Director of Strategy, Brand and PR Consultancy, Phenom Communications, Teresa Aligbe, has said that businesses are failing to account for today’s customer.
“If a customer has 14 products or service offerings before them, to narrow down the playing field, they’ll start with the brands they know, trust, or have heard people within their community talk about,” she said.
Aligbe said the next generation of customers is emerging but a lot of firms aren’t taking cognizance of them. “I believe in the next decade, we’ll see a lot of notable organisations scrambling to correct the market gap they are creating through brand positioning and PR efforts that do not adequately cater to the needs, interests, and values of a new generation of customers.
“I also believe, on the other hand, that this error will lead to the rise of new formidable players who are either squarely focusing their communications efforts on the Millennial and Gen Z customer or have adequately expanded it to cover them.” She said Gen Zs have already defined themselves as far as consumer habits are concerned, noting that they have continued to drive the rise of ‘the experience economy.’ She explained that based on research, 74 percent of Millennials prefer experiences to products.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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