This archive report was first published on 25 June 2020.
Thursday, June 25, 2020, marked a significant shift in the way African brands approach consumer data and marketing strategies. With the Fourth Industrial Revolution in full swing, brands are rethinking their future and adopting innovative technologies to stay ahead of the competition.
According to Big Data expert Timothy Oriedo, the use of data to predict consumer trends is gaining momentum globally, and Africa should not be left out. "Data is the new oil, if you process it well, you're likely to get the right insights and make informed decisions," he remarks.
Real-time targeted marketing has the potential to spur growth in Africa as brands reach their intended consumers. Vikas Mehta, chief executive of Ogilvy Africa, emphasizes the need for brands and marketers to be innovative in connecting with the ever-shifting needs of customers. Technology, he notes, holds the key to brands staying ahead of competition and keeping pace with the dynamic needs of customers, particularly millennials.
As a key player in marketing and building the profile of brands, Ogilvy has come up with an innovation dubbed Feed, which offers social intelligence, data analytics, community management, and content innovations in a unified offering. Mr. Mehta says the innovation seeks to connect brands to popular culture and millennials whose consumerism dynamics are changing in tandem with emerging technologies.
"With Feed, we've created a unique solution through a variety of data sets and tools, that can provide a reasonably credible picture of consumer sentiment, as it evolves," Mr. Mehta notes. The platform has been built with Africa in mind and is being rolled out across the continent in phases.
Yash Ranga of Jaipur Rugs highlights the potential of technology to enable industries to move up the value chain and access a wider market. "Technology isn't necessarily about changing the industries people are in, but rather about empowering them to move up the value chain by gaining access to a broader market of consumers," he says.
