... Creating Wealth Using The Internet
In Nigeria, Micro, Small and Medium Enterprises (MSMEs) contribute 48% of national GDP, account for 96% of businesses and 84% of employment according to the available statistics. There are over 17.4 million SMEs that exist in Nigeria... and still counting — Nigeria Bureau of Statistics.
It is saying the obvious that Nigeria government has shown a consistent commitment to the development of SMEs by implementing: access to finance and financial incentives, basic and technological infrastructure, adequate legal and regulatory framework, and a commitment to building domestic expertise and knowledge — Prof. Banji Oyelaran Oyeyinka.
Wait for a moment...
It may interest you to know despite the significant contribution of SMEs to the Nigerian Economy, the truth is they can do even better if these businesses leverage the power of the internet to cut production overhead cost and deploy necessary marketing tools and strategies to reach prospects.
How do I mean?
It is sad to note not every one of them (SMEs) is a niche market and online business, more disheartened is, quite a lot of the more recent startups tend to go in that direction which is against the tenets and norms of any business that wants to leverage the power of the internet in the 21st Century.
And online business is all about the niche market and business, the target audience, and everything in-between.
By the way, a niche market or business is a subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality, demographics and psychographics, geographical range etc.
No Business — particularly a small one — can be all things to all people. The more narrowly you can define both your niche market and the target audience the more you are at advantage to your competitors. It is also known as business or market segment as you cannot be all things to all people like a jack of all trade and master of none.
You focus on the specifics for a target audience with concise lasting solution to their pain point, yearnings and needs. Simply put, this process is known as creating a business or market niche and is key to success even for big businesses in the 21st Century.
Jumia(Lowest price you can trust) as a departmental store or Shoprite(Lower prices you can trust), for example, is a retail outlet that focuses and caters to bargain-minded shoppers within a market subset. While the likes of Lagos Oriental Hotels, Sheraton Hotels and Towers in Lagos and Abuja cater to upscale and upward mobile elite customers.
Here are some other good examples to give you a better idea of what we are talking about.
It is saying the obvious that Nigeria government has shown a consistent commitment to the development of SMEs by implementing: access to finance and financial incentives, basic and technological infrastructure, adequate legal and regulatory framework, and a commitment to building domestic expertise and knowledge — Prof. Banji Oyelaran Oyeyinka.
Wait for a moment...
It may interest you to know despite the significant contribution of SMEs to the Nigerian Economy, the truth is they can do even better if these businesses leverage the power of the internet to cut production overhead cost and deploy necessary marketing tools and strategies to reach prospects.
How do I mean?
It is sad to note not every one of them (SMEs) is a niche market and online business, more disheartened is, quite a lot of the more recent startups tend to go in that direction which is against the tenets and norms of any business that wants to leverage the power of the internet in the 21st Century.
And online business is all about the niche market and business, the target audience, and everything in-between.
By the way, a niche market or business is a subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality, demographics and psychographics, geographical range etc.
No Business — particularly a small one — can be all things to all people. The more narrowly you can define both your niche market and the target audience the more you are at advantage to your competitors. It is also known as business or market segment as you cannot be all things to all people like a jack of all trade and master of none.
You focus on the specifics for a target audience with concise lasting solution to their pain point, yearnings and needs. Simply put, this process is known as creating a business or market niche and is key to success even for big businesses in the 21st Century.
Jumia(Lowest price you can trust) as a departmental store or Shoprite(Lower prices you can trust), for example, is a retail outlet that focuses and caters to bargain-minded shoppers within a market subset. While the likes of Lagos Oriental Hotels, Sheraton Hotels and Towers in Lagos and Abuja cater to upscale and upward mobile elite customers.
Here are some other good examples to give you a better idea of what we are talking about.
- Specialty chocolates
- All kinds of organic, sugar-free, and lactose-free products
- Dog food delivery service on a monthly subscription basis
- All kinds of pet clothing accessories
- All kinds of standard products are created in a non-standard way e.g. organic straws as against plastic ones
- Motivational guides for introverts
Hope you get the point, a product or service that has a particular set of people in mind. That is a product or service that targets people or businesses with one common characteristic, specificity, and peculiarity with special emphasis on the geographical range.
Having said that...
Having said that...
Niche businesses greatly rely on strategic marketing tactics and skill sets to reach their specific customer type in the global market. On the positive side, it doesn't take much work to research and build a marketing strategy for basically one customer persona deploying the appropriate tools.
The apparent low startup cost, combined with the relative ease of marketing, means that there are fewer barriers to entering the online market. That being said, however, if you don't want to end up fueling the statistic of how many businesses don't survive their first year online, you should carefully choose your niche.
Be that as it may, here is a proven sequence of steps (including a free video) that you can follow to guarantee your success when you are starting an online business.
First thing first...
