Charles Okonkwo, General Manager of Enterprise Marketing at MTN Nigeria, advised small and medium enterprises (SMEs) to prioritize brand repositioning to thrive in the current competitive landscape. Speaking at the Ecobank MySME Growth Series webinar, Okonkwo emphasized the importance of SMEs paying closer attention to their brands to establish deeper connections with customers and stand out in the crowded market.
He stressed that in navigating a fiercely competitive market, SMEs must understand how their brand is perceived by target customers. Okonkwo highlighted the need for SMEs to humanize their brands and make strong brand statements, emphasizing that success in a competitive market relies on creating a distinctive and resonant brand identity, strategic positioning, and effective resource management to achieve desired outcomes.
According to Okonkwo, a brand encompasses more than just a logo or tagline; it reflects everything the company stands for and how it presents itself consistently. He emphasized the importance of customer feedback and engagement in assessing the strengths and weaknesses of the brand.
Furthermore, Okonkwo urged SMEs to leverage both digital and traditional channels to reach their target customers, share their stories, and reinforce their brand promise. He identified core areas of strength and competitive advantage such as pricing, service delivery, innovation, and brand strength as key factors in product differentiation to address customers’ unmet needs and emotional connections.
The Ecobank MySME Growth Series, initiated in February, aims to empower SME operators nationwide. It is part of Ecobank’s commitment to training over 1 million SME operators in various sectors of the economy in 2024. The series covers essential topics including accounting, credit, sales & marketing, taxation, and inventory management, providing resources for starting and running a business.
Additionally, the series offers articles on increasing sales, advertising ideas, business management practices, case studies, and technology leverage. Ecobank also plans to launch an SME mentorship program to collaborate with successful entrepreneurs. Overall, the MySME Growth Series underscores Ecobank’s dedication to fostering growth and success within the SME community.
