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 investigated 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 formed the study’s anchor. Descriptive survey research design was adopted. Three SACCOs that have rebranded in Kirinyaga County was 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 was utilized. Questionnaires were used for data gathering. The pilot study findings assisted the researcher in improving the instrument and ensure that the questionnaires items are valid and reliable. For data analysis, inferential and descriptive statistics. Standard deviation, mean and distribution frequency were utilized in data presentation. Further, the study conducted inferential statistical involving regression and correlation and analysis. A positive and significant association between corporate culture revision, product differentiation, business process reengineering and performance was established. The study concluded that ability of employees in making sound decisions is supported by corporate values, a well-defined vision and mission. The study concluded that business process enables 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 organizations should demonstrate to employees that their involvement is critical. The study recommended that the organization should understand the type of market where it is competing with, give consideration to what the target client need from their product that the competing product does not offer, differences in product attributes, have clients being able to directly access the product online. 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.