#Beyond business…the Intimate face of market research!

A while back, I got the awesome chance to speak at a market research conference about the intriguing challenges facing market research, especially in our beloved Nigeria – a country bursting with potential, set to become the 4th largest economy in the world by 2050. 🇳🇬

But let’s face it, our nation is no stranger to hardships. From inflation to unemployment and political shenanigans, we’ve got our fair share of hurdles. Yet, amidst it all, there’s an ever-growing middle class, urbanization, and a population that’s all about embracing that proudly Nigerian spirit! 🇳🇬💪

Companies have been doing their best to understand this new breed of consumers – they’re aspirational dreamers shaped by media exposure and a belief in a brighter future. But dang, it’s like trying to solve a puzzle with missing pieces in a market that’s as dynamic and unpredictable as it gets!

With all the current hardships, the big question is, will the average Nigerian youth put their dreams on hold or keep pushing forward against all odds? 🤔 Everyone’s reevaluating their lifestyles, spending habits, and what they consume. Nigerians love living it up, regardless of their socio-economic class. But how will the current economic conditions affect their habits? What adjustments will consumers have to make to survive these tough times?

Companies are also scratching their heads, wondering how these socio-economic conditions will impact their customers’ buying decisions. Will people be willing to give up certain parts of their daily life just to make ends meet?

There’s a whole lot of questions swirling around, and companies with active innovation pipelines should be (if they aren’t already) asking themselves these tough questions to nail down the right marketing strategy for success during these challenging times.

Let’s talk about market research – what’s its role in all of this? How is the global recession affecting businesses and their focus on consumer preferences? 📊

One thing that local market research organizations often overlook is the uniqueness of our Nigerian environment. Our diversity is what sets us apart, and we need to find ways to communicate and highlight our differences and similarities without drowning in a sea of data!

For instance, think about the average young Nigerian, all digitally savvy and upwardly mobile, spending five hours a day commuting, with 70% of that time stuck in crazy traffic jams. How can brands take advantage of this free window to make their journey less painful? 🚗

But here’s the real kicker – how can market research go beyond just data reporting to become a strategic partner for businesses? How can it truly add value to brands and help them connect with consumers on a more intimate level? 🤝

It’s time for local agencies to step up their game! They’ve got a major advantage in understanding the local terrain, especially in rural and suburban areas. They should be able to pinpoint and target consumers with laser precision! 🎯

To add that extra oomph to brands, research providers need to dig deep and go beyond the surface. They should help businesses truly understand their customers, build close connections, and identify macro trends that shape consumer behavior. It’s all about knowing what comes first for families and individuals, and how income fluctuations affect spending patterns. 🤑

Let’s not forget to explore new behaviors, sustainable lifestyles, and opportunities for innovation! And hey, it might be time to consider alternative solutions, like diving into the world of artificial intelligence! 🤖

With all these pressing issues at hand, we, as insights experts, have a golden opportunity to make a real difference. Let’s assist businesses in finding the best solutions for sustainable success in these ever-changing times. 🌟