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Tuesday, September 24, 2013

SKS Micro ropes in Jack Trout for re-branding exercise

Encouraged by the turnaround in the last three quarters, SKS Microfinance Ltd has decided on a brand makeover. For this, the Hyderabad-based microfinance major has signed up global marketing strategist Jack Trout, president of Trout & Partners, to help in re-branding and repositioning its operations.

Jack Trout is not only the originator of important concepts in marketing strategy but also the author/co-author of many best-sellers such as Positioning: The Battle for Your Mind and Repositioning: Marketing In an Era of Competition, Change and Crisis.

In his reaction, Trout said, “I consider this an interesting assignment as re-branding/repositioning work in the social sector, particularly after a crisis that nearly annihilated a crucial social sector, brings multitudes of challenges.”

In a press release, M. R. Rao, Managing Director and CEO, SKS Micro, said: “It was imperative that we revisit the brand propositions in order to further increase our brand equity among our members and other key stakeholders.”

On the rebranding exercise, the company’s Chief Financial Officer S. Dilli Raj said, “We are back at the threshold of steady growth post our recent turnaround, and require expert counsel in ending the dichotomies/ ambiguities related to branding and positioning.”

The Rs 332-crore SKS Microfinance turned profitable this fiscal after nearly two years of financial and operational troubles, especially in its home State of Andhra Pradesh.

The company, first among MFIs to be listed, began with a bang on the bourses. However, its fortunes plummeted in Andhra Pradesh following a clampdown on its operations by the State. The turn of events led to the quitting of its founder chairman, Vikram Akula.

Source: thehindubusinessline


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