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The campaign theme for this year’s awards, marking the 45th time it has been held, is ‘Blood, Sweat and Tears’.
BUSINESS STRATEGY
By our News Team | 2022
Three common errors by international brands entering the continent
International brands and their marketing teams tend to make three common mistakes when entering African retail markets for the first time.
International brands and their marketing teams tend to make three common mistakes when entering African retail markets for the first time.
Mirabell Mayack, a consultant with African Investment Intelligence who specialises in the Francophone countries, has highlighted them in a recent post:
Photo by Dbmpictures via Wikimedia Commons
She advises decision-makers not rely solely on economic-indicator headlines. “Corporate estimates of consumer opportunities in Africa are typically based on GDP and demographic growth data. These are misleading because they don’t reflect how wealth seeps through the economy,” Mayack explains.
In many of Africa’s fastest-growing markets, average spending power is very low as economic growth has not resulted in high-paying jobs, instead creating a small elite and a large population with low spending power.
A better measure of purchasing power, Mayack believes, is the Consumer Class Conditions Index (CCCI), which ranks markets based on how easily wealth is filtered through society. This indicates whether a wider range of consumers are able to make purchases on a regular basis.
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