Why small businesses, brands must leverage tech—Experts

Marketing experts in Nigeria have urged small and medium scale businesses, entrepreneurs and brands, in the country, to begin to leverage technology and the new media, for their operations, so as to ensure the survival of such ventures with or without the custodians of such businesses being directly in charge.

The charge was made at the inaugural edition of the Advertisers Association of Nigeria (ADVAN) Small and Medium Enterprise (SME) Business Summit, in conjunction with The SME Mall, held recently in Lagos, as part of the activities marking the association’s Excellence Awards, held recently.

In his paper, titled: ‘Marketing As a Tool For Sustainable Business Development’, the President, ADVAN, Mr. Osamede Uwubanmwen, noted that most entrepreneurs see their businesses as their extension, and, as a result, build such businesses around their skills, abilities and vision.

He however counseled such entrepreneurs to maintain a different identity from the business, in tune with good corporate governance, so as to make such ventures sustainable.

“One of the ways to do that is to pay yourself and make sure your business is separate and distinct. It’s dangerous to deep your hand into your business funds to run other things outside such business,” he stated.

Speaking on business structuring, the marketing expert advised that a lot of things must be taken into consideration. For instance, the types of business structure, he argued, must include: capital structure, business structure, functional and organizational structures; since these are all key to business success.

He also stressed the need for record-keeping culture, irrespective of the scale of the business, so as to ensure transparency and accountability.

Osamede also counseled budding entrepreneurs on the need to have a huge knowledge of the industry they intend to operate, determine their strengths and weaknesses, while also constantly reviewing their structures to enable them adapt to change.

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Another resource person, at the event, Samuel Akinrimisi, counseled every entrepreneur on the need to see their businesses, irrespective of the size of such ventures, as a brand, and therefore make conscious efforts towards building such brands.

The marketing guru, who spoke on ‘Building Sustainable SME Brand’, advised brand owners to be mindful of the type of message they send out to the target audience; since the message, coupled with the brand’s name, logo, symbol, design among others, separate such brand from the others.

Earlier, Chief Executive Officer of ADVAN, Ediri Ose-Ediale, had described the event as part of the association’s plans in supporting SMEs to becoming global.

“Before now, ADVAN members were multinationals. But we have decided that we need to also support SMEs to become global brands. We will be providing entrepreneurs with insight on how to build a global brand and a sustainable business,” she added.