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Reading the news about Shoprite this morning and I am reminded of my conversations with a friend last year.
If you build a product or offer a service in Nigeria, you have to be careful and very very deliberate about it. Your targeting must be on point.
If you build a product or offer a service in Nigeria, you have to be careful and very very deliberate about it. Your targeting must be on point.
We have a huge population =/= a huge market for your product.
Largest % of our pop are the poor + extreme poor. If you build an optional product/service, be very clear on your targeting because the largest no of pple here DO NOT HAVE the purchasing power to patronise you.
Largest % of our pop are the poor + extreme poor. If you build an optional product/service, be very clear on your targeting because the largest no of pple here DO NOT HAVE the purchasing power to patronise you.
Also, our largest demography is young people.
Again, cause for pause for many businesses because young people in Nigeria are struggling and even though they might have disposable income (negligible amounts), they are quite deliberate on what they spend their money on.
Again, cause for pause for many businesses because young people in Nigeria are struggling and even though they might have disposable income (negligible amounts), they are quite deliberate on what they spend their money on.
For instance, a young person might hustle to get money for data to come on Facebook or Twitter, but that doesn't mean they will buy that kitchen ware you're advertising on FB.
They simply don't have the money for it. market.
They simply don't have the money for it. market.
Also, a young person will spend money to pay DSTV subscription to watch Big Brother, but only a tiny % will be interested in buying that hair product you're advertising during the program.
As a biz owner, you should always act based on realistic interpretation of the market.
As a biz owner, you should always act based on realistic interpretation of the market.
If you want to design a product which appeals to the middle class, you can + it can be successful.
But it must hit everything they want & the over riding need for the middle class is aspirational. They want to feel like the wealthy but they don't have the money of the wealthy.
But it must hit everything they want & the over riding need for the middle class is aspirational. They want to feel like the wealthy but they don't have the money of the wealthy.
If you want to design for the wealthy, you can totally do that.
But then understand that your product must be unique, one of a kind.
A luxury item or service whose delivery rivals what they will get in the stores in New York or Milan or Paris.
But then understand that your product must be unique, one of a kind.
A luxury item or service whose delivery rivals what they will get in the stores in New York or Milan or Paris.
If you want to design for the young, please look at what they are ALREADY spending on to guide you.
If you want to design for the poor, focus on basic needs - food, shelter, housing. And it MUST be cheap and affordable.
Targeting and appeal
If you want to design for the poor, focus on basic needs - food, shelter, housing. And it MUST be cheap and affordable.
Targeting and appeal
