Thread by @c_shepherds

Dear friends, welcome to today's edition of #navigatewithidy brought to you by @c_shepherds. Today, we have a special guest in the person of Mr. @LampeOmoyele, MD/CEO, @Nitro_121.

Fasten your belts & follow us on this interesting journey on 91.3FM @LagosTalks913

Sales & marketing is a metrics of actions that lets a business have competitive advantage.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Competitive advantage is about how one business differentiates itself from another in such way that the target customer will show preference over that business.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

What service are you offering, pricing, the kind of availability you have, what awareness do they have of you etc These are some of the things involved in the sales and marketing strategy

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Every additional theory or framework that has been postulated are based on the foundation of the 4Ps.

The 4Ps are: Product, Pricing, Promotion & Place

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Ultimately, what you should look at is the benefit your product or service is offering to the customer.

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Pricing is very critical for any business & it is part of the marketing mix.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Distribution is about you make your products & services available to the customer so that they can see & experience potentially the benefit you are offering.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Promotion is tied to how you create awareness & knowledge about your business. The mode of execution needs to be defined as well, is it going to be through the television, PR, word of mouth, digital marketing, etc.

#navigatewithidy @IdyEnang @LampeOmoyele @LagosTalks913

The 4 classic Ps of marketing remain relevant. The terminologies may differ, the tools may have evolved but it is still very foundational. The 4Ps will help you to build your sales & marketing strategy.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Regardless of the line of business, you are offering a benefit to a set of customers. The first place for every business is who are the potential customers or existing customers what are the benefits...

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

…and understanding that what you are offering satisfies at least those benefits.

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Realize that what you are offering may not be the only business offering something similar to the market place. So, you need to have an understanding of your competitors

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Who are those offering similar products or services? Once you identify them then you need to understand what your own strengths are; what are you offering that is different or better than the others...

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

...once you are able to identify all these, the issue of differentiation then comes into play. You need to then do a SWOT analysis to know how you can position yourself.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Price is a measure of value. If you are offering real value, then you can also offer a higher price but...

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

…you need to understand that your value & perception of the marketplace, your customer, yourself & other competitors.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

You also need to check if you are accessible. What kind of knowledge & awareness do people have & how can I create that awareness in a simple cost-effective way?

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Every business no matter how small must think of structures. It therefore means that an entrepreneur needs to be looking at not doing everything on their own.

#navigatewithidy #Entrepreneurship101 @IdyEnang @LampeOmoyele @LagosTalks913

Typical areas that need structure includes the areas of:
Finance
Managing cashflow
Governance issues

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Focus is important in business & it's guided by when you have a very clear plan with objectives. Every business at the onset should have some kind of objectives.

#navigatewithidy #Entrepreneurship101
@IdyEnang @LampeOmoyele @LagosTalks913

These objectives can be how much revenue you want to have, what level of profitability, what market share of customer do you want to have compared to competition...
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@IdyEnang @LampeOmoyele @LagosTalks913

...therefore your strategies & tactics should be guided by those objectives.

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@IdyEnang @LampeOmoyele @LagosTalks913

Once you have those objectives stated, you then have a set of monitoring activities such that if you aren't achieving those objectives you then know what needs to be done.

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@IdyEnang @LampeOmoyele @LagosTalks913

The fact that another line of business is doing well does not necessarily mean you as a player should get in there what you need to do is the SWOT analysis & play to your strengths.

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@IdyEnang @LampeOmoyele @LagosTalks913

You need to also know what your weaknesses are and how do you redress them.

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@IdyEnang @LampeOmoyele @LagosTalks913

How do you play to your strength from a business standpoint? When you play to your strength you are more likely to succeed as opposed to doing what everybody else is doing.

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@IdyEnang @LampeOmoyele @LagosTalks913

Focus is an important part of driving business growth.
Also have some advisers or sounding board who will give you some input & perspectives.

