ZIM Economy
In the last issue we broke new ground on our entrepreneurial business transformation mark.
We are responding to the call of the new century by implementing a brand mix that helps manage and enhance our presence in highly competitive markets (as demonstrated by the nature of our markets in almost every sector of our global economy).
This is a challenge for us entrepreneurs, as almost everyone sells similar products/services. As a result, it is difficult to achieve a certain market share, especially without looking at the new mix of our small and medium-sized brands. This challenges us to rethink/refocus on a new mix of brands that outperform others.
Traditionally, an individual can gain a large share of the market through relatively low prices. But in this age of innovation, creativity and differentiation, real brands lead the show by not only delivering on promises, but also exceeding what consumers expect.
For the same reason we are engaging at this level to try to drive our local brand mix model for the business.
We then developed the SPELED brand mix model as an acronym for S – Software, P – Promotion, E-Engagements, L – Learning Organization and T – Transfer.
Our first discussion revolves around the first element, which is "software". Here we need to further review and adapt this mix to revise the company's brand.
Of course, it is not an overnight success, and for the same reason we not only move forward, but also reflect as we continue the same journey. In this edition we continue with another important mix “Promotion” to consolidate our successful and contemporary brand. Of course, in our marketing school, the traditional 4Ps (price, position, promotion and product) also refer to these elements as a marketing mix.
In this discussion, we step up the scale by looking at how entrepreneurs arrive at their own approach to branding rather than relying on a broad/general approach. Also note that this proposed model is not a recipe for rock but one that can influence/complement other models to increase our brand visibility and sales.
Starting with marketing, we need to see and practice SMEs differently. It mainly depends on the economic cycle as a start-up founder and idea generator that starts as a mature company. From the same point of view, the tools/patterns used for advertising should be specific and adapted to the newly implemented processes/interfaces/business attractions.
Here as an unknown or growing SME, we have to mainly focus on building the trust of our target market. This helps guide their usage and purchase decisions towards our products/services.
Offensive and defensive promotion strategies (including compensation) must be implemented. Many of our small and medium-sized businesses engage in some form of advertising just for convenience or to follow a certain trend.
It is not appropriate in today's world that advertising discrimination can turn perfect competition into monopoly. Those who study in business school will agree that unnatural gains can be made from these differences.
To continue the discussion, it should be noted that the promotional tools we apply should be part of the target customer's daily activities and lifestyle. Winning the hearts and minds of customers is easy when we address them through the most widely used medium of exchange in the market.
It must be in market equilibrium, driven by marketing communication systems that match supply and demand. Not only social media can lead to a huge advertisement of our offers In some cases, print media such as newspapers and magazines can do wonders to promote us instead of focusing only on digital media. This means we constantly review the brand promotions we publish and respond to customer feedback as we continually search for the most appropriate media to promote our brands.
SME support should also focus more on creating and increasing awareness in various target markets. This is done through the use of wide web media (a balance of traditional and contemporary media). Not to identify, but to research the nature of our products/services and the exact customer described above. Here, our outreach promotion mix aims to increase customer recognition and reminders of our offerings.
Our main task in this context is to create content and design advertising messages that are compatible with our adaptation to market needs. Remember that a successful brand must be able to eliminate psychological risk in the minds of consumers. By evaluating such brand messages, emotional risk is eliminated in the consumer's purchase decision.
As we near the end of this version, the advertising mix should be designed to attract customers who have the ability to build a long-term customer database (for ongoing follow-up and promotion). Here we are promoting what I will call relationship-based advertising
It is an evolution from a traditional customer relationship management (CRM) system to an advertising based/paid system. Most of us SMEs rush to promote sales and forget that we need to continue with the same business/clients and even grow in the future. Our campaigns are designed to create space for lasting and better relationships. Those that generate sustainable profits are born from effective advertising engagements. Even get word of mouth references whether electronic or physical who satisfy us as the first customer.
Finally, as mentioned above, there should be promotions that not only attract new customers, but also help develop influencers. At this level we need to develop and communicate with influencers in the campaign. This is very important as it helps advise our marketing efforts on the best process/position to maintain and develop sustainable brand promotion success. Most of the time, we focus our advertising mix as a business owner or department within a company. Recognize and appreciate that brand promotion led by influencers (they are advocates and brand ambassadors) is powerful. I allow you to promote new horizons for our entrepreneurial brand mix.
Dr. Farai Chigurah is a businessman and academic. He is the Chair of the Faculty of Economics, School of Business, Peace, Leadership and Management, African University. His doctoral thesis focused on business administration (Department of Marketing and Branding, UKZN, SA). He works in agribusiness and has been a consultant to several companies in Zimbabwe and Africa. He writes personally and can be contacted for comments and work at fariechigora@gmail.com, WhatsApp mobile: +263772886871, website www.fachip.co.zw.
