ADDIS ABABA – Domestic producers need to understand the capacity of branding in creating market and withstand the market competition that comes with the inauguration of Common Market for Africa, said Mesenbet Shenkute, President of Addis Ababa Chamber of Commerce and Sectoral Association (AACCSA).
Mesebent told The Ethiopian Herald that local producers need to work on branding their produces or organization in line with providing quality goods and services. They need to internalize the role of branding in creating market.
Mesenbet elaborated that local businesses may produce quality products. However, they do not attract the potential market due to failure in branding their produces or companies. Branding helps stabilize a product or company and the mind of consumers.
Besides providing quality goods and services, the local producers need to work on branding their produces or organization. The producers need to keep producing quality goods and services. Besides, they also need to work on branding, as to Mesenbet.
The AACCSA has organized a series of trade fairs that could create opportunity for the local producers to gain experience. The trade fairs are meant to familiarize the producers with the necessary market requirements, she pointed out.
Mesenbet stressed that Ethiopia has signed a membership for the Common Market for Africa (AfCFTA). The market may come up with significant market competition which could affect the local producers. The fair is meant to familiarize the producers with the international market.
Sean McCoy (PhD), Founder and Director of HKLM, on his part, said that re-branding also relevant to update old names. RE-branding helps re-establish solid market competition. Having a huge youth population indicates significant market potential in the country.
McCoy added that Ethiopia has famous brands such as Ethiopian Airlines and Land of Origin (previously Thirteen Months of Sunshine). The country has huge potential of branding itself since it owns various historical and cultural wealth.
Ermias Ayele, General Manager of Great Ethiopian Run, mentioned that the event has become famous due to branding. Creating strong brand, putting the promise into action and loyalty to the customers are extremely important in stabilizing market link.
Michael Tsegaye, Director of Corporate Banking at Zemen Bank, forwarded that sustainability and uniformity of the service provided by the bank has been the key to success of the bank.
The Ethiopian Herald February 1/2020
BY GETAHUN LEGESSE
