BRANDING AS PANACEA FOR CEOS’ ATTRITION
Only the brand that adjusts to the changes in the operating environment will survive in 2024, argues
We must admit that 2024 is a mixed grill of many opportunities and risks. Every year proves to be so but in Nigeria, the peculiarity of this year is the great expectation that the Tinubu Administration will speed up the turnaround of the comatose economy. I agree with Morgan Stanley’s position in the analysis of the Nigerian economy and the outlook for 2024. The analysis says that if the new administration in the next two to three years succeeds in reversing the harmful policies and economic malaise of the past eight years, Nigeria could witness a sharp upturn in economic growth.
The leading global bank and wealth management firm says, “This is likely to present investors with opportunities in local equity markets, especially in the telecom, consumer goods and durable sectors. In the long term, the new administration’s challenge will be devising sound policies in education and training to unleash Nigeria’s human capital potential, perhaps its greatest assets...” Beyond Morgan Stanley’s forecast, one untapped area which the new administration can exploit as a cash cow is the commodities ecosystem, which has strong potential to grow the Nigerian Gross Domestic Product (GDP), given appropriate policy measures.
Chief executive officers (CEOs) across the globe are under intense pressure to grow their companies, generate values for shareholders and retain their exalted position. Those in the C-Suite Class must be ready to bend backward and if need be lose weight to defend their unusual high-paying jobs in 2024. They should work harder to avert losing their plum job to the strike of corporate raiders. They must take a cue from the fall of Stephen Elop, the famous CEO of Nokia who under his leadership, the company’s sales tumbled. The company, whose operating profit jumped from $1 billion in 1995 to $4 billion in 1999 due to superior quality product, recorded a 90 percent decline in market value due to stiff competition by Apple within six years. When Microsoft completed the acquisition of Nokia in April 2014, the emotive speech and tearful conclusion of Elop that “we didn’t do anything wrong, but somehow, we lost,” has become a reference point for students of management. The statement has been trending in the social media as a flashback to how a company can lose existence for failure to adjust to changing realities in the face of technological disruptions, stakeholder engagement and dynamic management of staff. With all its extraordinary performance between 1980s and 1990s, Toshiba, a firm in the pantheon of technology trailblazers, fell on the garbage heap of history for its boss- knows-it - all strategy, which precluded the staff from deploying their innovative ideas.
Any CEO that will retain his enviable seat in 2024 must not focus only on analysis of the economy and adjustment of business models but also take a deep look at the company’s branding policy and employee engagement strategy. Every company must build trust and credibility of its stakeholders to remain in business. A well- managed brand can survive and thrive under any type of business environment.
Brand is not just about a company’s logo and or it's colour. These are brand attributes. Brand is the trust that a customer has in a company and this translates into customer loyalty as long as the trust is not breached. Consistency is a major attribute of a great brand. Regardless of the new ways of doing business, an enduring brand must retain part of its identity, especially, the uniqueness of its products and services. The whole issue is to stay true to one’s root.
If you do not tell your story, your competitors will tell it for you, obviously in a damaging way. This is not propaganda but verifiable success stories at the right time, through the right channels to the right audiences. This is one of the areas where branding and strategic public relations intersect to build a positive image for a company or an individual.
Quoted companies are obliged to provide regular and timely information. This is the heart of the Post Listing Requirements and a fundamental way to ensure investor protection. There are sanctions when a quoted company breaches this rule in a securities exchange.
Modern professionals of public relations deploy storytelling to generate contents that come under earned media, the most
authentic story about an organiisation or an individual. Only the brand that adjusts to the changes in the operating environment will survive the challenges in 2024. A brand must streamline by creating platforms where its customers and other stakeholders can connect seamlessly. It must optimize workflow, strengthen consistency, create on-board content, sustain brand identity, increase brand engagement, constantly improve marketing strategy and drive sales growth to remain in business.
An unwritten law in brand management is to put the customer at the center of marketing to ensure quick resolution of unmet needs. Companies products must be based on the needs of customers. Some quoted com- panies on Nigeria Exchange Limited (NGX) that adopt this model have always stayed above the curve with solid balance sheets and shareholder value.