Hello, Ekine why are you talking value for money, are you saying cheap brands are the only brands with Value?
And that’s how I got the idea that the concept for value for money could best be understood by the different classes of the audience or consumers even when we try to enable a narrative in line with what consumer rights should be in the country.
In the last one year we have seen the activities of regulators such as the Federal Competition and Consumer Protection Commission, the Nigeria Communications Commission, Standard Organization of Nigeria and Nigeria Food and Drug Administration Agency at work to ensure that the experience of the consumer is better and all the activities of these regulators has nothing to do with prices of product but the quality of the products. Even the Chartered Institute of Bankers and the Consumerism of Central bank of Nigeria are all focusing on consumer experience or satisfaction in a transaction with all the digital challenges.
Someone said why should I wait for over 48 hours to have a reversal and another said why should I miss my flight and yet when I stay all day at the airport like My Oga Chido Nwakama’s experience I don’t get any compensation and I suffer damages that I can only explain to myself with missed appointments and unplanned expenses.
Consumers in today’s world are more discerning about brands they associate with at every touch point of investing either finance, physical or emotions. The concept of value for money has become the core of decision making in every household with a consistent rise in cost of living and the country’s inflation rate at 22.79 per cent in June from 22.41 per cent in the previous month according to the National Bureau of Statistics (NBS).
The average consumer in the country is looking for comparative experiences that will enable decision making in shopping experiences like my mother will do back then when going into the market, she will call the neighbour to ask about the prizes of products in the market with a follow up question on what benefit the neighbour got out of it hence in every household back then you can easily predict the common detergent like every other product within the neighbourhood. There was a communal testament to the value of a brand.
What has changed from my mother’s era in the traditional market against the modern market is the big gap of trust from both the manufacturers’ brand claim and the consumers attempt to colour the product satisfaction in the attempt to be seen as right and superior until the consumers experience differs from the claim.
If I could suffer from buying a brand-new car from reputable company through a bank and then insured it and yet and ended up with more pain without help from any regulator, then it means there are many consumers out there suffering from one bad experience without any help.
And like Oga Chido, came calling on social media about his experience just the way it took me over four months to get my refund from an airline for cancelling a flight that made me got stranded in Abuja for a night, thanks for friends but for how long do we work hard and yet continue to suffer from the brands that will rather invest in falsehood conversations?
This brings out the significance of Value for Money Brands, which is that it is not about finding the cheapest option; it’s about finding products and services that strike the perfect balance between quality and affordability. Consumers are willing to invest in brands that not only meet their expectations but exceed them. Value for money brands understand this need and deliver products that provide optimal utility, durability and satisfaction.
Consumers are more informed than ever, conducting thorough research and reading reviews before making purchase. They seek products that offer long term benefits, even if they come at a slightly higher price point.
Brands that focus on delivering genuine value are more likely to build trust, foster loyalty and earn positive word of mouth referrals.
Consumers Value Awards Nigeria has emerged a ground breaking platform that acknowledges and rewards brands that consistently provide exceptional value for money. By putting the power in the hands of the consumers, this initiative is revolutionizing the way brands are evaluated and recognized. It shifts the focus from traditional marketing tactics to genuine consumer experience.
In the 2022 edition of the awards, Checkers Custard, Reload Multivitamin, Dangote Cement and Dangote Sugar were voted by consumers as best value- for-money brands in various categories as frontrunners in delivering products that resonate with consumers’ needs and expectations. Their commitment to quality, affordability and customer satisfaction has earned them a unique position in the market.
BrandXchange represents a new narrative that challenges conventional perception of Value for Money. Through Consumers Value Awards Nigeria, it has harnessed the power of the consumer feedback and validation to propel itself to the forefront of the value driven market.
The impact of the initiative like Consumers Value Awards Nigeria goes beyond individual recognition, it is reshaping the entire marketing landscape by encouraging brands to prioritize value for money and consumer satisfaction. As more brands understand the paradigm shift, consumers are presented with a wider array of options that truly cater to their needs.
Looking ahead, the journey is promising. The concept of value for Money is not just a fleeting trend but a fundamental shift in consumer behaviour. Brands that continue to focus on delivering exceptional quality, affordable pricing and transparent communication will likely thrive in this new era.
The rise of Value for money brands is a testament to consumers evolving preferences and expectations. Consumers Value Awards Nigeria, with its innovative approach to recognizing these brands, is playing a crucial role in this transformation.
In a world where authenticity and consumer-centric matter more than ever, initiatives like consumers Value Nigeria through BrandXchange are shaping the future of value driven commerce. As consumers exercise their power to vote and voice their opinions, the market is compelled to respond with superior products, fair pricing and exceptional value
Akonte Ekine, founder Absolute PR ltd and chief Chief Analyst BrandXchange, the organizers of Consumers Value Awards