LMD Readers’

MOST LOVED BRANDS

Q: What steps do you take to ensure that your branding efforts remain relevant and impactful over time?

A: At HNB Finance, ensuring the continued relevance and impact of our branding efforts is paramount. To achieve this, we conduct market research to understand evolving customer needs and market trends, which allows us to adapt our branding strategies accordingly.

We continuously refine our brand positioning and messaging to differentiate ourselves from competitors and resonate with our audience, highlighting strengths and values. Maintaining a consistent brand identity across all touch points reinforces brand recognition, and fosters trust and loyalty among customers.

It’s important to stay abreast of emerging platforms and technologies to effectively engage with our audience while actively seeking and listening to customer feedback to align all branding efforts with their expectations.

By ensuring alignment among internal teams, and remaining agile and adaptable in response to changing market dynamics, we sustain relevance, resonance and impact in our branding efforts. This drives positive outcomes for our business and fosters strong relationships with customers.

Q: How would you perceive the brand’s recent progress and strengths, including its growth opportunities?

A: Assessing our recent progress and strengths entails a comprehensive evaluation across multiple dimensions.

Firstly, we measure financial performance with analyses of metrics such as revenue growth and profitability ratios, to gauge effectiveness in serving customers and competing in the market.

Secondly, we assess brand awareness and recognition through surveys and awards, indicating reputation and credibility.

Thirdly, we scrutinise customer satisfaction and loyalty, using feedback and Net Promoter Score (NPS) to understand value delivery and relationship building efforts.

Additionally, we evaluate product offerings’ competitiveness and relevance, market positioning relative to competitors, and differentiation strategies. Keeping an eye on market trends and internal capabilities informs growth strategies.

Through this assessment, we gain insights to drive strategic initiatives that leverage strengths, capitalise on opportunities and sustain our success in the financial services landscape.

Q: How is Sri Lanka’s economic outlook impacting brands and branding?

A: Sri Lanka’s economic outlook plays a significant role in shaping branding and brand strategies – with stability and growth fostering consumer confidence and brand expansion opportunities. Challenges such as inflation and unemployment can dampen consumer spending and impact brand loyalty.

In election years such as 2024, heightened sensitivities around economic policies and government performance may influence consumer sentiments and brand perceptions. Brands must navigate political dynamics carefully, aligning messaging with the prevailing economic climate to remain competitive.

Despite a modest projected economic growth of 2.2 percent in 2024, the outcome of elections is expected to be pivotal, influencing economic stability, investor confidence and policy decisions.

This uncertainty may affect key sectors and consumer behaviour, underscoring the need for brands to adopt agile strategies to respond effectively to changing economic conditions.

Q: In what ways should organisations maintain a balance between investments, innovation and financial performance against the backdrop of prevailing business conditions?

A: In Sri Lanka’s current business landscape, organisations face the intricate task of balancing investments, innovation and financial performance amidst economic, social and political uncertainties.

Strategic planning is paramount, requiring careful consideration of market trends and competitive dynamics, to align investments and innovation initiatives with overarching business objectives.

Robust risk management processes are essential to mitigate potential risks associated with the volatile economic environment including geopolitical factors and regulatory changes.

Effective resource allocation is crucial, necessitating prioritisation of investments based on strategic importance while maintaining financial stability.

Agility and adaptability are keys to responding swiftly to evolving market dynamics while robust performance measurement systems enable organisations to track the effectiveness of their strategies.

Collaborative partnerships and talent development initiatives enhance organisational capabilities, positioning businesses for sustained success and resilience amidst challenging times in Sri Lanka.

Telephone: 2176262 | Email: info@hnbfinance.lk | Website: hnbfinance.lk