6 Proven Ways to Grow Your SME in Nigeria
Knowing how to grow your company as a small business owner in Nigeria can give you an exponential market advantage. Nigeria may not have the most sophisticated technological benefits or economy compared to other more beneficial countries. Because of this, it can be challenging to succeed as a small business owner.
Nevertheless, there’s much opportunity in Nigeria, and many startups are positioning themselves to explore the Nigerian SME industry. The West African business market is quite competitive, and Nigerian customers always seek promising products and services to patronize. As a result, there’s always room to grow your SME business to new heights!
This article will guide you on how to grow your Nigerian SME, drive the market competition in your favor, and win more Nigerian customers.
Take Calculated Risks
Nigeria’s business market is highly volatile. Therefore, it’s essential to do adequate research and findings before taking any significant move. It would be best if you only take calculated business risks occasionally. Ensure that such chances are worth it and are in line with market trends.
If you want to invest in more machinery or software to boost your business, research thoroughly to find out which works best. It may be beneficial to speak with an insurance provider to know what policies suit your current and long-term business needs.
Optimize Your Customer Management System (CMS)
Nigerian customers can be challenging to track initially, but they are loyal once they find what they need. Investing in a proficient Customer Management System can give you an extra edge.
A CMS will assist in collecting and organizing essential customer data so that you always have your eyes in the right place and align your marketing campaigns accordingly. It will also help you track your business transactions and ensure you don’t spend unnecessarily on unproductive marketing campaigns.
Improve Your Brand’s Customer Experience
Nigerian customers react positively to brands that offer incredible online and offline customer experiences. You can start by building an appealing, user-friendly business website that aligns with Google’s SEO best practices.
There are several excellent examples you can model online. Find one that resonates with your branding ideas and draw inspiration for your company website.
Furthermore, you can also engage with your customers through social media. Keep it high-pitched and offer the same customer experience across all your social channels.
Facebook, WhatsApp, Instagram, TikTok, and Twitter are popular social media platforms to find and engage your Nigerian audience.
Build a Sales Funnel
If you don’t already have a sales funnel, you should consider creating one. If you do, consider optimizing it for your Nigerian audience. A sales funnel will enable your customers to shop more flexibly. It will also improve their overall customer experience with your brand.
The funnel automates your sales process and makes your customers’ shopping experience more seamless. You can incorporate attractive incentives like high-ticket coaching, discount bonuses, free shipping services, and other innovative promotional offers.
You are more likely to convert and retain more customers with a sales funnel than with traditional sales strategies.
Examine Your Competitors
It would help if you gained insight into who your competitors are and what they are doing differently. Knowing your market rival’s strengths and weaknesses will give you an extra edge.
Developing more strategic tactics will aid better brand perception in customers’ minds and swing more prospects in your favor.
All you have to do is find out what areas you’re currently doing well in compared to your rivals and maintain your authority in those aspects.
Furthermore, it would be best if you also tried to see what your competitors are doing better and develop strategies to beat them possibly. A quick market survey can provide you with the necessary insight, and you can start working on them promptly.
Form Strategic Partnerships
One of the oldest tactics for business growth is strategic business partnerships. Forming alliances with relevant industry authorities can do wonders for your brand.
They have access to valuable opportunities and resources that can benefit your company and further solidify your brand’s standing in the Nigerian market.
You can also form partnerships with relevant social influencers that complement your brand and align with your specific customer demographic. These kinds of partnerships are usually instrumental in marketing campaigns and play a massive part in their success.