Brand building- focus on Repeat Purchase!
View(s):The Food Processes Association of Sri Lanka staged a workshop for the SME sector of Sri Lanka on the theme ‘ SME and value chain Development’ “ at the Hector Kobbekaduwa Agrarian Research and Training Institute. The SME sector of Sri Lanka account for almost seventy percent of Sri Lanka’s economy was represented at the workshop by a cross section of entrepreneurs from across the country.
Dr Rohantha Athukorala – Country Head Clootrack Sri Lanka, Maldives & Pakistan
Marketing professional Dr Rohantha Athukorala who heads the AI company Clootrack for Sri Lanka, Maldives and Pakistan who was a speaker at the event said “ brands are built when repeat purchase happens” Whilst many focus on sales when launching a new product, the real traction of brand building happens when repeat purchase takes place. This is where the focus must be, as only if the product meets a consumer requirement that repeat purchase takes place he advised the entrepreneurs. A point to note is that if a consumer purchases thrice a product, research reveals that loyalty to your brand has happened. This is why tracking consumer repeat purchase must take place if we are to build a strong business he said.
The SME sector had been the worst hit due to the economic crisis mainly due to the high cost of access to finance and the value chains breaking down. Given that seventy percent plus enterprises in sri lanka are SME’s and over eighty percent of exporters are SME’s in the seventy billion dollar economy of Sri Lanka.
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