Technology, data, consumer behaviour driving future of marketing – Experts

Experts in the marketing space have said the future of marketing was going to be driven by technology, data, and consumer behaviour, with an increasing emphasis on delivering personalised, engaging, and socially responsible experiences for customers.

They also said that customers’ preferences and needs were constantly evolving, hence marketers must adapt their marketing strategies to stay ahead of the curve, this and more dominated conversations at the 3rd Annual Public Lecture of the National Institute of Marketing of Nigeria, NIMN, Ikeja Chapter Lagos, held on Wednesday, May 10, 2023 at the LCCI Conference & Exhibition Centre, Ikeja, Lagos.

Speaking at the event, Idorenyen Enang, the NIMN President, who charged professionals to sustain value through continuous development in response to dynamic business environments and technological disruptions said the future of marketing is going to be driven by technology, data, and consumer behaviour, with an increasing emphasis on delivering personalised, engaging, and socially responsible experiences for customers.

“I appreciate the age of technology, it’s going to help efficiently but as AI helps us improve operations, there are some disadvantages due to the fear of job being taken over but marketers must strike a balance in the implementation of these technologies. It is that balance that is necessary, ensuring that it is ethical. With ethics, everything will work well,” he said.

The public lecture with the theme: The Future of Marketing: How to Prepare for the Changes Ahead, had Idorenyen Enang, President and Chairman of Council, NIMN, as the lead speaker, Kolawole Oyeyemi, Chief Executive Officer, Axiom Intel Limited, Tola Bamigbaiye-Elatuyi, Marketing Director, Pladis Global Nigeria Limited, Ifeoluwa Obafemi, Head, Sub-Saharan Africa Digital Media & Insights Friesland Campina and other renowned marketing experts as speakers.

The Otunba Adebayo Oke, Chairman of NIMN Ikeja Chapter in his welcome address said that the event which is in its third edition is geared towards broadening the knowledge base and improving the competencies of professionals in line with the ever changing business environment.

Also, speaking at the event, Kolawole Oyeyemi, Chief Executive Officer, Axiom Intel Limited, urged marketers to rethink their marketing and operational strategies to effectively engage with the new age consumer as they are more empowered and knowledgeable about the products.

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“It is an era that marketers need to rethink, reimagine and refine. How do you attract, convert and retain a customer? No matter what you think you know, you need to rethink your customer, competition, and proposition.

“Customers are not just buying products or services anymore, they are buying the experience. It’s a very volatile environment that things you don’t think will connect your business can connect from a very long distance and all of a sudden you are in a very bad state.

“All of these create what I call the irreverent consumer. When you are dealing with an irreverent person, you are hard pressed to predict the next behaviour of that person and that’s the environment where you need to sell and build your brand. Today’s customers are more conscious, deliberate and demanding because the environment is a vuca environment.”

Also, Ifeoluwa Obafemi, Head, Sub-Saharan Africa Digital Media & Insights Friesland Campina urged marketing professionals to leverage data and insights for marketing transformation. Ac cording to her, the marketing ecosystem has undergone significant changes in the last decade largely driven by technological advancements, changing customer behaviour and the increasing importance of data analytics and personalisation.

“Data is now the new oil but data is nothing without actions. How do we optimise our marketing strategy and operations using this data? You must as a marketer bring marketing transformations into your campaign. You must be where your consumers are and speak to their needs, interest and passion.”

The public lecture climaxed with a panel session on the business and practice of marketing in the age of technological advancement.

The panellists include Omotola Bamigbaiye-Elatuyi, the Marketing Director of Pladis Global Nigeria Limited; Sola Oke, Managing Director of Pernod Ricard, Nigeria/WA; Bamidele Wale-Oshionowo, Senior lecturer, Entrepreneur & Strategy, University of Lagos.