A business consultant has urged small and medium enterprises (SMEs) and business owners, especially bakers, to make use of new innovations, technology, and branding in sustaining their businesses in the current harsh and competitive economy.
The chief executive officer (CEO) of Multiplus Consult Ltd., Mr. Ayodele Arokoyo, made the call on Friday during 100 Kaduna Brand and Merit Awards 2023.
He noted that entrepreneurs needed to adopt modern technological tools and techniques in their businesses to ensure the survival of their business with or without them in charge.
“A unique brand can have a huge impact on the bottom line by giving you a competitive advantage over your rivals and helping you acquire and retain customers at a much lower cost. In commerce, where new companies (new competitors) are springing up every day, an established brand can be a valuable asset in attracting customers and generating profit.
“By carefully constructing your brand through stories, relationships, marketing messages and visual assets, you have the opportunity of shaping your customers’ expectations and creating a unique bond that goes beyond the buying-selling relationship. Good branding is strategic, while marketing is tactical. When you establish the higher objectives and clearly define your brand promise, you can start crafting a marketing plan that’s geared towards achieving,” he said.
In his remarks, the guest speaker, Mr. Andrew Gani Ikilama, while presenting his paper entitled, “Achieving Excellence in Brand Management,” said branding and innovation were germane to “building a generation of transformational leaders which will create courage, trust and perseverance in business.”
“Business owners, especially bakers, need education and exposure to get to their desired goals because the world is evolving, as evident in technology trends and innovations. If we continue at this pace, Nigeria will become a force to reckon with. We only need to collaborate to achieve the goal faster and easier,” he said.
