Branding, marketing experts chart new path for brands in a volatile economy
Top CEOs, directors, brand managers, business owners from diverse professional backgrounds recently gathered as participants at the Brand Innovation Summit organised by Brandzone and Brandplatforms planned a new path for brands in a volatile economy
This year’s summit with the theme branding in a volatile economy was held in Lagos. Remarkably, the summit which recorded an impressive attendance provided the needed nuggets for business owners and brand managers to creatively keep their businesses growing even in periods of uncertainty such as now.
Welcoming participants from various sectors including banking, FMCG, technology among others, managing partner, Brandzone Consulting LLC and the Convener Brand Innovation Summit, Chizor Malize, stated that the Summit was borne out of the need to provide insight and solutions to brand managers and business owners that equip them to keep their businesses and brands at leadership and growth position even in a stifling economy.
According to her, “As the nation grapples with the impact of dwindling oil fortunes, devalued currency and weakened economy, there is no better time to become more creative with brands and branding for quality, competitiveness and growth”. In her opinion, “the marginal propensity to consume and the disposable income of consumer in a wobbling economy are shrinking due to the prevalent uncertainties. Consumers become more discerning and selective in their consumption habits owing to the lull in the economy. This also has impact in sales and revenue and therefore further weaken corporations overall performance. It therefore, behoves the practitioners and brand owners to innovatively and strategically connect their brands with the consumer minds to remain relevant and ensure continuity in patronage, growth and profitability”.
Continuing, she opines that “today’s economic realities have significantly changed the behavioural and consumption paradigm of consumers. Therefore, there is the ‘battle’ to maintain a share of the consumers mind and wallet through cutting edge branding solutions. There is, therefore, the need for strategic and conscientious approaches towards attracting, engaging and retaining consumers of goods and services of companies and organisations in meeting the expectations of their consumers. So, essentially, it is believed that one of the crucial take-aways for participants at the summit is that they will be availed the technical/ professional know-hows to continue to drive their brands through growth and profitability- even in the midst of economic volatility”.
In his address as the summit keynote speaker, Aigboje Aig- Imoukhuede, President, The Nigerian Stock Exchange, who spoke on ‘Leading Growth in volatile times’, provided key elements imperative for growth in a receding economy. He charged participants on the need to look at the brighter side of the current economic realities in Nigeria. In his words, “volatility does not connote negativity in the strictest sense, and it holds out as the best time for bold, discerning leaders to identify potential opportunities and key into it”.
Aigboje made a scholarlydelivery on what constitutes volatility and the prerequisites in riding the tide successfully. He identified strong and visionary leadership. According to him, “to do the right thing, demands vision as well as the ability to leverage your resources. It means identifying the growth priorities and focusing on those that most crucial is part of the answer, he submitted”.
He identified Technological Innovation as a key ingredient to surviving under a volatile economy. He also pointed out that one good side of volatility is that it portends a moment for reflection and deep thinking on where and how things went wrong vis-à-vis fashioning a new course of action for business owners and brand managers.”
“Another critical success factors in a difficult economic times is the human capital. Your human resource capital are the most strategic resource during difficult times”, said Imoukhuede. Organisation must be disciplined in their finances and coherent in their finances. They must show consistency and purposefulness. Discerning corporations, business owners and brand managers must see volatile times as time to explore new frontiers in business, aspire to do new things and consolidate on the existing ones. The resultant effect of this is that it would always keep brand managers and corporations ahead of competition and give them a large share of the marketplace thereby putting them at leadership positions.”, he said, “Strong brands that are daring and innovative and wade through turbulent times are characteristically bullish and innovative brands and end up as market leaders in their categories.
Moderating the first session, Lampe Omoyele, Managing Director, Nielsen West Africa, espoused that indeed the way out of the prevailing situation is for corporations and brand managers to begin to take more seriously and invest more in research and technology with a view to effectively and sufficiently position their businesses and brand for growth and profitability”.
