BUK Holdings Limited’s Chief Executive Officer, Benjamin Katubiya has encouraged local businesses to be resilient in the midst of the current COVID-19 global pandemic. Speaking in Lusaka, Mr.Katubiya said the pandemic has proven the importance of creativity and innovation for businesses to thrive. He said that resilience and creativity in marketing and service delivery are vital for any business to survive the turbulence of the pandemic. He further called on local businesses to maximize the benefits of digital marketing because it is the future of running successful businesses.
Mr.Katubiya said that COVID-19 had proven the need for Zambian entities to set up manufacturing factories for essential goods locally. He added that it was essential to emulate countries like Kenya, which have a strong local industry base. He said that because most local businesses have been highly dependent on imported goods, the impact of the pandemic has been felt severely, as seen by the quick escalation of prices of goods and services. Mr.Katubiya said there is an urgent need to begin to move to locally produced goods in order to build Zambia’s economy. He called on his fellow business owners to collaborate and quickly identify priority areas and stop depending on manufactured goods from outside the country.
Mr.Katubiya, who was speaking during the Thought Leadership series held by Texila American University Zambia, further encouraged businesses to have a target market and not venture into mass marketing because consumers have become more selective in their spending due to lower income or uncertainty of cash flow. He said thatin light of the slowing down of economic activities, many businesses have closed while others are struggling because people are spending less. He, however, gave businesses the hope that the pandemic will eventually come to manageable levels, so they should not quit but instead find ways that can work for them and their customers.
Mr.Katubiya further commended companies who have ventured into cooperate social responsibility, which he said should be a priority for any business because when the pandemic is over, people will remember the brands which showed concern to the hardest hit people. He said that business is not only about making a profit but also about reaching out to the many needs in communities. He said that giving back cements relationships between consumers and businesses.
Mr.Katubiya ended his talk by cautioning consumers to watch out for fraudsters in the new era of digital marketing. He said that it was important to find out the necessary information about businesses before sending money to them. He also urged consumers to avoid giving our personal information to online stores with questionable records.
Mr.Katubiya was speaking in Lusaka on Friday, 28th August 2020, during Texila Zambia Thought Leadership Series, which is being held virtually once every month, and the same is open to members of the public.
*Article Was Originally Published on tumfweko.com