Beware of pivoting to the discount route as there ’ s a category-wide catch : some consumers will latch onto this cheaper price and start to value the offer more than the brand , which leads to a decline in overall category value after the incentive is withdrawn . your purpose in your brand DNA .
BRAND BUILDING
5 Brand-Building Factors To Futureproof For Growth In Kenya
By Ibrahim Wambugu
We ’ ll let you in on a secret : to win share of wallet and share of mind today , you need to know what matters to the people who ultimately decide the fate of your brand - consumers . So , while we can ’ t predict how long the current climate of macroeconomic uncertainty will last , we can help your brand recalibrate with 5 clear ways to build your competitive business edge in a crisis and beyond .
Right now , consumers are worried . Our Global Issues Barometer shows financial topics like the economy , unemployment and inflation , as well as the environment , and social issues like unemployment and crime currently top the list of Kenyan concerns . This affects the purchase decisions they make because when we consistently pay more at the tills , we also pay more attention to price . This affects our brand choices , with price sensitivity up 12 % over the past few years .
But beware of pivoting to the discount route as there ’ s a category-wide catch : some consumers will latch onto this cheaper price and start to value the offer more than the brand , which leads to a decline in overall category value after the incentive is withdrawn .
Instead , brands that stay close to their consumers are best at identifying growth opportunities . These are also the brands consumers are willing to pay extra shillings for , despite stretched budgets . Our Kantar BrandZ data also proves strong brands recover faster from troubled times as the brand becomes personally trusted and socially endorsed , which builds its everyday utility and short-term sales , while also boosting its long-term equity - the ultimate win-win .
The five vital signs or key considerations that underpin success and provide a framework for brands responding during times of crisis are purpose , innovation , communications , brand experience , and love as highlighted here-under .
Purpose : Making people ’ s lives better is your business licence to exist
Brand purpose is the sweet spot between what you do and why so if yours isn ’ t clear , focus on the fundamental concerns in society you address . A crisis is a critical point to deliver on those values and embed
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Beware of pivoting to the discount route as there ’ s a category-wide catch : some consumers will latch onto this cheaper price and start to value the offer more than the brand , which leads to a decline in overall category value after the incentive is withdrawn . your purpose in your brand DNA .
For example , Google uses its expertise in digital transformation to enhance access to information , upskill African developers with Android and Google Cloud training opportunities , support small businesses opening online shops , and empower startups with finance and mentorship . I call this , “ proof of the power of using your brand expertise to addressing today ’ s issues in an authentic way that ’ s meaningful and benefits all .”
Innovation : In difficult times , adapt to the changing category and consumer needs
Increase your research and development to maintain relevance beyond the crisis and keep user experience ( UX ) top of mind in enhancing your offer . Think of functionality and product design as well as changing rules of engagement and modes of activation .
In September 2022 , Netflix went against the norm to spark new growth potential by launching a subscription-free mobile trial . Innovation can help you find new brand potential if you accurately envision what adds value to your consumers .
Communication : If you ’ re still selling in times of crisis , don ’ t panic-cut marketing budgets
Kantar BrandZ data also proves brands with stronger communications have an advantage in driving growth . Marketing leader Peter Field ’ s analysis of 354 brands over the course of recession proves brands with increased marketing investment in
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