Over the years, I’ve had the privilege of being part of teams that uncovered the fascinating dynamism of Nigerian consumers. Now, brand equity is the name of the game, and creating a recognizable and valuable brand is the holy grail for companies.
One way to boost brand equity is through Corporate Social Responsibility (CSR) practices. Embracing sustainability and environmental concerns can differentiate businesses from competitors and elevate their brand equity to new heights.
In Nigeria, this rings truer than ever. With recent flooding causing plastic waste to pile up in the streets, it’s evident that brands need to take a more environmentally conscious approach to survive in the long term. One shining example is Sterling Bank PLC, actively involved in beautifying streets and engaging staff in community cleaning. That’s what we call sterling behavior!
But not all brands are on board. Some are contributing to pollution with non-degradable packaging, harming their own equity in the process. Fake products are also on the rise, using poor packaging to deceive consumers and tarnishing brands’ reputations. The time has come for Quick Service Restaurants (QSRs) to explore alternatives to plastic take-away packs and educate customers on the environmental benefits.
And let’s not forget about plastic bottle packaging – the PET bottles. Brands can support research on sustainable uses for used bottles, like building homes or creating household energy solutions. Encouraging local recycling companies and introducing refill stations are other great ways to make a difference.
Retailers can also play a part by promoting reusable shopping bags instead of polyethylene ones. Brands must conduct surveys to understand consumers’ motivations for sustainable disposal and reward their efforts. This isn’t just a short-term cause; it’s a lifetime commitment for the environment and the brand’s future.
In today’s economic climate, brands that prioritize sustainability will earn the affection of consumers. Environmental thoughtfulness not only boosts brand equity but also complements other sponsorship activities in music, movies, and beauty shows.
So, brands in Nigeria, take a moment to reflect on your environmental footprint – from production to end usage.
Show consumers that you care, and your brand equity will flourish in the long run.
Research, Action, and Measurement (RAM) – it’s the profitable path to follow!
Have questions? Shoot us an email at inquiry@mmonitorconsulting.com. Let’s make a positive impact together! 🌍💚
