It is the will of every business owner or someone who plans to venture into Nigerian Market to be successful and break barriers. However most people go into it having the idea that everything will just play out nice and smoothly.
Including petroleum Nigeria has other natural resources which are; Tin, Iron Ore, Limestone, Zinc, Natural Gas, Niobium, Arable Land and Coal. 35 per cent of gross domestic product come from the oil and gas sector, and over 90 per cent of total export revenue comes from the exporting of petroleum products.
The soul aim of this article is to help retrace your steps and put you on the right track before your business journey goes up in flames! This article pinpoints you to the 2 Powerful Ways to tap into the Nigerian Market that businesses don’t know about.
This can be referred to as the Mother Board of an establishment. What is the formation of your organisation? What kind of people do you have on-board to start your business? These are the things to ponder about before getting into the Nigerian Market. As most people would say ‘employees are a company’s most valuable assets’, but getting a vibrant and passionate team of people is not enough if you want to create a wave in the Nigerian Market. You would need to curtail other issues such as: mismanagement of resources (such as mismanagement of funds); and a lack of long term goals and vision for the business which causes insecurity and uncertainty.
Underestimating the competition produces poor performances and when you do not get your team involved but act like you have the monopoly of knowledge, the business can end up in ruins. Managerial formation covers the setting up of all key players to the business. A poor administration control tends to look for the quick profit which increases the price of products while the quality reduces. Nigerian market is a vast one and requires a well-established management to get the target audience you want to work with.
So the first thing to think about when setting up the Managerial Formation, there are 36 States in Nigeria and over 184 million people, which state are you going to start your business in? What are you going to invest in? How do you communicate this to your perceived customers? This brings us to the second step…
Using a Language Understood by all
This involves drastic marketing. What most businesses fail to realise is that the translation of information about their services is vital and a key form of growth for them. The first language used for adverts in Nigeria is English and it’s also the official language, but English does not get to majority of the population so translating your adverts to another language is profitable.
For a business to succeed in Nigeria it must be well publicised. When you look at the reason why businesses in the UK remain competitive, it’s because they make people aware of the products and services they provide. This includes getting their English words translated in to other languages to appease their non-English speaking customers, getting subtitles for their video adverts, proofreading the contents they send out to the customers and using voiceover and other methods just to get to a wider market.
In Nigeria the English that they use for adverts can also be changed to Pidgin English; the most used language within the 36 States in the Federation. Over 95 per cent of the population speaks this language on a regular basis. This is a big mistake that businesses fail to realise when making an advertisement.
So by using a language that all can understand, you instantly increase your audience appeal and it shows an intention to provide for the correct market. Doing this provides the right tools to increase your revenue and also target the right set of people – consumers and employees!
When you decide to invest in Nigeria, make sure you mix international standard and localised standard. If you make it too international you might lose your relevance in the Nigerian Market and if you become too local customers will think you have no class, so keep your business in a moderate but effective level.
Written by Oyedinkton Churchill
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