Judul : Boosting Brand Equity Through Distributor Incentives
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Boosting Brand Equity Through Distributor Incentives
To expand market presence and strengthen relationships with current customers, the leadership of Intercontinental Distillers Limited has launched new products to mark the 2025 edition of the company's Distributors' awards,Raheem Akingbolu reports
In a market that seems competitive due to a new consumer trend, brand owners often remain agile. This is the case in Nigeria's spirit market, which has substantial growth potential fueled by a large young population, fast urbanization, and a rising demand for high-quality and varied spirit choices.
Being one of the top players in the industry, International Distillers Limited (IDL) has maintained a steady focus on strengthening its market presence through innovation and annual distributor recognition. Over time, its creative approach has improved product development, brand identity, and distinctive market placement.
To maintain its connection with current customers, the company has also stayed dedicated to supporting relationships with trading partners, which is why there are annual distributor awards. Each year, the company influences distributors and helps boost their businesses.
In order to boost market expansion and draw in new customers, the IDL also allocates resources towards brand extension and branding. Over time, this strategy has enabled the company to utilize the positive reputation and awareness established by the brand to enter various but connected areas, with the goal of reaching a broader audience and building stronger relationships with consumers.
A few days back, the company reintroduced the drum to honor its numerous partners. During the gathering, IDL praised its distributors for their perseverance and role in the company's success during the 2024 fiscal year, while also warning about detrimental price reduction tactics that jeopardize market balance and brand worth.
At an event held in Lagos, Managing Director/CEO, Chief Patrick Anegbe, characterized the 2024 business year as difficult yet fulfilling, highlighting that the company experienced substantial growth amid adverse economic circumstances.
Nevertheless, he voiced worries about the increasing tendency of price reduction by distributors, cautioning that these actions might diminish profit margins and damage the credibility of IDL's brands.
"It is essential to maintain reasonable pricing in order to safeguard our shared interests. Reducing prices below suggested amounts does not support the business — it merely undermines long-term value," he stated.
Anegbe emphasized the company's dedication to aiding its trade partners via innovation, quality control, and robust marketing efforts, encouraging distributors to stay together and concentrate on common development.
He pointed out a number of economic obstacles that the manufacturing sector is encountering, issues that numerous business leaders have repeatedly brought up at comparable gatherings in recent years. These problems consist of: elevated production expenses and increasing material costs, regular increases in energy prices, particularly the high cost of diesel and higher electricity rates, the weight of various taxes, charges, and fees imposed by different government bodies, and insufficient infrastructure, such as poor road conditions, which make transportation and the movement of goods throughout the country more difficult.
Although the business environment is challenging, Anegbe praised the distributors for their perseverance and major role in the company's success, highlighting that IDL still managed to grow. He also warned about harmful price reduction strategies that might jeopardize market stability and brand worth.
IDL organizes the annual award event to recognize leading distributors and reinforce its dedication to its business partners.
The current year's event also included product launches and recognition of leading distributors who performed exceptionally throughout the 2024 business period.
The head of marketing, Mobolaji Alalade, stated that the new offerings showcase the company's commitment to providing more immersive experiences and a wider range of choices for customers.
"Exceptional brands are not created solely in the distillery, but in the hands and hearts of those who introduce them to the world," he said.
He referred to the new releases — Chelsea Orange and Chelsea Strawberry (both in 75cl bottles), along with Ivory Cream Liqueur (offered in 75cl and 20cl options) — as "luxury in a glass," designed to cater to a wide range of consumer preferences and enhance opportunities for distributors in the market.
Furthermore, the head of marketing highlighted that the new products went beyond mere innovation, stressing that they signified potential.
"An opportunity for you, our distributors, to broaden your scope, draw in new clients, and enhance your position in the market with products that cater to diverse preferences. As always, we restate our dedication to collaborating with you, providing you with the necessary tools, and offering support so that together, we can keep satisfying customers and promote long-term growth," he said.
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