Expert outlines brand strategies to leverage in dynamic business landscape
By Seun Johnson
As brands continue to grapple with the prevailing economic realities, there is an urgent need to adopt sustainable strategies to stay afloat in the ever-changing business landscape.
Akinola Afere, a Brand strategist, stated this while making a presentation at the recently held Brands of Tomorrow event, organized by Kantar.
Brands of Tomorrow is an exclusive, insightful, and thought-provoking gathering of brand specialists and experts, where discussion on how to turn insights into actionable strategic plans were presented, dissected and deliberated with a view to achieving results and outcomes that accelerate growth.
Speaking on the subject, Unlocking Opportunities – Bringing it Home, Afere, who is the Associate Director of Nigeria Kantar, hinted that the country is a strategic balance of pressures, opportunities and growth. He stressed the need to understand consumer concerns, trends and drivers in the market to better harness opportunities and grow brands.
The research analyst gave insights into strategies brands can leverage to grow and stay afloat in these challenging times.
According to him, brands need to go for the market share they want, continue to invest, prioritize and know their key depth. They need to deny their focus when necessary and find out the new phases they can expand to.
Using Standbic IBTC’s case to buttress his point, Afere stated that, for many years, Stanbic IBTC has had Fintech assets. But in January, the bank collated some of those assets into one vehicle and created a subsidiary called “Zest.” They prioritized and looked at where the movement and focus were, because it was necessary to expand. into a new space.
Also using Unilever as another case study, the IMC leader said the multinational took a hard decision to prioritize and focus on where there is movement. He noted that all of that added up for them to continually invest in their brands, think of what to do next, how they would adjust and adapt to an ever-changing business world.
In the same vein, Afere cited reasons brands should go after the market shares they want.
Using Flying Fish as an example, the expert noted that the share of volume of flying fish in the market is small because it is a new brand but they have successfully built an enormous share of value for it in a way that gave it the capacity to grow at such a rapid pace.
“They created a big awareness and presence for the brand in the market that people started looking for it anywhere in the market. So it will always have room to grow.
“You need to understand the pricing power of your brand. What do your consumers value most about your brand? Does your brand ethics justify the price? These are questions we need to ask ourselves, especially in an environment like this,” Afere added.
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