They are unable to have a unique selling point hence consumers see them as not different from others who provide the same kind of service.
Over the next few days, I will be sharing tips on what can help you carve a niche for yourself in the midst of a lot of competitors.
First is that you must provide good and quality service. As a service provider, you must never get to a level where consumers complain about your service.
If you are Quick Service Restaurant (QSR), you must ensure that your food is delicious.
I have seen some QSR that serve foods that are losing taste. There is no amount of advert that you can do that can compensate for the poor taste of your food.
The quality of service is important if you want to stand out.
The first competitive advantage that you must aim at is that of the quality of your service.
Don't overpromise and underdeliver. Always ensure that you commit to deliver what you have promised the consumers.
Ensure that you respond swiftly to the enquiries of customers.
Whatever you are offering to customers as a service, you must never keep people waiting at the counter.
This happens in banks, hospitality industry, restaurants, hospitals, mechanic workshops and several customer service centres.
People wait on queue for so long before they are attended to. That is a great disrespect to the customers you serve.
You must not ignore the above if you want to stand out above your competitors.
To be continued...
Note: The pictures used above were used as examples of QSRs.
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FUEL SUBSIDY: TO REMOVE OR NOT?
I had a 1hr conversation with @DrOlusesan on the issue of removal of fuel subsidy and I will like to share some of our thoughts here. I maintained my stand on the need to remove the fuel subsidy and re-channel funds to infrastructure.
I believe that we are committing so much money to fuel subsidy that we are not having enough money for infrastructure which will thereby help to grow the economy. With the increase in the price of crude in international market, Nigeria may spend up to 5t in 2022 on subsidy.
The 5t that may be spent on subsidy in 2022 can complete 4 kind of "Lagos-Ibadan railway" and 5 kind of "2nd Niger bridge". I believe that these infrastructure will power the much needed growth in the economy and it will ease trade and commerce through logistics.
Recently, I spent my evening with a friend who is a Finance Director in one of the leading consumer goods company in 🇳🇬 and we sat down to review the performance of different FMCG in 2021 and it was mixed stories of the good, the better and the ugly
The ugly was the input material prices which were rising due to dollar scarcity and global supply chain crisis and that left the companies with no alternative than to increase prices of goods.
This triggered inflation in Q1.
Last year saw many consumer goods companies increase prices of goods as many as three times.
The most alarming thing was that the more the prices were increased, the more products these organizations were selling.
Wisdom is the ability to proffer solutions in the midst of chaos. It is the use of your experience, intelligence, thought process, observations, reflections and understanding of issues to make good judgement. Go for wisdom, it will surely translate to wealth.
The level of uncertainties in the world today will require wise decision to be able to sail through. No one knows what the next few months hold however with good judgement, you can optimize the moment.
I had a trip on the Lagos-Ibadan expressway on the South Western part of Nigeria some months ago. There was a SUV who was speeding ahead of me. He was a little bit reckless trying to navigate and swerve between vehicles.
Having worked in a company some years back where you are not allowed to travel above 100km/hr, I have made a custom of not exceeding 120km/hr no matter how good the road is.
I watched this SUV till he was out of my sight but I wasn't comparing myself with him.
Rather, I stayed on my lane. Few minutes after, I saw the vehicle at the side of the road with its bonnet opened and I left it behind. Of course, something was wrong with the vehicle and it had to be checked.
If we are unable to make a decision for what is important to us as professionals as well as career men and women, we will fall victim of wanting to touch everything and end up not achieving anything.
You need to make a choice for what is most important to you per time.
The marketing professionals have also not helped because every where you turn today, you are being advertised to. Something is beckoning to you to get your attention.
In view of the above, the virtue of discipline has become more important than ever.