined: Customers today have higher expectations than ever before. In this year’s survey at McKinsey & Company, 93% of service teams agree with that statement; this survey also reveals that consumers spend 17% more on organizations that treat them well.
Yes for the consumer, change is constant but 2020 as expedited the process of change due to the new normal Covid-19 is introducing us too, the brand that will gain grounds this year is the brand that as an agile approach to everything relating to its consumers, yes you will move but your ability to move fast is what will stand you out from your competitors in 2021, implement our key takeaways and watch your brand roar in a crowded market.