By Akante Ekine
Hello, Ekine Why are you talking about value for money? Are you saying cheap brands are the only ones with value?
And that’s how I got the idea that the concept of 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 year, we have seen the activities of regulators such as the Federal Competition and Consumer Protection Commission, the Nigeria Communications Commission, the Standard Organization of Nigeria, and the Nigeria Food and Drug Administration Agency (NAFDAC) at work to ensure that the experience of the consumer is better, and all the activities of these regulators have nothing to do with the prices of products but the quality of the products.
Even the Chartered Institute of Bankers and the Consumerism of the 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?
Yet when I stay all day at the airport, like in 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, whether financial, physical, or emotional.
The concept of value for money has become the core of decision-making in every household with a consistent rise in the cost of living and the country’s inflation rate at 22.79 percent in June to 24.08 percent in July, 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 would do back then when going into the market.
She would call the neighbor to ask about the prices of products in the market with a follow-up question on what benefit the neighbor got out of it; hence, in every household back then, you could easily predict the common detergent like every other product within the neighborhood. There was a communal testament to the value of a brand.
What has changed from my mother’s era in the traditional market to the modern market is the big gap of trust between the manufacturers’ brand claim and the consumer’s attempt to color the product satisfaction in an attempt to be seen as right and superior until the consumer’s experience differs from the claim.
If I could suffer from buying a brand-new car from a reputable company through a bank and then insuring it and yet end 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, he came calling on social media about his experience, just as it took me over four months to get my refund from an airline for canceling a flight that left me 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 would rather invest in falsehood conversations?
This brings out the significance of value-for-money brands, which is that it’s 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 purchases. 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.
Consumer Value Awards Nigeria has emerged as a ground-breaking platform that acknowledges and rewards brands that consistently provide exceptional value for money.
By putting power in the hands of consumers, this initiative is revolutionizing the way brands are evaluated and recognized. It shifts the focus from traditional marketing tactics to a genuine consumer experience.
In the 2022 edition of the awards, Checkers Custard, Reload Multivitamin, Dangote Cement, and Dangote Sugar were voted by consumers as the 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 perceptions of value for money. Through Consumers Value Awards Nigeria, it has harnessed the power of consumer feedback and validation to propel itself to the forefront of the value-driven market.
The impact of initiatives 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 behavior. 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. Consumer 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-centricity 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.
* Ekine, founder of Absolute PR Ltd. and chief analyst at BrandXchange, and the organizers of the Consumer Value Awards.