Rebranding Strategies and Performance of Savings and Credit Cooperative Organization in Kirinyaga County, Kenya

Abstract

Many SACCOs operating in Kirinyaga County are facing fierce international and local competition forcing relocation to other counties and shop closure to others. Different branding strategies are being employed by SACCOS in order remain competitive in the increasing volatile business environment. Hence this research will investigate how Kirinyaga County Savings and Credit Cooperative Organization’ performance is influenced by rebranding strategies. The specific objectives were to examine how corporate culture revision, product differentiation and business process reengineering influence performance. Dynamic capability and RBV theories will form the study’s anchor. Descriptive survey research design was adopted. Three SACCOs that have rebranded in Kirinyaga County will be the population of interest. The target population was the 172,222 ordinary members and 33 managers. In respondents’ selection simple random sampling method was utilized and in respondents’ sampling stratified sampling method will be utilized. For data collection, questionnaires were used. The pilot study findings assisted the researcher in improving the instrument and ensure that the questionnaires items are valid and reliable. Descriptive as well as inferential statistics were used to analyze data. Standard deviation, mean and distribution frequency were utilized in data presentation. Further, the study conducted inferential statistical involving regression and correlation and analysis. It found a positive and significant association between corporate culture revision, product differentiation, business process reengineering and performance. The study concluded that employees’ ability is supported by well-defined corporate values vision and mission. The study concluded that introducing distinctive, unique features or characteristics to a product with the aim of ensuring a unique product selling proposition is product differentiation. The study concluded that business process enable the organization to analyze its workflows to discover processes that are not efficient and then optimize those processes to eliminate tasks that do not offer any value. The study recommends that the organization should demonstrate to employees that their involvement is critical. The study recommended that the organization should understand the market type which it is competing with, give consideration to what their target clients want from their product which the competing products are not offering, differences in product attributes, and have direct online access of the product by customers. The study recommends that the organization should first define its requirements based on a benchmark, current state, and an ideal future state. Understand what the current performance level is based on the objective and key performance indicators or break the overall process into component parts and set up benchmarks within each one.