The Effect Of Election Results On Your Business

Just when the winner is announced, what matters next to your customer and how does it impacts your business?

The presidential election in Nigeria is a crucial event for the citizens of the country as it determines the leadership direction and future of one of Africa’s largest and most populous nations. The election holds immense significance as the winner will be responsible for addressing the pressing issues facing the country such as poverty, unemployment, insecurity, and corruption, among others.

The outcome of the election has a direct impact on the daily lives of Nigerians, and the next president will have the responsibility of charting a path towards a brighter future for all citizens. With so much at stake, it is clear that the Nigerian presidential election is a pivotal moment for the country and its people.

Elections can often have a profound impact on customer behavior and spending patterns, and this is particularly true for a key election like the Nigerian presidential election. In the aftermath of the election, citizens may be optimistic or pessimistic about the future, and this can influence their purchasing decisions. For example, if citizens feel optimistic about the direction the country is headed in, they may be more likely to make large purchases such as buying a new home or investing in a business.

On the other hand, if they are pessimistic, they may be more cautious with their spending and save more for a rainy day.

According to a study by the National Bureau of Statistics, consumer confidence in Nigeria has been shown to increase by as much as 43% in the aftermath of a successful election, leading to an increase in consumer spending. On the other hand, consumer confidence has been known to decrease by as much as 10% in the aftermath of a controversial or disputed election. This can lead to decreased consumer spending and a slowdown in the economy.

As such, the outcome of the presidential election will have a ripple effect on the economy, affecting consumer confidence and spending patterns, which in turn can impact the growth and stability of your business.

As a business owner, you must be aware that the outcome of the Nigerian presidential election can have a direct impact on your operations. With our mood and purchasing decisions being shaped by the election, it is critical for your business to be well positioned and ready to be seen by these customers.

This means having a strong marketing and communication strategy in place to engage with potential customers and build brand loyalty. Failing to be prepared and not having a strategy in place can result in missed opportunities and a loss of market share to competitors.

The rapidly changing landscape of the post-election period can be challenging for businesses, but those that are proactive and well prepared will have a significant advantage in capturing the attention of consumers and securing their business (for the next 8 years). In short, it is imperative for you to be ready and well positioned to engage with consumers in the aftermath of the Nigerian presidential election.

I employ all business owners to reach out to your marketing team and talk to them about your marketing activities to ensure that you are well positioned to succeed in the rapidly changing landscape of the post-election period.

Olayemi Olamiju
5th Element Media Agency,
Lagos.