Yaw Nsarkoh tasks brands on need for consumer- focused strategy
Yaw Nsarkoh, Executive Vice President (EVP) of Unilever Ghana and Nigeria has said that the reason why many brands have been undermined by the advent of technology is a lack of market driven innovation and not the technology in itself.
Speaking at the opening ceremony of the 3rd Africa Rising Leadership Conference, which recently held in Accra, Ghana, Nsarkoh said even though technology has had a huge impact on many industries, but the lack of customer-centric strategy has been the reason why many brands in those industries have been unable to compete.
“Technology by itself is not the disruptor, not being consumer-centric is the biggest threat to any business. Netflix did not kill blockbuster, ridiculous late fees did. Uber did not kill the taxi business, limited access and fare control did, Apple did not kill the music business, being forced to buy full length album did,” Nsarkoh explained.
Also speaking at the same conference, Chairman and World President of the International Advertising Association (IAA), Srinivasan K Swamy, pointed out the crucial role of responsible advertising as a key driver of economic growth and sustainable development. Swamy who delivered the opening address at the event described advertising as the engine of economic growth and the means through which businesses and the global economy thrives.
“Advertising is a very important and indispensable industry. In the United States, advertising to GDP ratio is one per cent. In Ghana, it is 1.5 per cent. If we are able to increase this, the economy will grow exponentially. It is in the best interest of every economy to promote advertising,” he said.
The Africa Rising Leadership Conference is organised by the IAA in partnership with the Advertising Association of Ghana (AAG). The event seeks to provide a platform for business leaders, brand executives, marketing communicators and policy makers to interact, share ideas and provide solutions on how to build and sustain businesses through innovative advertising campaigns.
The two-day conference is on the theme: “Technology Trends versus Consumer Choice – who’s determining the future?” The conference was officially opened by the Vice President of Ghana, Dr. Mahamudu Bawumia. In his address, he acknowledged the key role IAA continues to play in Africa’s development through enhancing partnerships, building capacity of business leaders and driving business growth. Dr. Bawumia lauded IAA for the “African Rising” Conference initiative and for choosing Ghana as host country for the event.
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