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GeoPoll’s Matt Angus-Hammond was part of the panel and presenters in “Top Trends in 2024: Media, Consumer & Markets,” webinar held on Thursday, 25th January, 2024. Now in its third year, the annual webinar is a collabiration between mediaReach OMD, the Lagos Business School (LBS) and the National Institute of Marketing of Nigeria (NIMN), Advertising Regulatory Council Of Nigeria (ARCON) and GeoPoll and features erudite panelists that shed lights on topical issues in the marketing communications industry, including the Top Trends in Marketing and their implications on media, consumers and brands.
Here’s a summary of the expected trends in 2024:
1. Evolution of Conscious Commerce Amongst Consumers
The shift towards conscious commerce reflects a growing consumer preference for brands that prioritize sustainability, ethical production, and social responsibility. This trend indicates that consumers are becoming more discerning, opting for purchases that align with their personal values and the broader societal impact. Brands that transparently communicate their commitments to these areas are likely to see increased loyalty and patronage from a more informed and conscientious customer base.
2. Retailers as Major Influencers for Generating Sales
Retailers are increasingly leveraging their platforms to influence consumer purchasing decisions directly. Through personalized marketing, curated experiences, and exclusive content, retailers are transforming into powerful influencers. This trend underscores the importance of omnichannel strategies that integrate online and offline experiences, enabling retailers to engage with consumers more personally and effectively drive sales.
3. AI will transform the way digital marketing and creative advertising is done in Nigeria
Artificial Intelligence(AI) has emerged as a major buzzword in the last year or so. In 2024 (AI) is going into the practical stage and is revolutionizing digital marketing and creative advertising in Nigeria by enabling hyper-personalized content creation and delivery. AI’s capacity to analyze vast datasets for insights into consumer behavior and preferences allows for the crafting of targeted marketing strategies. This technological advancement not only enhances the relevance and efficiency of marketing campaigns but also paves the way for innovative advertising formats that resonate with the Nigerian audience.
4. Active Involvement in Health and Wellness
The increasing focus on health and wellness, particularly among the middle class, reflects a broader trend towards holistic well-being. This demographic is actively seeking products and services that support physical, mental, and emotional health, driving demand in sectors such as fitness, nutrition, and wellness tourism. Brands that can effectively tap into this health-conscious ethos, offering genuine value and quality, stand to gain a competitive edge.
5. Nano Influencer Marketing
The rise of nano influencers marks a shift towards more authentic, relatable marketing. With smaller but highly engaged followings, nano influencers offer brands a more personal and trustworthy means of connecting with niche audiences. This trend suggests that the impact of influencer marketing is not solely dependent on follower count but on the quality of engagement and community trust.
6. Competitive Pricing of Made-in-Nigeria Products
The growing emphasis on locally produced goods in Nigeria is set to make Made-in-Nigeria products more competitively priced. Fuelled by improvements in local manufacturing capabilities, government incentives and changing preferences, consumers will become more inclined towards patronage of local brands(Made-In-Naija Goods) at at competitive price levels and there will be focus on messaging that ties brands to the raw materials behind them, especially if these materials are sourced in Nigeria.
7. Ad Investments and Media Inflation
The rise in advertising investments, driven by media inflation rather than increased media activities, will likely be the consequence of the escalating costs of reaching audiences through traditional and digital channels, as other products and services grow in cost. This trend necessitates a strategic approach to media buying and planning, with a focus on maximizing return on investment through data-driven targeting and optimization of ad spend across platforms.
8. The Rise of Cocooning
Cocooning, the trend towards creating a comfortable, safe, and entertainment-filled home environment, has gained traction. This trend is reflective of consumers’ desires for a sanctuary amidst the chaos of the external world, driving demand for home improvement, entertainment technology, and comfort-driven products and services. Brands that can cater to the cocooning lifestyle through innovative, home-centric solutions will resonate with consumers seeking solace and convenience.
9. Increased Penetration of New Media Formats
The proliferation of new media formats, such as digital out-of-home advertising (DOOH), shoppable TV, and retail media, is transforming the advertising landscape. These formats offer immersive and interactive experiences, bridging the gap between advertisement and direct purchase. The increased penetration of these media formats underscores the importance of integrating innovative advertising solutions to capture consumer attention in an increasingly fragmented media environment.
10. Sustainability in Action Beyond Rhetoric
The growing call for sustainability in action represents a critical juncture for brands, demanding genuine, impactful measures beyond mere rhetoric. Consumers are increasingly holding companies accountable for their environmental and social impact, seeking transparency and tangible progress towards sustainability goals. Brands that can demonstrate real commitment and progress in their sustainability initiatives are likely to build stronger, trust-based relationships with their consumers.
Please reach out if you would like the full report and the recording.