Communities, Not Products, Are Driving Growth in the New Market, Says FITC MD
Managing Director and Chief Executive Officer of Financial Institutions Training Centre (FITC),, Dr. Chizor Malize, has challenged marketing professionals to rethink traditional approaches to market growth, arguing that the future belongs to brands that understand the power of culture, community and human connection.
Speaking at the Annual Marketing Conference (AMC) and Annual General Meeting (AGM) of the Nigerian Institute of Marketing of Nigeria (NIMN), Dr. Malize said the rapid rise of digital technologies has fundamentally transformed the marketplace, creating unprecedented opportunities for businesses, entrepreneurs and consumers.
Addressing participants at the conference themed “Community, Culture and Connection: Re-imagining the New Market,” she noted that while traditional markets still have relevance, a new market ecosystem is emerging, one driven by technology, digital platforms and evolving consumer expectations.
According to her, the shift has not only accelerated the pace of business but has also redefined how brands engage with consumers and create value.
“The traditional market had its place, but today we have a new market driven by digital transformation and technology. This new environment creates opportunities to do things faster, scale businesses more efficiently and unlock new pathways for growth,” she said.
Dr. Malize explained that the changing market landscape has altered the positioning of brands, creating broader opportunities for entrepreneurs, professionals, marketers and consumers alike.
She stressed that the most significant benefit of this evolution is the opportunity for sustainable business growth, which remains the ultimate objective of every organisation.
“The bigger opportunity lies in real growth, and that is the bottom line for the businesses we represent. As marketers, we must understand how to leverage these changing dynamics to create long-term value,” she noted.
Highlighting the changing nature of consumer behaviour, the FITC boss observed that markets are no longer built around products alone but around people and the communities they belong to.
“Markets today are not built around products; they are built around people. Communities have become powerful forces in influencing buying behaviour. People often buy more than they need because they want to belong,” she said.
She urged marketers to place greater emphasis on community building, arguing that the communities brands create and nurture can deliver greater long-term value than many expensive advertising campaigns.
“Marketers need to understand that the communities they build are often more valuable than the investments made in some campaigns. Communities drive loyalty, advocacy and sustained engagement,” she stated.
Dr. Malize identified culture, community, connection, communication and channels as the key forces shaping the new market, noting that organisations that successfully integrate these elements into their strategies will be better positioned for growth.
According to her, culture offers valuable insights into consumer behaviour and provides marketers with opportunities to develop products and experiences that resonate with specific groups and shared identities.
“Marketing must be able to tap into cultural opportunities to create products that resonate with different tribes, interests and communities. These commonalities bring people together and help brands build identifiable markets that can drive measurable growth,” she said.
She challenged marketers to continually ask critical questions about the future direction of culture and how emerging cultural trends can be translated into meaningful business opportunities.
“Where is culture taking us, and how can we infuse cultural insights into our strategies? Community creates value, and importantly, it creates measurable value. We must also ask ourselves what kind of connections we are building between brands and consumers,” she added.
Her remarks reinforced the central theme of the conference and underscored the growing importance of people-centred marketing in an era where consumers increasingly seek belonging, shared values and authentic engagement.
Industry stakeholders at the event agreed that as markets continue to evolve, organisations that successfully harness the power of culture, community and connection will be best positioned to achieve sustainable growth and remain competitive in the digital age.
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