Joe Jackson, Director of Dalex SWIFT, a subsidiary of Dalex Finance, has urged micro-finance companies in the country to rebrand in order to remain attractive.
According to him, the rebranding had become necessary due to the debacle that hit the micro-finance sector which has affected its image.
The Bank of Ghana (BoG) revoked the licence of DKM Microfinance, which started operations in 2013, after the Central Bank discovered that the company had violated all regulatory rules governing operations in the sector.
Many customers of the institution lost their investments running into millions of Ghana cedis.
The Dalex SWIFT Director, who was speaking to the media after an event organized by the Chartered Institute of Marketing in Partnership with Dalex Finance, said the DKM saga has had a negative impact on the activities of the sector.
In view of that, he called for successful brand strategy to regain trust among business owners.
“There are pockets of people in this country who are so scared by their experience with DKM…there is a huge problem but if you create a winning brand strategy, people will be prepared to overlook the perception and the challenges and still deal with you, he said.
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Creating Winning Brand
Mr. Jackson advised that “if you want your brand to succeed and bring you the desired returns, then go beyond the traditional ways of marketing your product.”
He said many good brands have failed to make the necessary impact because they have not been passionately marketed.
The director charged entrepreneurs to be enthusiastic about their brands, stating “you must have a true functional product, but no matter how good your product, you've got to find that grand emotion to market it. Having a good product doesn't mean you will succeed.”
He said “if you don't have the right brand strategy, forget it. You don't get what you deserve. You get what you shout about. That's the whole point about marketing.”
Mr. Jackson said for a brand to be successful, there is the need to employ a brand strategy that causes people to hear, feel, love and be loyal to the product.
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By Cephas Larbi
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