By Modupe Gbadeyanka
Those who use counterfeit electrical products could be putting their lives and their families at risk, Eaton, a global power management company has warned.
This is why the firm has embarked on an anti-counterfeit sensitisation exercise amongst trade partners and end-users to avert disasters.
At the Jankara Electrical market located in the heart of Lagos Island, the company educated and enlightened both resellers and users on how to identify at-risk and suspect packaging, extraneous marks or labelling, lookalikes, non-compliant and counterfeit products.
Counterfeit electrical products can result in a higher risk of failure or malfunction. Such failures may result in electrical shock, overheating, or short circuits, leading to equipment failure, fires, or explosions that can cost lives and cause considerable property damage, the organisation told participants.
The Marketing Manager for Eaton in West Africa, Mr Kunmi Odunoku, disclosed that the initiative is to reinforce Eaton’s commitment to thwarting counterfeiting through the education and training of all relevant stakeholders in the product supply chain.
“Counterfeiting is a prevalent industry issue that poses a threat to lives and properties. The sourcing practices of independent resellers and brokers put customers at a higher risk of receiving used, altered, reconditioned, or potentially counterfeit products.
“Counterfeit product manufacturers rely on deception and prices that are below market levels to find their way into our homes, businesses, and electrical infrastructure,” he said.
“Counterfeits, re-labelled, and non-compliant products pose a significant safety hazard to the electrical industry exposing users to risk.
“Recently, the proliferation of the market with sophisticated counterfeit products has resulted in a need to caution and educate resellers on how to identify these counterfeit products,” Mr Odunoku added.
B2B Platforms Facilitate Faster Distribution for FMCG Manufacturers
By Adedapo Adesanya
Business-to-Business (B2B) e-Commerce platforms, such as Alerzo and Tradedepot facilitate faster product distribution for FMCG manufacturers like Unilever, Nestlé, Procter & Gamble, PZ Cussons, Reckitt Benckiser, Dangote, Golden Penny, Dufil and Flour Mills.
No doubt digital technology is redefining manufacturing, distribution and retailing which in turn reflects on our day-to-day living. There have been and will continue to be shifts in the way several sectors of the economy operate as the rising emergence of Business-to-Customers (B2C) and B2B e-Commerce platforms in Nigeria typifies how digital technology is driving the marketplace.
After the Industrial Revolution of the 18th century, Technology Revolution energised by information and communication technology or digital technology is another big wave that has had an unmatched impact on the world’s social and economic landscape in the 21st century.
At present, e-Commerce is helping manufacturers, distributors and the retail segment of the Nigerian economy to reach their customers faster, deepen market penetration and reach remote locations more easily.
Mr Adewale Opaleye, CEO of Alerzo, a B2B e-Commerce platform, said his company’s mission is to empower the nation’s $100 million worth retail segment through digital products by equipping them to run as profitable and sustainable businesses.
To this end, the role of tech-driven B2B e-Commerce platforms is especially profound in their support for manufacturers, distributors and retailers by enabling efficient Factory-to-Retail distribution for food and consumer goods companies, thereby helping to bridge disruptions in the supply chain.
Manufacturers and business owners no longer have to wait for customers to walk to the shelf or market stall to buy products, as they are daily meeting buyers and prospective users of their goods and services in the digital space, providing them with convenience and uptaking positive user experience.
Through working with fintech companies, payment solutions and financial services providers, B2B e-Commerce companies impact the national economy by deepening financial inclusion and bridging the gap for the unserved and underserved.
Your Beauty Business Deserves The Best Brand Name. Here’s How to Get it
The international economy continues to grow even as the COVID pandemic fades. New businesses are sprouting up across the board, and every sector—especially fashion and beauty—is becoming increasingly congested with brands.
An estimate from the Census Bureau showed that 2020, the year of COVID and lockdowns, was also recorded to have birthed 4.4 million startups.
The present issue for entrepreneurs is not just establishing a business but also figuring out how to differentiate it from competitors and grow it until it becomes a force in that sector. And branding is the most potent weapon that any entrepreneur can use to address this situation.
After assisting over 30,000 customers in selecting the appropriate name for their businesses, we know that the most vital phase in branding is selecting the perfect business name. And so, we prepared this article to help you choose the perfect name for your beauty company.
4 Simple Steps to Choosing the Best Business Name
- Create a Mental Image of Your Company
Before you start looking for an engaging name, you should have a clear image of where you would like your business to be in the future since this will influence every action you take for your brand.
