Nigerian telecommunications companies and those operating in other parts of Africa have been advised to put more emphasis on evolving new strategies that will enhance their brand equity.
Dr Ausbeth Ajagu, President of Academy for Entrepreneurial Studies (AES Excellence Club), gave the advice while speaking at a strategic conference held in Cotonou, Benin Republic.
Ajagu, a renowned economist and an entrepreneur, described brand as an embodiment of value which is a powerful asset that deserves to be carefully developed and managed.
He said: “If your desire is to be the market leader, then you have to go the extra mile to subdue your competitors. Always remember that the market place is not meant for the chicken-hearted but the lion-hearted, thus capitalism by default.”
He also described the essential features of a brand. “A brand embodies one’s value, thus, a powerful asset that must be carefully developed and managed. There are numerous characteristics of a good brand and you must screen your potential brand against these characteristics,” he added.
“You must select the right branding strategy given your venture and the conditions under which you will compete. One of your most important tasks is to create and sustain brand equity. Brand equity provides you with a competitive advantage and allows you to command a premium price. It also increases the value of your business.”
The event was attended top executives of telecommunications companies, including MTN.