eBusiness Weekly
Clemence Mutembo
Zimbabwe is a national brand and the principles of branding apply to it as an entity.
Zimbabwe has had unenviable macro-economics in the past years and the common man has always borne the brunt of these negative occurrences.
Currencies have come and gone with new names! We now have the Zimbabwe Gold (ZiG).
The experiences that the masses have had with the local currencies have created really bad associations in the minds of consumers and the general spending public.
This is what branding does, it has positive and negative effects!
You see, when a new currency is being introduced, stakeholders and customers should be fully educated on the new system.
Yes, customers should also read up on the conversion rates and understand how the new currency will affect prices.
It’s also important for customers to be patient during the transition period as there may be some initial glitches or confusion as the new currency gets introduced.
Customers should also be aware of any scams or frauds that may occur during the introduction of the new currency. Pricing in new currency might also be a factor as some unscrupulous dealers will want to take advantage of the confusion.
It’s definitely logical for consumers to feel some uncertainty when a new currency is introduced.
After all, they are used to dealing with the old currency and may not know how the new currency will impact their purchasing power.
It can also be difficult to adjust to a new monetary system and understand the conversion rates.
This uncertainty can lead to frustration and confusion in customers and it can take some time for customers to adjust to the new currency.
Customers’ expectations are sensitive and influenced by a number of things. Messages that we send through different media channels help shape the customers’ expectations. Unfortunately some of them might be negative and they need to be managed.
What people say about our currency will keep shaping what our customers will expect from the currency since at times it is all about perception.
The experiences that our customers had in the past have the power to determine what those customers will expect in the future.
Customer expectations are a function of a multiplicity of forces.
When customers deal with a currency, they have a certain level of expectation which is based on how the currency worked for them in the past.
When what the customer was expecting does not happen, that customer’s expectations will be disconfirmed.
This will mean a disappointed customer in other words.
The customer’s expectations of value should be met by the corresponding performance or delivery by the currency.
This results in a condition called customer satisfaction.
The ideal situation is to meet or exceed customer expectations. Going below customer expectations is quite detrimental to the overall well-being of the currency.
Clemence Mutembo is a high-impact, customer experience, brand building and sale trainer who is in serious demand to present on those subjects. You may connect with him on – 0778 994 994.
