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|To Brand Or Not To Brand? By Leke Alder by presidency: 2:25pm On May 24, 2017|
Here's What The Branding Guru Mr Leke Alder Says To Start-Ups (New Businesses)
Entrepreneurs around the world deserve commendation. They take risks where others fear to tread, they think out of the box, they are not afraid to try new ventures, and they are usually champions of innovation. In a developing country such as Nigeria, the risk is even greater as entrepreneurs assume all the risks and rewards of launching a new business. The high degree of initiative required to manage any enterprise goes to show that entrepreneurship is no mean feat.
Many times, entrepreneurs find themselves struggling in a competitive market. From a business point of view, it’s a case of dog-eat-dog, and the entrepreneur is faced with two major challenges – the need for continuous innovation and the need to maintain enough stability in a rapidly changing environment.
There is a steep learning curve between starting a business and keeping that business alive.
In Nigeria, small and medium-scale enterprises (SMEs) make up 96% of businesses, according to a survey conducted by the International Finance Corporation (IFC). A study carried out by the Federal Office of Statistics places this figure at 97%. However, they contribute to only approximately 48% of the country’s Gross Domestic Product (GDP).
How Is Branding Relevant to An Entrepreneur?
Simply put, as an entrepreneur, your brand is your promise to your customer. It tells customers what to expect from your products and services, and it differentiates your offering from your competitors’.
Your brand strategy is how, where, when and to whom you plan on communicating and delivering your brand messages.
Where you advertise is also part of your brand strategy, as are your communication distribution channels. What you communicate visually and verbally is important too.
An effective brand strategy gives you a major edge in competitive markets. Consistent, strategic branding leads to strong brand equity. Brand equity is the added perceived value bestowed on your products or services that allows you to charge more for your brand than what identical, unbranded products command.
How Should Entrepreneurs Brand Their Businesses?
Defining your brand is like a journey of business self-discovery. It can be difficult, time-consuming and uncomfortable. It requires, at the very least, that you answer the following questions:
1. What is your company's mission?
2. What are the benefits and features of your products or services?
3. What do your customers and prospects already think of your company?
4. What qualities do you want them to associate with your company?
5. Do your research. Learn the needs, habits and desires of your current and prospective customers. And don't rely on what you think they think. Find out.
In branding a business, it is also important that entrepreneurs find a “voice” that reflects their business. This “voice” should be applied to all written communication and be incorporated into the visual imagery of all materials relating to the business.
The “voice” should be reflected in the attitude and disposition of all who represent the business. For example, an enterprise with a performing customer service team can be said to be projecting a reliable and efficient “voice”.
There should be a clearly defined vision and mission which drives the operations of the enterprise. To cite a Nigerian example, Guaranty Trust Bank, a leading financial institution, identified a number of problems in Nigeria’s banking sector, and set up shop with the aim of restoring the ethos of service in the banking industry. Today, the bank has positioned itself as Nigeria’s favourite bank for millennials. Guaranty Trust Bank emphasises customer service, visual brand standards and technology.
What Can Be Gathered from All This?
From the thoughts highlighted above, there are a few pointers that budding entrepreneurs should pay attention to:
a) Identify the needs of the market as well as the general perception of the product you are selling.
b) Define your target audience and niche.
c) Have a carefully laid-out mission and vision that guide the business.
d) Develop a “voice” that reflects the direction and spirit of the enterprise.
e) Draw up an efficient strategy that communicates that voice consistently across multiple platforms.
In conclusion, every business needs a brand identity to achieve all-round success in a market that is never short of competition. Every enterprise must have that distinguishing feature that sets it apart from others who provide similar services. From logos to taglines to standards of service, creating a brand identity is necessary to avoid getting lost in the crowd of businesses and service providers.
Leke Alder is credited with introducing branding as a discipline to Nigeria. He is the Principal of Alder Consulting and has consulted on branding and brand policy both locally and internationally.
11 Likes 4 Shares
|Re: To Brand Or Not To Brand? By Leke Alder by DjHypno(m): 2:47pm On May 24, 2017|
FTC At last, is there any prize for me?
Check my signature for something HOT!
|Re: To Brand Or Not To Brand? By Leke Alder by exlinkleads(f): 2:47pm On May 24, 2017|
I dont know
|Re: To Brand Or Not To Brand? By Leke Alder by aleeyus(m): 2:48pm On May 24, 2017|
I swear i won't put my comment on this post
|Re: To Brand Or Not To Brand? By Leke Alder by themonk(m): 2:49pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by Jamexjulius(m): 2:49pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by damola1: 2:50pm On May 24, 2017|
Talk is cheap
|Re: To Brand Or Not To Brand? By Leke Alder by Aburi001: 2:50pm On May 24, 2017|
Talking about Branding and non branding to me is like a case below...
