What would happen to your business after this recession?

As a take out from the GDP report for Q4 2016, there is a consensus that Nigeria’s recession is losing its steam.

Inflation has been the most dangerous weapon of most recession and Nigeria’s case is not in anyway different. Economic growth slumped last quarter to -1.30% compared to -2.24% same quarter last in 2015.

Our real GDP for Q4 was NGN18.3 trillion while the nominal GDP was NGN29.3 trillion. By implication, Nigerians spent over 11 trillion more ‘buying inflation’. Organic demand has crashed by more than 70%.

Moreover, the current hardship witnessed by a broad strata of Nigeria’s socio-economic class is not anywhere over, the end of Q1 2017 is expected to reflect a more positive outlook for Nigeria’s economy.

Data and statistics aside, many companies are doing some silent damage to their brands and businesses. It is understandable that companies will increase prices, it should not be done in an absolute manner that other concerns are overlooked.It is worrying that while prices have gone through the roof; quality of goods and services have are nothing to be happy about.

From telecom to consumer brands, customer satisfaction has been ignored by many companies who are more concerned about staying afloat.In summary, the attitude of many brands and businesses have not only been reactionary but ‘selfish’.

There are justifications for these traits i.e FX drought, high interest rates, infrastructure collapse, power failure, insecurity and a legion of many reasons; there will be consequences still. By the time the dust settles, many companies who seem to have adopted hostile relationship with their customers will see a negative trend in their patronage.

Perhaps, unknowing to many brands, customers’ especially those witnessing their first true recession are changing their consumption habit, their financial orientation. How you treat your customers in their trying times will determine how they will treat you when they are not ‘in need’.

Food for thought.