Small and medium enterprises (SMEs) in the country have been urged to consider brand repositioning as a key strategy for thriving in today’s competitive market.
Charles Okonkwo, General Manager of Enterprise Marketing at MTN Nigeria, emphasized the importance of focusing on branding to establish stronger connections with customers and stand out in a crowded marketplace during his presentation at the Ecobank MySME Growth Series webinar.
He stressed that understanding how customers perceive their brand is essential for SMEs to succeed in a fiercely competitive environment.
Okonkwo highlighted the significance of humanizing the brand and making bold statements to create a distinct and impactful brand identity.
According to Okonkwo, a brand is more than just a logo or tagline – it encompasses the values and essence of the company.
He emphasized the need for SMEs to gather feedback from customers to identify strengths and weaknesses, and to utilize both digital and traditional channels to engage with their target audience effectively.
By focusing on areas such as price, service delivery, innovation, and brand strength, SMEs can differentiate their products and address customers’ unmet needs.
The Ecobank MySME Growth Series, launched in February this year, aims to empower SME operators nationwide.
As part of the bank’s commitment to training over 1 million SME operators by 2024, the series covers essential topics such as accounting, credit, sales & marketing, taxation, and inventory management.
Additionally, resources on increasing sales, advertising strategies, business management practices, case studies, and technology utilization will be provided to participants.
Ecobank also plans to introduce an SME Mentorship program in collaboration with successful entrepreneurs, demonstrating the bank’s dedication to supporting growth and success within the SME community.
Comment here