Business

HOW TO SUCCESSFULLY COMPETE WITH BIG BRANDS

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I remember when TSTV came up with their plan to displace DSTV. One big mistake they made was announcing their arrival. You don’t announce your arrival to displace the big fish in your market. They will crush you.
They will use all their influence and resources to ensure your product doesn’t see the light of the day.

WHAT CAN YOU DO INSTEAD?

1. DON’T ANNOUNCE YOUR ARRIVAL
Enter the market with a mouth watering offer and form a community of target customers. Who will spread your good news. By the time the big brand get to know, it will be too late.
Moflix did this and they are sharing the market with PAMPERS today in Nigeria.

2. DISRUPTION
Look for areas the big brand is weak and capitalize on it. It could be customer service, delivery time, price, quantity etc
Big cola leveraged on this. They ensure their product is in large quantity and affordable. Other big brand had to adjust.

3. INNOVATION
No product or service is currently in a perfect state. There is always something to add. It could be new features, packaging, process etc
Before now, it was as if Nokia phone will remain the leader for ever. Today, the likes of Techno, Samsung, infinix are taking the larger share with the help of Android platform.

4. OTHER INDUSTRY
Are there proven concept from other industry that is working which you can adopt to your own industry?
Accounting hub did this through accounting subscription model for small businesses which is not common in accounting sector.

5. PLATFORM
Are there things that are usually done on one platform like PC that can be moved to mobile for convenience?
WhatsApp did this prior to their acquisition by Facebook. Due to the convenience, they were able to get a lot of users.

I can continue but the point is, you need to do things differently to be able to penetrate the market and become a force to reckon with.

By  Wale Olajumoke
(Result Accelerator for organizations, entrepreneurs and professionals)

2019… Accelerate your result

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