Today, brands are struggling with increasing their market share and revenue. There is great concern about how the market is changing. The person driving that change is the CONSUMER.
The consumer of today is more empowered than years before. They have more options, more choices, and less time to make those choices (A study carried out in 2013 by Microsoft Advertising showed that the average human attention span is 8 seconds, while the attention span of a goldfish is 9 seconds), and they default to brands that create an emotional connection.
Consumers are savvy, more empowered and now, they expect more from brands before making purchase commitments. Consumers are demanding to be seen as individuals, and therefore careful consideration must be taken to satisfy and understand the consumers’ taste. Never before has the need for relevant and timely targeting of the right message to the right people via the right channel been so important.
Welcome to the Age of the Consumer, and brands wanting to maximize the effectiveness of their business strategies and make intelligent marketing decisions need to have a detailed and clear understanding of their customers and prospects.
A quick profile of today’s customer shows that;
- We know that today’s customer buys at least one product online each month
- We know he has at least 3 social media accounts
- He spends more than an hour on social media every day
- We know he uses the internet for product research before he buys
- We know he uses his mobile devices to connect to the internet
- He only sees short communications on social media. Anything more than 140 words, he won’t read it.
Based on research carried out in 2017 titled “The Nigerian Consumer”(The Nigerian Consumer is a market consumer research carried out by Switch Consulting in 2017, and data was collated from 3 states; Benin – City, Port Harcourt, and Taraba State), it was gathered that the Nigerian consumer can be divided into five classes, which is based on their shopping preferences.
The five classes are represented in the table below;
|The Quality Lover||This consumer wants quality and does not really mind how much they pay as long as they think the price is equal to the value of the product to be consumed|
|The Social Status Consumer||This consumer cares what people think about what they consume, so will buy products to be consumed from places or brands that people think so highly of|
|Low Price Hunter||This consumer is all about prices and will go a long distance as long as they get the price they are looking for|
|Quality Convenience Lover||This consumer is all about convenience. What they want is a modern shopping experience, where they don’t have to sweat because they want to buy, the items are well arranged, with their prices on them|
|Experimental Shopper||This consumer likes to try new things and is usually the first to buy a new product|
In that research, it was concluded that the Nigerian Consumer;
- Is loyal to brands and that quality matters and are willing to pay more
- Associates quality to pricing
- Price is a sensitive matter to them and they demand value for money
Do It Yourself – Deep Dive
Describe your customer as a person. Give him/her a name. What kind of customer is he/she? What needs do they have? What value are they expecting?
The more visible this customer is to you, the more clearly your marketing strategy.