The apparent low startup cost, combined with the relative ease of marketing, means that there are fewer barriers to entering the online market. That being said, however, if you don't want to end up fueling the statistic of how many businesses don't survive their first year online, you should carefully choose your niche.
Be that as it may, here is a proven sequence of steps (including a free video) that you can follow to guarantee your success when you are starting an online business.
First thing first...
Passion
Why passion?
Whatever it is that you do, without passion, your drive can't possibly be at its optimum. In the words of Steve Jobs, the late Apple's Frontliner... ''People with passion can change the world for the better''
Passion is what you are passionately and emotionally attached.
It is what that drives and keeps you going when the going gets tough... even tougher, the feeling of being compelled to go above and beyond... going the extra mile.
Difficulties and trying times are inevitable in the journey of life, so in business, but your passion is all you have to sustain and keep you afloat. Hence, passion is essential and a prerequisite to any business that must stand the test of time.
Therefore, ensure you build your business or market niche around what you are passionate about or doing and by extension, emotionally attached. Passion is what you love doing naturally, consciously or unconsciously with some measure of excitements and fun, without having to feel overwhelmed for whatever reason or whose ox is gored.
Having said that, however, passion isn't enough to float a profitable and sustainable business... the truth be told.
You must find a need around your passion and fill it in a profitable and sustainable manner as an Entrepreneur in order to remain in business.
Passion = What you like
Skill = What you are good at.
Demand = What is profitable
PASSION + SKILL = VALUE
VALUE + DEMAND = PROFITABLE BUSINESS (SUCCESS)
VALUE becomes PROFITABLE when there's demand for it.
Passion + Demand + Skill = Your Business and Market NICHE (Profitable Business)
Passion + Demand - Skill = Recipe for failure
Passion + Skill - Demand = Hobby
Skill + Demand - Passion = A great way to quickly burnout
The question now is how do you find a NEED or DEMAND around your passion that gives you a Business or Market NICHE?
This is where extensive market research comes in, otherwise known as a feasibility study in the conventional business parlance.
Here's where you carry out rigorous keyword research work in the following particular order:
It is not as simple as doing a Google search, but it doesn't have to be as complicated as putting together a fully-fledged business plan either.
Whatever it is that you do, without passion, your drive can't possibly be at its optimum. In the words of Steve Jobs, the late Apple's Frontliner... ''People with passion can change the world for the better''
Passion is what you are passionately and emotionally attached.
It is what that drives and keeps you going when the going gets tough... even tougher, the feeling of being compelled to go above and beyond... going the extra mile.
Difficulties and trying times are inevitable in the journey of life, so in business, but your passion is all you have to sustain and keep you afloat. Hence, passion is essential and a prerequisite to any business that must stand the test of time.
Therefore, ensure you build your business or market niche around what you are passionate about or doing and by extension, emotionally attached. Passion is what you love doing naturally, consciously or unconsciously with some measure of excitements and fun, without having to feel overwhelmed for whatever reason or whose ox is gored.
Having said that, however, passion isn't enough to float a profitable and sustainable business... the truth be told.
You must find a need around your passion and fill it in a profitable and sustainable manner as an Entrepreneur in order to remain in business.
Passion = What you like
Skill = What you are good at.
Demand = What is profitable
PASSION + SKILL = VALUE
VALUE + DEMAND = PROFITABLE BUSINESS (SUCCESS)
VALUE becomes PROFITABLE when there's demand for it.
Passion + Demand + Skill = Your Business and Market NICHE (Profitable Business)
Passion + Demand - Skill = Recipe for failure
Passion + Skill - Demand = Hobby
Skill + Demand - Passion = A great way to quickly burnout
The question now is how do you find a NEED or DEMAND around your passion that gives you a Business or Market NICHE?
This is where extensive market research comes in, otherwise known as a feasibility study in the conventional business parlance.
Here's where you carry out rigorous keyword research work in the following particular order:
It is not as simple as doing a Google search, but it doesn't have to be as complicated as putting together a fully-fledged business plan either.
The Product Keyword Research
The Customer
The Competitors
Hone Your Skill Set
This is key and should not be compromised in order to be able to stand out of the pack. Be the best you can be in your chosen career or business.
Copywriting
The writing skill should be top-notch. A killer written sales letter or video sales letter is sacrosanct to drive traffic. Most successful online entrepreneurs are a wordsmith who writes copy that sells.
Social Media Marketing
Good and sound knowledge of social media marketing is the life wire of any online business. This enables an online entrepreneur to reach the target audience wherever they are around the globe.
Payment Channel
A convenient system and means to receive payment on autopilot round the clock without human interference.
Email List or Chatbot Messenger
This is the secret to the success of a digital entrepreneur. It engenders customer database which is an all-time asset. Here, you are in charge and in full control of your customer. You automatically become a go-to online entrepreneur for goods and services. You can sell to them again and again without any form of advertising overhead cost. Customers are at your call and beckon. Follow up with your customers and subscribers with email.
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