By Haneefah Yusuf
The Bank of Industry Limited, (BOI) has advised Small and Medium Enterprises, (SMEs) to ensure that customers trust of their products and services is guaranteed to sustain patronage for business growth.
The was part of the submissions at BOI’s 2021 Annual SME Directorate Customer Forum held virtually last week Thursday.
The event provided a platform for highlighting some of the challenges these SMEs face especially during the pandemic.
The speakers at the virtual meeting include Soji Akinyele of Nigeria Exchange Limited, Faiza Attah, Oga Akabogu, Salem King etc. gave their two cents concerning how the SMEs can better their business and strategies better to make a name for their selves.
Speakers at the event identified some of the challenges facing SMEs as lack of trust from potential customers due to fraudulent cases where vendor does not deliver after being paid or in a case where the goods ordered do not match what is being advertised or has a lower or poor quality compared to what has been displayed on the website or social media page.
According to them, this has lead to quite a high rate of scepticism among prospective customers especially, people who mostly shop online.
The issue of logistics was also identified to be a major setback for SMEs during the pandemic as it really affected most businesses citing Lagos traffic and improper house numbering as example that has become a phenomenon in waste of time and responsible for late deliveries.
They spoke on how the owners of these SMEs brands can enjoy government grants, how they can utilise the digital marketing to its effectiveness, the impact of digital marketing on their brand and how to grow from there.
The event was organised by BoI to address some of the problems caused by the COVID-19 pandemic on SMEs.
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