How new businesses can succeed in competitive market place – Kalu

 

A brand and marketing expert, Mr. Ikechukwu Kalu, says for new businesses to penetrate and succeed in the market place they will need to employ a mix of traditional and non-traditional marketing strategies, have consumer insights and the necessary stamina for the long run.

He added also that true value creation should remain the main focus of new businesses, for, according to him, consumers have become more empowered having created their own relationships with brands and therefore brand specialists must build campaigns that promote this.

Kalu who was speaking in Lagos at an interaction with brand journalists noted that adopting the right marketing mix that tally with the consumer demand will with time achieve set objectives. He enjoined new brands to ensure there is sufficient brand insight and be ready to stay on in the market for a reasonable time to get the trust of the consumer.

“For Nigerian brands to achieve maximum success in their campaigns they must consider the consumer insight, available budget, advertising concepts, consumer interest and allow sufficient time in the market to achieve desired result.

“Most times the expectation of new brands is to get into the market and start making profits within one year; in a normal market place this may not just be possible. Consumer insight among Nigerian consumers has grown and brands must begin to treat them as such.

“You do not expect to throw things at the consumer and expect them to swallow it hook, line and sinker without questioning, as it was in the past. The availability of social media has given the market more voice and they can now push back,” he noted.

Kalu, the Lead Consultant at Customer Passion Point Limited and adjunct faculty and resource person at Pan Atlantic University and Lagos Business School, respectively, said with the competition in the market right now, new businesses must get it right from inception through differentiation.

“What would differentiate one from the pack is branding. As we know, a brand is not created automatically, you need to be intentional in your efforts to grow your brand and brand activation is just perfect for achieving this. Brand managers need to think seriously about brand activation. You need brand activation to push effective awareness and adoption for your good quality product or services,” he explained.

Kalu, with over 30 years’ experience as brand and marketing expert, has been part of the development of great brands such as Guinness Nigeria, MTN Nigeria, Airtel Nigeria, Etisalat in Tanzania, FCMB Limited and Ecobank Nigeria.