gif Branding and Marketing
The role
of Islamic Finance award ceremonies in marketing and branding
Author: Autumn St. John, Global Islamic Finance Magazine Editorial Team, United Kingdom
Awards ceremonies in all industries are used to promote the biggest companies with the most developed products. Now Islamic finance is following this trend, with numerous award ceremonies and polls for all parts of the world and all categories.
Here, in Part 2 of our Marketing & Brand- ing series, Global Islamic Finance Magazine looks at how Islamic financial institutions and companies that win these awards inte- grate them into their marketing strategies and brand building. Just how much kudos is gained by being named ‘Best’ or ‘Leading’ in your field? What are the different ways in which Islamic finance organisations are us- ing this kudos to their advantage? To what extent do the awards organisers incentivise organisations into taking part by pointing out the marketing and branding benefits?
In the accompanying booklet to South Af- rica’s 4th Annual Islamic Finance Business Awards 2009, Ebi Patel, CEO of Islamic Fi- nance, wrote an introductory message, part of which said:
“Initially these awards were a platform for showcasing role models for others to emu- late, but as our involvement has evolved, we now see an opportunity for mentoring and nurturing new businesses, providing advice and guidance from our experience to share and foster best practices. We believe this will facilitate optimum growth and create a sound platform for the economy to grow in future years”
68 Global Islamic Finance October 2010
This may be the case, but it is undeniable that another function of awards ceremo- nies is to publicise both the organiser of the awards, often a magazine or professional body, and the recipients of the awards.
Important questions to be asked:
Awarene ss
Appeal and
brand fit
Georgrap hic reach
Data capture
Product shoecase
• Will the event be featured in the press or on TV?
• Dose it fit with our brand values of genuine and authentic, reli- able and honest and supportive and dedicated?
• Hoe many people will be aware of the event? • How widespread is its media coverage likely to be by region? The wider the audience, the greater the opportunity.
• Would this be possible to organise competition in order to in crease potencial clients database?
• Will there be an opportunity at the event for us to promote our products?
Trevor Norman receiving his award
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