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By Merit Ibe
In an era marked by shifting consumer behavior and economic uncertainty, businesses in Nigeria must rethink how they connect with their audiences and position themselves in the marketplace.
Dr. Dapo Omojola, a renowned sales and marketing expert shares this view.
He said the key to long-term survival lies not just in innovation or pricing, but in forging meaningful audience engagement and maintaining strong market relevance.
He insists that the inability to understand the particular needs of target customers and market conditions is a costly oversight, regardless of the size of the company, a small start-up in Yaba, a mid-sized enterprise in Kaduna or a multinational on Victoria Island.
Omojola said he has personally witnessed how data-driven market knowledge distinguishes successful companies from unsuccessful ones.
In this interview, he unpacks the strategies businesses must embrace to thrive amid Nigeria’s evolving economic realities.
The Nigerian market
With an estimated population of over 220 million, Nigeria presents a market that is both rich in opportunity and complicated. While rural buyers in areas like Oyo or Borno may prioritise affordability and functionality, urban consumers in Lagos, for example, exhibit brand loyalty influenced by lifestyle and digital culture.
A lot of companies err by using a general marketing strategy.
I observed that what works in Abuja might not work in Aba. While Kano residents value tradition and face-to-face interaction, the Lagos audience may be drawn to speed and convenience.
The telecom sector is a prime example. With more than 77 million users, MTN Nigeria leads the market. Its success is a result of both coverage and region-specific features, such as Hausa-language IVR systems and specially designed recharge bonuses for rural users.
Dangers of assumptions
Using a generic one-size-fits-all marketing approach across a variety of consumer segments is a significant mistake that many Nigerian companies make. What appeals to a fashion-forward millennial in Lekki might be totally irrelevant to a trader in Onitsha. However, businesses continue to promote the same advertisements, messaging, and distribution strategy across the country.
This lack of market segmentation usually results in a poor engagement and a waste of resources.
For example, a high-end beverage company recently started a campaign aimed at young professionals, but it was broadcast consistently on national television without tailoring the message to the various cultural zones. The outcome? Low sales conversion outside of cities despite high media spending. On the other hand, Indomie Nigeria continues to be a notable illustration of audience-specific advertising. They’ve reached a wide audience ranging from the night workers in Lagos to the schoolchildren in Enugu or the peasant farmer in my village by creating different pack sizes and collaborating with local influencers.
Companies should reconsider their approach
Segment your market. Recognise each audience cluster’s values, problems, language and customs. You go from noise to influence in this way.
Knowing your audiences
Information is the new money.
Understanding consumer behaviour is easier than ever in a time of fintech innovation and digital transformation. Critical insights are being revealed by tools such as localised surveys, social media listening, and Google trends. Companies like PiggyVest and Opay have created mobile-only experiences as a result of the 2024 NOI Polls study, which found that 68 percent of Nigerian youth (those between the ages of 18 and 35) prefer mobile-first services.
Any company that ignores these audience-specific data points risks extinction.
To customise your messaging, packaging, pricing, and service delivery, you must gather, evaluate and use data.
Sector-specific perspectives and difficulties
Some businesses in the pharmaceutical industry have learnt their lessons the hard way. One mid-tier company tried to use a one-size-fits-all strategy to promote a high-end multivitamin throughout Nigeria. Their fortunes turned around when they translated labels into Hausa and teamed up with local health influencers, after sales in the northern region declined.
Armed with the understanding and the lifestyle of the tech-savvy, youthful Nigerians, banks such as GTBank have transformed digital banking. The fintech companies took it farther with their user-friendly interface, which reflects extensive user research and feedback loops, their mobile banking app has continuously received high rankings.
Transitioning from premises to intelligence
Many Nigerian companies continue to rely on anecdotal evidence rather than official market research. Assume what customers want based on gut feeling or outdated beliefs. However, assumptions are costly in the current market. As cost-effective strategies to keep abreast of market developments, I suggest focus groups, A/B testing and post-purchase feedback systems.
Knowing your target market
Knowing your target market and audience is essential for survival, not just for marketing purposes. Due to Nigeria’s diverse population, unstable economy, and technological advancements, only the most knowledgeable, adaptable, and customer-focused companies will prosper.
Success in Nigeria is not about selling what you have, it’s about aligning what you have with what the market truly wants, and that requires listening, learning, and evolving constantly.
Businesses in Nigeria that invest in knowing their audiences will not only survive, but will take the lead as the country’s economy struggles and the competition from around the world intensifies.