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@IdyEnang @LampeOmoyele @LagosTalks913

The growth mindset starts from the mind. You must have a desire to grow as an entrepreneur & once that desire to scale-up is there, you then begin to put in place strategies & tactics

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@IdyEnang @LampeOmoyele @LagosTalks913

The growth comes from increased purchase on the part of the customers through the following ways:

1. How can I get current customers to buy more?
2. How do I get new customers?

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@IdyEnang @LampeOmoyele @LagosTalks913

So from existing customers, it could be that you are assessing what they already like about you & you need to improve doing. You need to understand what their preferences are & you need to keep offering them those preferences.

@IdyEnang @LampeOmoyele @LagosTalks913

For prospects:
a. who are they currently patronizing?
b. what do they like about those they are currently patronizing?

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@IdyEnang @LampeOmoyele @LagosTalks913

c. is there something that I can offer them that is better or different from the people they are currently patronizing?

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@IdyEnang @LampeOmoyele @LagosTalks913

d. what is it that they don't like about the people that they are currently patronizing? Then you offer them that and begin to draw their attention to come to you.

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@IdyEnang @LampeOmoyele @LagosTalks913

It could be the benefits you are offering are better. It could be your pricing, values, or you are getting them to be aware of the benefits you are offering or offering them some extra value.

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@IdyEnang @LampeOmoyele @LagosTalks913

The growth mindset starts from the mind, determination, desire & of course looking at the customer database for how you can grow your franchise.

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@IdyEnang @LampeOmoyele @LagosTalks913

As you are scaling, you need to also be looking at issues around cashflow. What is the cost of operations, the revenue you are generating & how profitable you are.

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@IdyEnang @LampeOmoyele @LagosTalks913

Looking at your profit & loss is important; looking at your balance sheet is important. Hence, why you need a finance expertise - an in-house expert or an outsourced function

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@IdyEnang @LampeOmoyele @LagosTalks913

Have a sustainable business model. The primary purpose of businesses is to remain in business. How then do you remain in business? By having a set of customers that are loyal to you.

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@IdyEnang @LampeOmoyele @LagosTalks913

Having loyal customers is a big part of business sustainability & 'farming' aspect is critical in business sustainability & retainer-ship of existing customers.

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@IdyEnang @LampeOmoyele @LagosTalks913

It is also important that you 'hunt' to get new leads or new customers & when you get new customers you begin to treat them like existing customers.

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@IdyEnang @LampeOmoyele @LagosTalks913

Many small business owners fail to carry out segmentation in their businesses. There is no business that can be something to everybody...

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@IdyEnang @LampeOmoyele @LagosTalks913

...it is then essential that you have a core of customers that you are trying to address.

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@IdyEnang @LampeOmoyele @LagosTalks913

Who are your primary & secondary targets that you are trying to offer your services and benefits to? Identifying these targets make it easier for your sales & marketing effort to be more...

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@IdyEnang @LampeOmoyele @LagosTalks913

...cost-effective & potentially you can scale-up faster than trying to address the entire generic marketplace.

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@IdyEnang @LampeOmoyele @LagosTalks913

Every business no matter the size should come up with a set of values that will guide their operations which are then transmitted to everyone who works in that business or associate with the business.

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@IdyEnang @LampeOmoyele @LagosTalks913

It helps when you also have accountability partners. Each time you live through those values in the face of temptation it becomes easier daily to live through those values.

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@IdyEnang @LampeOmoyele @LagosTalks913

These values could be summarized as quotes and put around the company. These quotes will speak to what you will do concerning your suppliers, vendors, how staff will relate to the public & how you will do business.

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Ethical leadership starts with an individual being accountable & having an accountable partner who can hold them responsible. In the multitude of counsel there is safety. Seek for counsel.

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@IdyEnang @LampeOmoyele @LagosTalks913

For any business to grow, TRUST should be at the center. At the heart of brand equity, TRUST should be at the center.

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@IdyEnang @LampeOmoyele @LagosTalks913

If you have questions, please send an email to [e-mail]. To listen to this edition or past programs, please visit anchor.fm/idyenang

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@IdyEnang @LampeOmoyele @LagosTalks913