EXAMINING THE BENEFITS OF EXTENSIVE USE OF GRAPHIC DESIGNS IN BRANDING TO ENSURE COST AND TIME EFFICIENCY IN NIGERIAN SMES

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EXAMINING THE BENEFITS OF EXTENSIVE USE OF GRAPHIC DESIGNS IN BRANDING TO ENSURE COST AND TIME EFFICIENCY IN NIGERIAN SMES

ABSTRACT

In the study of branding and the success of Small and Medium Enterprises (hereafter: SMEs), there exists limited research that considers the relationship between the two concepts. This is particularly in regard to Nigerian research. Carvalho’s (2007) seminal article has shown that branding plays an important role in the success of SMEs. For this research, the qualifying criteria for participation was narrowed down to those entrepreneurs from Abuja. This quantitative research investigated the degree to which SMEs use branding and how it has impacted their businesses.

This research went on to analyse the role that branding has when determining the level of success of an SME start-up based in Abuja. The importance of this research is on account of the fact that SMEs are a major contributor to Nigeria’s economic development. The research examined whether branding does have an impact on the success of SME start-ups in Abuja, based on the responses from entrepreneurs who participated in the research. This research adopted a quantitative approach and the data was collected by means of the distribution of email questionnaires. This questionnaire contained demographic list questions and Likert scale questions so as to extract data that was of relevance. Thereafter, the data underwent a descriptive analysis in the form of frequency distribution for the purpose of uncovering trends that arose in the participants’ responses.

The findings ultimately determined that branding does hold a large role in the success of an SME start-up. This research aimed to contribute to the success and development of SME start-ups by triggering Nigerian entrepreneurs, particularly those operating in Abuja, to evaluate and improve their branding for the benefit of their SME start-up’s performance.

CHAPTER ONE

INTRODUCTION

1.1 INTRODUCTION

This mini dissertation investigated the use of branding in SME start-ups and how branding may be effective in benefiting Nigerian SMEs’ growth, thereby contributing to the economic growth and development of the country as a whole. There are generous incentives to SMEs in order to support them, so that Nigeria’s economic growth can be supported (Small Business Institute, 2016). In spite of this assessment, SMEs are not guaranteed the means and resources that are required for them to remain sustainable for extended periods of time. This research stresses that branding may be a way by which to counter the high failure rates of SMEs in Nigeria through improving visibility, retaining clients and attracting new customers. It ought to be emphasised at this stage, that an SME start-up is an enterprise that has been in operation for ≤5 years (Schroter, 2018).

1.2 BACKGROUND

The value of SMEs to the growth of the Nigerian economy has been a frequent topic of research. This can be substantiated in considering that SMEs contribute to 66% of formal jobs, 20% of the GDP and 6% of corporate taxes in Nigeria (Writer, 2019). An online news publication – Top Performing Companies (2017) – has explained that SMEs are essential in ensuring the economic stability or growth of a country, for a number of reasons. These reasons include the following: (1) the capital cost of a job created in the SME sector is lower than in the larger business sector, (2) SMEs authorise more competitive markets, (3) SMEs are able to modify their strategy in line with changing trends in the market faster than their larger counterparts, (4) they are more likely to use local resources and (5) they provide opportunities for aspiring entrepreneurs, especially those who are unemployed. On the basis of this, it was important for this research to examine the impact that branding has on Nigerian SMEs and in particular, SME start-ups.

1.3 RATIONALE

According to Adeniran and Johnston (2012), the failure rate of SME start-ups in Nigeria has reached an astounding statistic of between 70% and 80%. The research sought to determine whether start-ups that used branding were more successful than those that did not. Determining this will demonstrate to SMEs that they need to use branding to greater effect as it contributes to their survival, prosperity and sustainability, encouraging both job creation and economic development. SME startups will benefit from the findings of this research that focused on branding cultivating success. It was important that this research was conducted as the findings have demonstrated that SMEs that rely on branding tend to be successful. As such, other

SMEs can learn from this research that branding has a role in SMEs’ success

1.4 PROBLEM STATEMENT

There are a number of factors that contribute to the performance of SMEs and branding is one such key factor (Carvalho, 2007). In the five years preceding 2014, over 400 000 small businesses closed in Nigeria (Fatoki, 2014). This research assessed and determined whether the presence or absence of branding is an element that is likely to affect an entrepreneur’s attempt at a successful SME start-up.

1.5 PURPOSE STATEMENT

The purpose of this research was to determine whether branding is an element that impacts the level of success of an entrepreneur’s SME start-up. There appears to be a lack of research based on the role of branding in SME start-ups, with the exception being Carvalho’s 2007 paper. On account of the fact that Carvalho’s research is a seminal article and is based on SMEs in Nigeria, this research has revisited theories and ideas of the aforementioned. This research was conducted with the intention of determining the relationship between the success of entrepreneurs’ SME start-ups and the branding of these start-ups.

1.6 RESEARCH QUESTION

What is the role of branding in SME start-ups in Abuja and what impact does this branding have on the level of success of SMEs?

1.7 OBJECTIVES AND AIM

The objectives selected for this research were to determine:

Objective One: The way(s) in which Nigerian SMEs measure success

Objective Two: The forms of branding that Nigerian SME start-ups utilise

Objective Three: Whether Nigerian entrepreneurs with SME start-ups consider branding to be essential for the success of their SME

Objective Four: The relationship between the frequency of branding and the success of an SME

Objective Five: The way(s) in which Nigerian SME start-ups may be able to improve their branding

An observational study conducted in the Northern areas of Abuja determined that many entrepreneurs were not branding in an effective manner. It is for this reason that this research predicted that branding is essential for the success of an SME startup. Yet, based on this research, it appears as if entrepreneurs are not branding their SMEs in an effective manner. The research’s aim was to determine whether this prediction was accurate.

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