Production ultimately culminates with the consumer. The primary objective of all economic activities is to deliver products and services to the end user – the consumer. The success of a product or service is largely determined by consumer acceptance. So, when consumers voluntarily provide feedback, smart brands pay attention.
The Consumers Value Awards (CVA) serves as a platform for this – allowing customers to share honest feedback, endorse brands, and affirm their satisfaction. The award, organised by BrandXchange, is quickly and quietly becoming a powerful platform for empowering consumers, highlighting their pivotal role in shaping the marketplace. With the theme, ‘Empowering Consumers’, this year’s event celebrated more than brand excellence; it honoured the consumers who, through their voices and votes, have the power to influence corporate behaviour and drive value.
In truth, CVA’s significance goes beyond trophies and accolades. The awards represent the democratic power that consumers wield in today’s economy. As the Chief Analyst of BrandXchange, Akonte Ekine emphasised in his speech, consumers are not just passive participants in the marketplace. They have the right to be heard, to question, and to demand better. Through the CVA, consumers are recognised as the driving force behind the success of brands, and brands, in turn, are held accountable for the quality, trust, and value they provide.
In a country where inflation, rising costs, and economic challenges burden families daily, the importance of empowering consumers cannot be overstated. With the removal of fuel subsidies, skyrocketing prices, and increasing electricity tariffs, Nigerians are forced to navigate a tough economic landscape. Yet, in this adversity, consumer resilience shines through. The awards process – one month of nominations followed by three months of voting – allowed consumers to have their say, endorsing brands that consistently deliver value amidst economic strain.
The story of consumers like Chioma Okoli, referenced by Ekine, reflects this reality. Consumers such as Okoli have raised their voices to hold manufacturers accountable for the products and services they offer. In doing so, they have ensured the voices are heard and amplified. The CVA recognises that empowering these voices is essential to building a market where consumers are valued, not silenced.
Empowering consumers is a collective responsibility. It involves not just regulatory bodies or consumer protection agencies, but also brands committed to serving their customers with integrity, transparency, and respect. This is the essence of CVA.
Lagos State Governor, Mr. Babajide Sanwo-Olu, recognised as the Consumer Rights Advocate Governor of the Year, emphasised this in his goodwill message. He highlighted the importance of creating an environment where consumers are empowered to make informed decisions. In Lagos State, efforts have been made through initiatives such as the state Consumer Protection Agency, which ensures businesses uphold ethical standards while protecting consumer rights. These policies are designed to create a marketplace where consumers have confidence in the products and services they purchase.
However, as Sanwo-Olu rightly noted, the government cannot do it alone. Businesses and civil society must work together to create an ecosystem where consumers’ rights are prioritized, and companies compete not just for market share but for consumer trust and loyalty.
CVA serves as a reminder to all businesses that the consumer is king. Brands recognised at the event were chosen by consumers, a testament to their ability to meet consumer expectations and deliver value. However, as Ekine pointed out, this recognition is not an end – it’s a call to continuous improvement. The economic challenges facing Nigerians today make it even more critical for brands to listen and adapt to their consumers’ needs.
Consumer empowerment in this context is not just about choice – it’s about the ability to hold companies accountable. When consumers are empowered, they have the confidence to demand better products, transparent pricing, and ethical behaviour from businesses. This creates a ripple effect throughout the economy, fostering innovation, driving quality, and encouraging competition based on value rather than price alone.
As Ekine aptly said, “consumers are the cornerstone of every brand’s success”. Brands that fail to listen and respond to their customers risk losing not just market share, but the trust and loyalty of those they serve. In contrast, brands that embrace consumer empowerment and actively engage with their customers stand to thrive, even in challenging economic times.
As we look to the future, the role of empowered consumers in driving economic growth and innovation will only increase. CVA has set the stage for a new era of consumerism in Nigeria – one where consumers are not just participants but active contributors to the success of the market. When consumers are empowered, the entire economy benefits and this is the true power of CVA.
Eromosele, a corporate communication professional and public affairs analyst, wrote via elviseroms@gmail.com
