‘Nigeria’s Negative Realities Abroad Dampen Its Economy’ – Pat Utomi

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Chief Executive Officer, Centre for Values in Leadership, Prof. Pat Utomi

Story By Nurudeen Salako


Brand grows fast when companies take consumers’ concerns and empathy as theirs. Consumer empathy on health, safety, and income status drive more sales and brand loyalty for companies.


 

 

Founder and Chief Executive Officer of Centre for Values in Leadership, Prof. Pat Utomi has described the wrong perception about Nigeria through negative narrative at the international scenes as the foremost influence affecting the economic growth of the nation as against the positive realities in Nigeria.

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Delivering a keynote address on “Dissecting the Prism of Brand Building in a Volatile Economy” at Brandcomfest conference organized by Brand Communicator.

The renowned political economist and professor of entrepreneurship stressed that brand builders must project the positive realities in Nigeria to improve economic growth through their products and benefits.

The academia also stated that change in industry practice is one factor that brand building professionals must be willing to consider in building the brand in a volatile economy.

Highlighting the changing factors in the marketing communication profession, Prof. Pat identified technology, leadership failure, and collapse of culture in Nigeria are the factors responsible for the dissection of the prism of branding in the volatile economy.

Prof. Pat further added that brand communicators must be adaptable to change and stay ahead of the curves in terms of consumer trends and keeping close to consumer behavior and the marketplace.

“Brand grows fastest when companies take consumers’ concerns and empathy as theirs. Consumer empathy on health, safety, and income status drive more sales and brand loyalty for companies”

Commenting on the discourse as a panelist, Managing Director of Nitro 121, Lampe Omoyele stressed the importance of branding, consumer behaviors, and fulfilling brand promises, noting that consumers must be well informed with product knowledge and getting value from brands.

According to Omoyele, brand managers should keep the brand message as simple as possible for consumers because the better it is for buyers as they make decisions based on emotions.

‘’Branding is powerful because consumers often use it to process enough information to determine which brand to go for with the brand promises. Managing brand promises is one of the methods to leverage on why buyers make a decision on emotions, he said.

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Speaking on the significance of brand loyalty, Omoyele noted that it is a continuous project as brands are expected to be honest with their brand value promises and deliver them as expected to retain the positive impression and consumer-centered brands. Consumer experience and engagement are factors that sustain brand loyalty.

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