When a lady is pregnant, all her friends touch her stomach and say "Congrats!". But none of them comes and touch the man's joystick and say "Well done!".
Moral: Hard work is never appreciated, only result matters.....
We should Endeavor to do what is right always and humbly expect a good result
|Re: To Brand Or Not To Brand? By Leke Alder by HermesParis: 2:52pm On May 24, 2017|
Oga Leke, How do i brand this my yahoo biz
3 Likes 1 Share
|Re: To Brand Or Not To Brand? By Leke Alder by addisoy: 2:55pm On May 24, 2017|
Nice one sir, unfortunately Nairaland is full of kids and low-IQ users that don't appreciate vital and life changing information, imagine the kind of comments on this kind of post. Thanks once again for this information OP
|Re: To Brand Or Not To Brand? By Leke Alder by jashar(f): 3:08pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by Ehi07(f): 3:17pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by ephi123(f): 3:19pm On May 24, 2017|
As a brand, Alder Consulting has always stood out in its own niche. Mr Alder is in a class of his own.
|Re: To Brand Or Not To Brand? By Leke Alder by InfinixMine: 3:25pm On May 24, 2017|
Branding: Your uniqueness sets you apart from those who provide similar business.
|Re: To Brand Or Not To Brand? By Leke Alder by maskid(m): 3:33pm On May 24, 2017|
leke my man
1 Like 1 Share
|Re: To Brand Or Not To Brand? By Leke Alder by lilreese: 3:59pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by chuksjuve(m): 4:08pm On May 24, 2017|
LLeke Alder doing what he knows how to do best
At Chukkyconcepts Landscape & Beautifications..
Our brand is simply adding value to your real estate project.
Everything Landscape, Horticulture, and Gardening that is what we are known for.
check our profile for more info..
|Re: To Brand Or Not To Brand? By Leke Alder by chuksjuve(m): 4:10pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by eezeribe(m): 4:10pm On May 24, 2017|
You are right.Nigerians in general.
|Re: To Brand Or Not To Brand? By Leke Alder by smartiyke78: 5:20pm On May 24, 2017|
Nice nd qualitative piece of info from ur stable sir...
Bur not made for these low IQ street boys here who dont no wot entrepreneurshio is....
OP, next time, such topic shld b located at d appropriat segment... IT IS NOT A GENERAL TOPIC!!!
|Re: To Brand Or Not To Brand? By Leke Alder by ShegsDayo(m): 7:17pm On May 24, 2017|
Very informative. Thanks OP
|Re: To Brand Or Not To Brand? By Leke Alder by GreatManBee: 7:24pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by holar2ge(m): 10:16pm On May 24, 2017|
i am a shoe maker in the making. I have a bsc in compter technology. pls how do i get to brand my shoes
|Re: To Brand Or Not To Brand? By Leke Alder by mrsage(m): 11:51pm On May 24, 2017|
|Re: To Brand Or Not To Brand? By Leke Alder by OurworkComNg1: 3:01am On May 25, 2017|
Hello horlar2ge , i must commend you that you are doing a nice job. You didnt wait for anybody to make an impact in your life and people around you. I must say the sky is your starting point.
Thank goodness for platforms like nairaland, facebook, instagram etc that helps to show case your works but that doesn't mean other channels can't be utilised too.
So sir, i am presenting to you a new platform that can help to add to your customer base, a platform you can showcase your work(s) in pictures, a platform having a category cut out for shoemaking. please check out ourwork.com.ng or check my signature. For any further inquiry, you can PM me.Thanks sir...
|Re: To Brand Or Not To Brand? By Leke Alder by holar2ge(m): 8:39am On May 25, 2017|
I will do that sir.
1 Like 1 Share
|Re: To Brand Or Not To Brand? By Leke Alder by Sweetguy25: 11:25pm On May 25, 2017|
Who made him an authority in branding?
|Re: To Brand Or Not To Brand? By Leke Alder by Rudaiya(f): 6:21pm On Jun 17, 2017|
When designing a new insight community, deciding between a branded or a blind community is crucial. Many of the steps in planning the community – from its look and feel, to recruitment options, to incentives and retention strategy – are influenced by it. Having a clear idea of the people you want to engage with – whether you want to engage customers or non-customers – is a good starting point when deciding which community makes the most sense for your organization.
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