The need for the business community to understand African economic perspectives so as to build lasting connections with consumers in the continent was a major issue at a forum organised by the Market Trends International (MTI), in partnership with the European Society for Opinion and Market Research (ESOMAR), recently.
The event, which came under the theme, “Exploring Unique African Economic Perspectives”, was the first in a series in Nigeria, but was said to have been hosted in several countries of the world over the last eight years.
Speaking at the forum, which took place in Lagos, chairman of Market Trends International, Josiah Ebhomenye, explained that the forum hoped to engage members, local data and research insight communities by offering valuable content and time for interacting and discussing among participants.
Ebhomenye, who is also the country representative of European Society for Opinion and Market Research, further explained that his agency and one other research agency were the only indigenous market research agencies established in the early 1970s, adding that in recent times both foreign and local research agencies have flooded the market research space in the country.
Speaking on “Consumer Connection: Unique African Perspectives”, senior lecturer at the Department of Sociology, University of Lagos, Augustine Agugua, described consumer connection as the process of building a strong relationship between a brand and its customers, saying that it involves understanding the needs, preferences, behaviours of consumers and creating experiences that resonate with them.
Agugua observed that the above is particularly true for the African continent, which according to him is home to over 1.3 billion people and a wide range of cultures, languages and traditions. “Understanding African perspectives is important because it enables businesses to create products and services that meet the needs of this diverse market and build lasting connections with African consumers”, he said.
Looking at traditional beliefs and spirituality, he pointed out that many African consumers still hold strong traditional beliefs and spirituality, which he opined can influence their purchasing decisions.
