The fourth lesson is that a brand cannot go it alone and needs the support of many partners in the journey of enabling their customers fulfil their objectives . Dr Mwangi says that finance is an important pillar for this target segment and Equity quickly realised that their cash arsenal of ‘ Kes . 700 Billion was not adequate for the enormous task ahead . We therefore roped in the Bretton Woods Institutions as well as sixteen Development Banks ’. Having gotten the partners on board it was important to play another part ; that of being a trusted partner as the SME ’ s negotiated with these financial partners to get the best of what they had to offer . Without this handholding to enhance their negotiation capability by Equity it might have been a different story .
The last lesson is that a brand should endeavour to go beyond what is their normal mandate if they are to forge a strong relationship with their customers further cementing loyalty and gaining a competitive edge in the market . To this end Equity Bank realised they needed to go further than financing and be an enabler . This is one of reasons that Equity organises trade missions regionally and internationally for their customers . One way of building back better is for businesses to scale but this may be limited by the size of markets they operate in . Dr Mwangi aptly puts it ‘ the limitation of growth of any enterprise is the size of the market and each of the African countries acting alone is like a smallscale farmer none being viable on its own ’.
Thus , the SME ’ s must go beyond their markets and take advantage of agreements such as the Africa Continental Free Trade Agreement ( ACFTA ). The trade missions , like the one to DRC , brings these customers together exposing them to bigger markets , and different customers thus according them the opportunity to scale . However , Equity is alive to the fact that entering an unfamiliar terrain is challenging , takes more time and can be risky . This is where Equity recognises the need to go beyond financing and helps the customers not only access the markets but build their capacities . As Dr Mwangi put it ‘ every level requires different skills , competencies , and capabilities ’ and Equity saw a need to assist the customers fill any gaps that may hinder their plans .
Given that the Bank has been operating in these markets for some time the customers , “ can leverage our experience , tools , human capital , and the relationships we have forged over time ’ so the customers need not grope in the dark . In this respect the Bank is a catalyst , acting as a one stop shop and enabling the customers to take advantage of the expanded opportunities necessary for their transformation .
By playing a bigger role than being their financial partner the Bank becomes a catalyst enabling their customers to reap the benefits of a larger market faster and more efficiently making them to be more resilient as they build back better .
And with that we come to the end of this article . Thank you for taking the time to read it ’ s my hope and that of Marketing Africa crew that you enjoy our writings and that it adds value to your pursuit for more knowledge .
This article was inspired by my belief that Africa in general and Kenya in particular must tell its stories for charity begins at home and the tastiest meat is closer to the bone .
Robert Wamai is a trainer and advertising consultant , a passionate consumer advocate and believer in the power of brands . You can engage him on this or related matters via email at : Wamairobert51 @ gmail . com .