Presentation at the BusinessLink Networking breakfast meeting on Friday 5 June, by Fitzgerald Mujuru.
We are operating in a crowded market. Name any industry, product or market, there are many suppliers competing for the same customers.
Barriers to entry are now at their lowest ever, the internet and low cost of transportation have made the world one global village.
Competition is intense as businesses fight for survival. It is a race in which you have no choice but to runner faster and faster. If you don’t, others who are more determined to win will overtake you.
In this presentation, I will share with you 5 tenets that will help you get ahead and win in your market.
- Unique product. You must have a unique and consumable product. No me-too products or those that can be easily copied by others. You can create uniqueness by adding other components to your product offering, such as better customer service, faster delivery, unique process. E.g., Nando’s chicken is flame grilled with no additional oil, just perfect for the health conscious. Products that are not quickly consumable will not win you the game in the market. E.g., Peugeot’s 404 model gave the French carmaker a headache as it would last for decades. You only make money from repeat buys, like how Apple upgrades the iPhone every few years and offers existing customers a deal to hand in their old phone and get credit to top up on the latest model.
- Growing market. A huge and expanding market. Do you know the size of your market and how fast it is growing? You will not win if you are supplying into a small or limited size market where there are already other suppliers. Take time to study your market and understand it. Explore new markets.
- Perfect timing. Your timing in exploiting the opportunity must be impeccable and you should be ahead of the trend and not following it. Clever entrepreneurs made killings from “bhero” (imported used clothing) decades ago. If you are getting there now, you are just going to share scraps with other slow-movers. Look out for new trends, those solutions that are not yet being offered in your market.
- You must have leverage, that is, a source of competitive advantage. E.g. more experience, superior skills, better delivery etc. You cannot win by playing the same way that others are playing in the same ground. Give yourself an advantage and overtake the rest.
- Cultural fit. There must be a cultural fit between your product and the market your serve. Of course we are looking for new ideas, but make sure whatever you are offering is acceptable and likeable in your market. E.g. remember how Black Cat peanut butter failed to sell in Zimbabwean supermarkets, even though it was cheaper the local products.
Keep these five tenets in mind when deciding your business direction and you will win.
Fitzgerald Mujuru is a Sales Coach and Trainer, author and motivational speaker. Contact him by email, email@example.com, mobile phone +263 77 248 3962.
The Next networking breakfast is on Friday 3 July 2015. Click here for details.
Below are come pictures from the last breakfast meeting on 5 June, 2015.