Also, do your best to understand everything you can about your business, its field of speciality in the beauty market, and the beauty industry in general, as this will help you choose a name that appropriately expresses all aspects of your organization.
While researching your niche, keep an eye out for your competitors’ offerings, branding, and marketing strategies. This will help you determine what will or will not work and what you will have to do to draw the attention of your target demographic.
But beyond helping you find a name for your beauty business, having a clear mental image of your products and their grand purpose would make it easier for you to find compelling beauty product names.
- Choose an Appealing Tone
The best way to choose a name that effectively expresses your company’s true identity is to ensure it has the right tone that communicates positively and draws a favourable reaction from your target demographic.
One of the simplest methods to do this is to conduct comprehensive consumer research and uncover what precise characteristics your beauty firm must exhibit if it is to attract its potential customers. This awareness can help you decide whether the appropriate tone for your organization is a:
- Fun and playful
- Identify Your Brand’s Elements
Most founders focus so heavily on their brand’s tone that they forget to identify and build their secondary elements. These elements are vital because they serve as the core of your brand’s image. They’d brilliantly reflect your company’s distinct identity and personality if executed properly.
So, take out a pen and paper and jot down your thoughts about your company:
- Big ideas: What big ideas are your company championing?
- Values: What values does your company support?
- Benefits: What perks do customers stand to receive from you?
- Emotions: Which powerful emotion(s) do you want your customers to associate with your company?
- Value proposition: What distinguishes your beauty business from other competitors?
- Develop Concise Naming Requirements and Begin Brainstorming
Everything we’ve stated so far will help you identify your naming needs and build solid naming criteria for your brand. Establishing your naming criteria will offer you a good sense of the best type of name for your beauty brand.
Once you’ve determined the best type of name for your brand, it’s time to let your creative energy flow and begin searching dictionaries and thesauruses for words that match your company’s naming needs.
While searching, create a list of short, unique, engaging, memorable, and even symbolic words that will help your company stand out in the beauty sector. The goal should be to generate a detailed list of prospective brand names.
And if brainstorming proves too time-consuming and challenging, you can always use a powerful brand name generator to pick the best name that matches your business’s needs.
Make a Great Impression With a Quality Name
As you brainstorm, keep in mind that customers are drawn to companies with exciting brand names. Why? Because companies with distinct and interesting names, such as Oriflame, Avon, REN, and Urban Decay, are very memorable, and customers can quickly remember and suggest them to friends and family.
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients such as Nestle, Dell, Nuskin, and AutoNation.
Nigeria Eyes $2bn Revenue from Advertising Sector After Reform
By Adedapo Adesanya
The federal government has said that Nigeria will earn $2 billion in advertising within three years of the conclusion of the ongoing reform in the creative industry and advertising sector.
This was disclosed by the Minister of Information, Mr Lai Mohammed, in Abuja at a technical session of the Task Team on Audience Measurement inaugurated by the government.
Mr Mohammed said the N400 million the country was currently earning from advertising was unacceptable and reiterated the position of the task team to increase it to the targeted level.
He said with the conclusion of the reform process, the entire creative industry would never be the same again, commending the team’s efforts in ushering in a time of great prosperity for the entire creative sector.
“The metrics and data you will be putting together, the Standards of Practice on receipts and payments, and the media monitoring service powered by technology for real-time performance evaluation will create transparency and an enabling environment for all to thrive and be prosperous.
“What most, if not all have always asked for is a level playing field in our great country of more than 200 million people, over 500 radio and television channels, with at least 24 million TV households with the largest Gross Domestic Product (GDP) in Africa.
“I hear you are also working on a sustainable content development plan to ensure a win-win for Content Creators, Production companies and TV and radio broadcasters.
“This is music to my ears and is exactly what Mr President promised when we came into government – reforms that will touch and improve the lives of the common Nigerian man,” he said.
The Minister said that the reform process would also unlock the one million job opportunities in the potential of the creative industry.
He assured that the government would assist with required regulations and open the doors for funding donors to make the reform a success.
According to Mr Mohammed, the government will create a conducive business environment for all the international advertisers and agencies to rush to do business in the country.
The Chairman of the Task Team, Mr Tolu Ogunkoya, in his remarks, thanked the Minister for his vision and passion for the industry and for his presence at the technical session.
He assured that the committee would work hard to meet the November target for the completion of the exercise, noting that the practitioners, including members of the task team, would be the ultimate beneficiaries of the reform process.
Mr Ogunkoya said upon successful completion of the project with its multiplier effects on the industry, the name of Mr Mohammed would be written in gold.
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