- November 23, 2018
- Posted by: Koyona Duke
- Category: Uncategorized
Businesses fail every day because of various reasons. One of the most common, however, is the lack of a strategy to tide you through the harder times, a strategy that works. The best kinds of strategy are dynamic moving according to the situations, helping the business owner see various solutions to possible problems. There are words that need to be skillfully thought through to help your business stay nimble in and make it past the difficult times.
WHAT: According to research, 42% of businesses fail because there is no market for their product or service. The worst mistake a business can make is building a whole operation around a good or service no one wants. Knowing your what takes this uncertainty out of the equation. Businesses can do this by validating an idea or strategic decision first in the cheapest and easiest ways to remove the uncertainty.
WHY: Knowing your why will help you create a value proposition that resonates and sets you apart. The why of a business usually establishes the need, helps your business clearly communicate its intentions to the potential customers and builds a compatibility in the mind of a customer and a brand helping your business establish value
WHO: Who is your customer, whether or not we as business owners like it we have to know who we are going after. Having a deep knowledge of our customer base, helps us tailor messages for them. Nigerian products are losing market share lately because they are refusing to realize that their customer is evolving, knowing your Ideal customer’s thought process, preferences and even location will help you tailor messages that are properly targeted at them. Also, businesses have had to put an end to their dreams because they ignored the value of the customer. Whether or not businesses like to admit it, the customers make the business. Because they buy, they interact and they tell others about your business. If a customer leaves a business dissatisfied or if they feel they are being ignored, they will end up buying from the competition. That’s money your business is losing.
HOW: Research shows us that businesses have failed or have or lost huge amounts of traction and market share because they are using the wrong execution methods. Not carrying our business on the right platforms or in the right methods can cost us money and as small businesses with limited resources, this is dangerous. I notice that Nigerian business have a tendency to scale to quickly and too soon e.g. rent a 3million Naira store and fill it with 5 million Naira Inventory right off the bat without going through the most effective methods or deciding if their customers will even find them in that location. Our means of executions as small businesses should be strategic, thinking first of the easiest most efficient ways to find customers, the cheapest customer to acquire and then targeting them. Helping you save money and stay in business as you build.
WHEN: Timing if everything. If a market is not ready for a product or service, you have to invest in educating the market on this product or service before any money can be made from selling it. Understanding customer trends and movements help businesses make good decisions on when to sell what to whom.
WHERE: Location is everything. Where your customers are and where your business is located in proximity to raw materials and suppliers all add up to the extent a business can succeed or not. Locational issues may be overcome with the new technology and knowing how to use the internet if you are offering a service, like business growth and consulting services to businesses all around Nigeria even though I am located in Abuja is quite easy to execute and scale. However it becomes more expensive with physical goods, while the internet makes it possible to reach customers all around the world, you still have to send them a physical good or service and decide who bears the cost the business or the customer.
Hop on a call with me and let us talk through your business strategy for 2020 and beyond and get your business walking into a positive and profitable year.