Essential Brand Repositioning for SME Survival
Experts advise small and medium businesses to think about changing how they present their brand to do well in today’s tough market.
At a recent webinar, Charles Okonkwo, MTN Nigeria’s Enterprise Marketing General Manager, highlighted the need for businesses to focus on branding. He explained that strong branding helps businesses connect better with customers and get noticed in a busy market.
Okonkwo also pointed out that knowing how customers see their brand is crucial for small and medium enterprises to do well in a highly competitive setting.
Okonkwo emphasized the importance of giving the brand a human touch and making strong statements to build a unique and powerful brand identity.
He explained that a brand is not just about a logo or slogan; it represents the values and core of the company.
Small and medium-sized enterprises should collect feedback from customers to pinpoint strengths and weaknesses. They should also use both digital and traditional channels to interact with their target audience in a meaningful way.
Okonkwo mentioned that by concentrating on aspects like pricing, delivering services, being innovative, and strengthening the brand, SMEs can set their products apart and meet customers’ needs that haven’t been addressed yet.
The Ecobank MySME Growth Series, which started in February, is designed to empower SME operators across the country.
As part of its goal to train over 1 million SME operators by 2024, the series covers important topics like accounting, credit, sales & marketing, taxation, and inventory management.
Participants will also receive resources on boosting sales, effective advertising strategies, business management techniques, real-life case studies, and how to use technology effectively.
Ecobank is also planning to launch an SME Mentorship program in partnership with successful entrepreneurs, showing their commitment to helping SMEs grow and succeed.
