Banking

Obsession over customers, not competition – The Impeccable Strategy

Published

on


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.”

 

https://nnn.ng/obsession-over-customers-not-competition-the-impeccable-strategy/

Businessman in court for allegedly setting his wife’s property on fire Man in court over alleged N770,000 fraud Woods to defend Zozo Championship title next month Betting agent in court over alleged theft of N74, 200 Woods to defend Zozo Championship title next month Flooding: Ebonyi SEMA urges residents in prone communities to relocate COVID-19: No cause for alarm, UNILORIN institute assures students Welder bags 1 imprisonment for abducting an applicant Court remands 2 men for alleged shop breaking, theft River Basin Authority clears 58 km of waterways to prevent flooding in Bauchi, Kano, Jigawa Thailand takes first legal action against Facebook, Twitter over content Thailand takes first legal action against Facebook, Twitter over content Nobel laureates to receive more prize money in 2020 United States TV shows try a new election playbook: making voting part of story Austria bans partying at ski resorts during winter sports’ season Bricklayer in court for allegedly buying stolen vehicle Don canvasses adoption, more researches in GMO crops Chelsea sign Rennes goalkeeper Mendy on five-year deal Traders lament low sales in once thriving Karimo “Okrika” market Niger assembly threaten to shut down 3 hydro-electric power dams over poor service Dangara Community: In dire need of improved health care facility Nestle boosting youth capacity building for employability FRSC, LGAs to collaborate to curb road accidents in Adamawa CP directs ”orderly-room trial” of Inspector over alleged extortion SUNU commends FG for provision on healthcare services at all levels Lao Govt urges public to continue fight against dengue Lagos Govt halts illegal constructions in Ikoyi old Secretariat premises Free trade zone scheme remains a presidential initiative – NEPZA Chief South Korea confirms missing official killed by North Korea- report COVID-19: Israeli PM approves stricter lockdown Parks Australia stops Google Maps users from virtually climbing sacred indigenous sites EU says Belarus’ Lukashenko not legitimate president Orji Kalu commends FG, Abia leaders for N12bn Ohafia-Arochukwu road project NAHCON to train state pilgrims board officials on hajj savings scheme Troops eliminate Boko Haram commanders, fighters in Lake Chad – DHQ COVID-19: Nigeria’s manufacturing sector contracts further DPR outlines 4 cardinal focus for downstream operations Ndidi could be out for 3 months, says Leicester’s Rodgers Bali enlists 4,400 online influencers to promote ‘new era’ of tourism S/Korea confirms missing official killed by N/Korea – Report Coming to a cinema near you: the life of UK’s Captain Tom New York’s Metropolitan Opera to remain closed for another year Venezuelan President, Maduro says United States threat to world peace Lokoja tanker explosion: FRSC boss commiserates with victims NCDC reports 111 new COVID-19 cases, total now 57,724 Tinubu commiserates Fayose over sister’s death Don urges labour leaders to shun selfish interest to earn public trust NGO to celebrate 60 outstanding Nigerians at diamond jubilee No gratification to process, effect outstanding payment – PTAD Bwari-Dutse traffic: FCTA to mobilise contractors back to site