Chief executives in Kenya are not keen on strategic planning, majority rely on their instincts to advance their businesses even amidst a challenging market environment, says a new survey.
The ‘State of Strategic Branding 2016 report’ released Monday in which 21 CEOs from banking, energy, insurance, health, legal, media, transport, entertainment, publishing, marketing, real estate, and government were interviewed says that the captains devote less than 30 per cent of their time on strategic planning.
The executives say that they intend to have strategic plans in place as their businesses expand, some trust their instincts in terms of experience on what needs to be done.
“Restrictions in advertising or marketing hinders them from developing a brand strategy, this is particularly true for professional services firms such as legal practitioners and medics,” says the report.
Others ‘have a unique formulae of managing their brands that work for them across different markets.’
“Our experience over the last 8 years with brands from different industries, coupled with global benchmarks shows that the most successful brands value and prioritise strategic branding”, said Richard Mukoma, managing partner at Brand Integrated Consulting in a statement.
“We carried out this study to find out the true state of strategic branding in Kenya, whether it is a priority for CEOs, and how an increasingly connected world affects the way their companies function, and achieve success.”
As a result, there exists a gap between strategy formulation and execution resulting to poor profits by firms that do not value strategy.
What local CEOs are more worried about is the quest to expand to new markets, to have new products and new customers.
Also in their interests are the differing rates of economic growth, the impact of new digital technologies, shifting demographics, changing customer behaviour and environmental issues.
While banks are an exception, prioritising ownership of a strong brand and innovativeness, the energy sector prioritises asset sweating and growth. The insurance industry on the other hand prioritises product and markets.