In a Forbes article, Neil Patel, a well-known brand and marketing expert stated that “Nine out of ten startups will fail. This is a hard and bleak truth, but one that you’d do well to meditate on”.
If business statistics are that bleak in the U.S., imagine the picture in Nigeria, where infrastructure and institutional support are limited.
1. Have a clear authentic purpose: What is your WHY? If you can’t answer this before your business kicks off, don’t bother! Why do you want to start this business? Why did you choose the Agric sector over Fashion? Why do you want to move to the North before you launch? Why build an App? Let’s stop before this feels like a job interview, but you get the point. Beyond your fantastic idea, you must ask yourself this question because it will help keep your head above water when things get tough (because they will!) Your “Why” has to come from within you and reflect what you deeply believe in.
2. Consistently build a brand: Beyond building your business, build your brand. It takes time to build a brand, but the gains are worth it for any serious business! You need to factor in that brand experience into your daily activity, such that when people think about your business, they feel the life and personality of your brand. You’re a brand, you know that right? When people think of you, they probably think of you as funny, creative, loud, introvertive, stingy, controversial or silly. You have an identity, so why shouldn’t your business have one too? What colour do you see when you think of GTB? What comes to mind when you think of Toyota? What about Ferrari? Exactly. Now define what you want people to think when they talk about your business and make a conscious and consistent effort to build that brand. It will help you scale in an environment like Nigeria.
Bonus branding tip: Be consistent with you colours and make sure people think of your business as responsive, cool and needed!
Concluding part is here.