In her contribution Iquo Uko, former director of sales and marketing, Nestle Nigeria Plc, re-emphasized the need for brands to be daring and consistent. She revealed that opportunities abound for organisations that dare to remain where others dread to operate. She disclosed how Nestle has held forth in the Northeast region of Nigeria regardless of the security challenges faced by the people of the region. This decision she disclosed has paid off handsomely for the company. “The critical success is identifying with your market, stick with them in good times and in not so good time; that way you get their loyalty and that way business growth and sustainability become a sine-qua-non”.
In her paper presentation titled: ‘Branding and Architecture in an Experienced Economy’, JumokeAdenowo, Principal Partner of AD Consult, tasked participants on the need to remain consistent and resolve to always doing things differently from the pack. These two attributes she opined would always make an organisation standout and continue on the part of growth and profitability. “You have to have and display an uncanny attitude for distinction and excellence in your business approaches and processes”.
Bukky George, Founder/ CEO Healthplus Limited in her presentation titled: ‘From Goal to Grow:Sustaining Market Leadership through Brand Differentiation’, shared with the participants the Healthplus story from inception to the present. She noted that the success story of Healthplus today was as a result of a combination of factors chief amongst which is evolving a brand development and positioning process which ultimately culminated in brand differentiation. The continuous adherence and implementation of this branding process has transformed the vision she birthed in 2008 to what it is now the present brand equity that Health plus is proud to showcase.
One of the thought provoking presentations at the summit was evidently that of Yaw Nsarkoh, Managing Director, Unilever Nigeria. Nsarkoh in his cerebral presentation titled: ‘Crafting Brands for Africa; From Streets to the Palace (Key Insights for Brand Growth and Leadership’ identified strategic touch points relevant to brand success. This he said include: Staying connected to the people as critical for survival and sustenance; Build brand experience with the poor; employ humour in creating your brand message; leveraging virality (use elements that easily resonate with the market. He challenged brand owners, manager and entrepreneurs to always look within in creating messages and communication in driving their businesses and operations. He revealed that originality, simplicity and clarity in messages would always break geographical and generational barrier which would ultimately deliver a good bottom line to business owners and brand managers.
He also hinted that one of the currency of crafting successful brands is trust. “ We need trust to breakdown traditional barriers of working if we want game- changing communication. The secret of building strong brand equity is consistency of the brand message across all touch points”, he submitted.
In the presentation, rich in real life practical experiential situations, he drew significant examples from the music and entertainment industry, especially the Nigerian music society. He reiterated the need for Branding practitioners to always think originality and simplicity in their message process as this would always resonate with the mass people who are the ‘King’ in consumerism.
Nzarkoh’s presentation ended with a quote that is poignant and punchy: Brands are like birds nest- strand by strand, carefully selected but from anywhere relevant”.
Managing Partner, Red Media Africa, ChudeJideonwo whose presentation was titled: ‘Communication In A Digital Age; 21st Century Growth Strategies” outlined what he considered as the winning tricks for brands that would outlast inertia to include what he classified as the “13 Characteristics of Human Brands in the following order: Think like human; Care about humans; Talk like humans; have a personality; show their humans; value relationship; make and own their mistakes; be available; They know themselves; They know their audience; Agile and they invest in people”.
Chude submitted that the era of taking consumers for granted is over and that any brand that thinks otherwise is to its peril.
In an interview, Audrey Ezeigbo, Executive Director, Falcon Corporations, she enthused that the sessions have been revealing and insightful.
She particularly agrees with the Keynote speaker’s presentations on the nuggets for achieving and sustaining growth which as a matter of fact is at the core of Falcon Corporation business model which has propelled our organisation to attaining and retaining market leadership position”.
Also speaking, Obi Asika, Founder and Chairman, Dragon Africa, noted that it is heart- warming to see practitioners and business owners beginning to align with the current dynamics and consumer changing patterns regarding media consumption and appreciation. This he said portends a lot of potentials and growth opportunities for the media and the business society”.
Daniel Obi