Expert advocates brand repositioning as crucial for SMEs’ success at Ecobank webinar

The General Manager of Enterprise Marketing at MTN Nigeria, Charles Okonkwo has stressed the necessity for small and medium enterprises (SMEs) to undertake brand repositioning to thrive in today’s fiercely competitive landscape.

In his presentation titled “Positioning your brand for success in a competitive market,” during the recent Ecobank MySME Growth Series webinar, Okonkwo noted the importance of SME promoters focusing on their brands to establish deeper connections with customers and stand out in a saturated market.

According to Okonkwo, successfully navigating a competitive market requires SMEs to understand how their brand is perceived by their target audience.

He stressed the significance of humanizing and strategically positioning the brand to make compelling statements.

Ultimately, success in such an environment relies on carving out a distinct and resonant brand identity, strategic positioning, and efficient resource management to achieve desired outcomes.

Okonkwo clarified that a brand encompasses more than just a logo or tagline—it encapsulates the entirety of what the company represents and how it presents itself consistently over time.

He emphasized the importance of soliciting customer feedback and fostering engagement to gauge the brand’s strengths and weaknesses.

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Furthermore, Okonkwo urged SMEs to utilize both digital and traditional channels to reach their target audience, sharing their narratives and reinforcing their brand promise.

He identified key areas of strength and competitive advantage such as pricing, service delivery, innovation, and brand reputation as crucial factors for differentiation, addressing customers’ unmet needs and emotional connections.

The Ecobank MySME Growth Series, initiated in February, aims to empower SME operators nationwide as part of the bank’s commitment to training over 1 million SME operators across various sectors in 2024.

Covering topics ranging from accounting and credit to sales & marketing, taxation, and inventory management, the series provides essential resources for starting and running a business.

Additionally, the series offers articles on topics like sales enhancement, advertising strategies, business management best practices, case studies, and technology utilization.

Ecobank also plans to introduce an SME Mentorship program, fostering collaboration with successful entrepreneurs.

Through these initiatives, Ecobank demonstrates its dedication to nurturing growth and success within the SME community.