Introduction
Did you know that over half of Nigeria’s economic power comes from small and medium-sized businesses, many of which are proudly rooted in Nigerian traditions and values?
According to SMEDAN, SMEs contribute over 50% of Nigeria’s GDP and about 80% of the nation’s workforce. These “homegrown heroes” are not just creating jobs and boosting the economy but redefining what it means to be a successful brand.
An enabling factor for this is their values. Values are the fundamental principles that guide a brand or company. They are important and a major secret for building successful and long-lasting brands.
Values for Building Indigenous Brands
Think of your values as the guiding principles that define your brand’s DNA. They are more than just words on a website; they are the compass that steers your decisions and shapes how you interact with your customers. For indigenous Nigerian brands, there are a few core values that should resonate deeply:
- Excellence: This is a key ingredient for building brands that serve any type of market and last long. The process, the production, the product, and even the individuals. Excellence must not be reneged on and must be emphasized across the board. Global brands typically start local and excellence is one of the important qualities that can elevate any brand.
- Hard Work: The results needed when building a brand do not come easy. It requires a great deal of hard work, particularly when building for a global market.
- Community: Nigerians are known for their strong sense of community. Your brand can embody this by giving back to local causes, supporting other indigenous businesses, or fostering a sense of community among your customers.
- Resilience: Challenges are inevitable, but Nigerians have a never-say-die spirit. Let your brand reflect this by showcasing stories of overcoming obstacles and celebrating perseverance.
- Resourcefulness: Nigerians are known for making the most of what they have. Your brand can embody this by using innovation and creativity to solve problems and find unique solutions.
Strong values are magnetic and the secret weapon of indigenous brands. Customers are drawn to brands that stand for something bigger than a product. When you showcase your values authentically, you build trust and loyalty.
Your values are not just words on a website – they are the guiding principles that inform every decision you make. By staying true to your core values, you build trust and authenticity with your customers, creating a brand with which Nigerians can genuinely connect.
The benefits of having these values cannot be over-emphasized as they not only make it easier to make business decisions, they also improve brand reputation, customer trust, innovation, creativity and propel brands to a larger audience.
Holding on to and building a brand with these solid values will enable indigenous brands to build locally, while competing globally, thereby giving them some of the global market share.
Being an indigenous brand is not a limitation. It is a superpower. You have a unique story, a distinct culture, and a community behind you. Embrace your values, cultivate resilience, and let your entrepreneurial spirit shine.
Do we believe that you can? Of course, because this is our story!
Remita is supporting indigenous brands in the leather industry at the Lagos Leather Fair 2024 (LLF2024). It is the place to be this weekend. Join us as we celebrate and support the fantastic work of our own heroes.
Register: Lagos Leather Fair 2024
Date: 29th – 30th June 2024
Venue: Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos.
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Written by: Oyinkansola Awosan, Technical Writer, Remita.
