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Obsession over customers, not competition – The Impeccable Strategy

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Business Solution - Investors King
  • Obsession over customers, not competition – The Impeccable Strategy

The preliminary theme of the most competitive analysis is a question: Who is your competition? That’s because most companies view their competition as another brand, product, or service. However, insightful leaders and establishments go extensive.

The question is not who your competition is but what it is. The realistic response to this is this: Your competition is any and every difficulty your consumers bump into along their journeys to using your company’s products.  To reinforce my point, I will give a little illustration.

When I read about the fintech industry in Nigeria – I see a lot of work done from all the top players in the sector. I am particularly impressed by what I read and perceive Renmoney on the country’s media. So when I visited Nigeria, I wanted to get a first experience of the brand.  I was going to review from afar the work that fintechs in Nigeria do. In fact, Renmoney was top of the mind for me.

Renmoney operates under the licence of a Microfinance bank but is in practice a fintech lending company. I must say that to have communicated their brand as fintech was indeed a customer-centric idea that I found creative. How else do you want to effectively approach and cater to the public if you drag the tag microfinance around you? Everyone knows how it is such a turnoff.

During my last visit to Lagos, sometime in March this year, I was impressed by the firm’s advertising strength but then that was not all. In fact, much more than that, I was impressed with the perception of most people interacted with about the brand. Having a combination of a mobile kiosk, an online platform and the usual brick-and-mortar are clear indications that this fintech company is headed for a more disruptive 2020. A clear indication of this is Renmoney’s mobile kiosk that I saw around some parts of Lagos from Surulere to Ajah and some other locations. These are the locations I can recall. This service was singularly bringing credit to the public. Imagine, thinking you need the money and as you turn around, you sight a Renmoney mobile lending kiosk. Brilliant, right?

At the end of the day, it’s your customers who have the ultimate idea of what is good and bad about your services. It’s your customers who buy your products; and in all truth, it’s your customers who will keep you in business. There are four good questions to answer in learning about your customers.

  1. Who are they?
  2. What motivates their behaviour?
  3. Where do they spend most of their time doing and at where?
  4. What are they saying about you?

Let’s start getting to know your customers, as intimately as possible. In fact, obsess over them.

Amazon CEO Jeff Bezos once said, “If we can keep our competitors focused on us while we stay focused on the customer, ultimately we’ll turn out all right.”

By Jude Adeyinka

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Air Peace Flight Makes Emergency Landing Due to False Fire Warning

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Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Alcohol

Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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NCAA Suspends Dana Air’s Operations Amid Safety Concerns

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Dana Air

The Nigerian Civil Aviation Authority (NCAA) has taken decisive action following a recent incident involving Dana Air by suspending the airline’s operations amid escalating safety concerns.

This move comes in the wake of an unsettling event where a Dana Air plane veered off the runway upon landing at Lagos airport.

The incident, which occurred shortly after a flight from Abuja, prompted emergency responders and regulatory agencies to swiftly respond and ensure the safety of all 83 passengers and crew onboard.

While initial reports indicate no injuries, the occurrence raised red flags regarding Dana Air’s operational safety protocols.

In response, NCAA wasted no time in initiating a thorough investigation with the Nigerian Safety Investigation Bureau leading the probe.

However, pending the investigation’s outcome, the regulatory body opted for a precautionary measure by suspending Dana Air’s Air Operator Certificate (AOC) effective April 24, 2024, at 23:59.

The suspension, outlined in a letter signed by Acting Director Chris Najomo, aligns with Section 31(7) of the Civil Aviation Act 2022.

The Minister of Aviation and Aerospace Development, Festus Keyamo, expressed dismay over the incident.

In a letter addressed to NCAA, the Ministry directed the immediate suspension of Dana Air’s fleet until a comprehensive audit could be conducted, covering safety protocols, maintenance procedures, and financial health.

The suspension serves as a stern reminder of the aviation industry’s uncompromising commitment to safety and underscores the need for thorough oversight to safeguard passengers and maintain industry standards.

As stakeholders await further developments, the focus remains on ensuring the highest level of safety and regulatory compliance within Nigeria’s aviation sector.

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