Experts see opportunities in brand building for SMEs
Advertising and Marketing Communication experts say brand building is of utmost importance to Small and Medium Enterprises’ (SMEs) competitiveness and sustainability.
Speaking at SMEs Conference and Expo 2017 organised by Agile Communications Limited and Purple Pearl Consulting in Lagos, Bolajoko Bayo-Ayayi, Managing Director, Purple Pearl Consulting, said that brand building delivers many benefits to SMEs in the short and long term and should be the focus of any business irrespective of the size.
“Building a brand is not a game of chance, but it takes a deliberate effort on the part of owners of the businesses,” she stated.
According to her, one of the challenges facing SMEs is the paucity of funds which often limits their ability to give attention to every aspect of their business. As such, they tend to prioritize what is thought to be of utmost importance to the business viability, thereby relegating other important areas, one of which is brand building.
“This is either due to their perception of the value derivable from building their brand or the lack of the know-how in how to undertake this,” Bayo-Ajayi said.
“Brand building is important to the long-term viability and sustainability of every business, whether big or small. It provides a platform upon which their products or services can be appropriately positioned to give a distinct identity in the cluttered competitive market in a way that achieves top-of-the-mind recall and awareness. With today’s consumers/customers being more discerning and demanding, it places the burden on SME businesses to have a strong consumer proposition that will meet the needs and motivation of their customers,” she added.
Rufai Ladipo, Managing Director/CEO Agile Communications Limited, said that content is critical for SMEs and it is a challenge that they must overcome to grow their brand. “SMEs and start-ups should seek professional advice from experts in their space on how to improve brand recognition for their businesses and services,” he added.