Dubai: As the founder of a design and strategy firm, I have made it my mission to help fellow entrepreneurs in the UAE towards building strong, remarkable and lasting company brands that keep them one step ahead in an ever-changing world.
This country is known for its strong entrepreneurial spirit and culture. As part of the UAE’s Vision 2021, the nation aims to be among the best in the world in entrepreneurship. And the great news is that it’s working: social networking site LinkedIn concluded earlier this year that the number of its members in the UAE who identify entrepreneurship as their job function increased by a year-on-year growth rate of 98.3 per cent. This was mainly due to the rapid growth of e-commerce, which enabled entrepreneurs to get their ideas off the ground much more conveniently than before. It also led to a large increase in female entrepreneurship in the country.
Being an entrepreneur in Dubai for more than 10 years, I have learned from experience what it takes to survive the early startup years in order to become, maintain and nurture a successful enterprise. The great pitfall of many young organisations is to not invest in their company’s brand identity and reputation. Investing in such intangible goods may seem less rewarding as opposed to tangible goods, like the inventory and office furniture, but it can actually turn into the company’s greatest asset when well planned and executed.
As an example, the market value of the world’s largest soda manufacturer consists of two-thirds of its brand equity (being the commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself).
In today’s world, where customers have an unlimited number of choices, brand relevance, standing out from the crowd and staying ahead of the game is more important than ever before. A compelling brand strategy provides great opportunities to establish customer loyalty, positively influence purchase decisions and drive business results. To conclude, brand identity and reputation create significant opportunities for entrepreneurs to build substantial brand equity and goodwill that positively influences the company’s market value, which in return opens doors to potential selling opportunities in the future.
The writer is the founder of Skyne and the former founding partner of DAY creative business partners