BoI Boss tasks SMEs on branding, marketing
Waheed Olagunju, Acting Managing Director, Bank of Industry (BoI) has urged Small and Medium Enterprises (SMEs) in Nigeria to adopt branding and marketing in order to excel in business.
He said the business environment is competitive and challenging but businesses that adopt branding and marketing would survive. He therefore urged SMEs to embark on capacity building, research their market, and brand their products.
“Any enterprise at all you need marketing. What is the value proposition? What is the business model? So, marketing is very important. At the Bank of Industry for instance before we start appraising the project, we ask, where is the market? What solutions are you trying to project?” he explained.
In addition, Olaguju said SMEs are drivers of the economy and his bank is willing to partner with any SME that has a market and will ultimately create jobs, and contribute to the Gross Domestic product (GDP) of the country.
Recall that the bank is working with Business Development Service Providers across the country to ensure that SMEs have bankable business proposals.
Also, recall that the bank launched a mobile app recently called ‘BoI SME Mobile App’ to enable entrepreneurs and members of the public access information about the bank on their mobile phones.
“Our objective in introducing the SME Mobile App is to provide members of the public, especially entrepreneurs, easy access to information, on their mobile phones, about the key activities and products of the Bank, as well as, how to avail themselves of our services. The Bank is leveraging the opportunity provided by Nigeria’s high GSM teledensity and improved internet access.” the company in a statement said.
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