4 Business Secrets That Can Help Your Business Thrive in Africa
Africa has the greatest potential for entrepreneurial success, not because of its status as a developing continent filled with third-world countries but Africa lays unique demands that are key to economic growth and commerce. It’s nothing but the uniqueness of Africa, and many expatriates and foreign industrialists have recognized this and therefore taken advantage of it to create diverse kinds of thriving markets in Africa.
As an African business owner with even more legitimate rights to do business within the continent and grow to exponential extents, you need to get acquainted with some very unique factors in the African market that albeit might be different from what obtains in some other economies of the world, are important determinants of successful businesses situated in Africa. Here are 4 ways you can do things differently;
- Isolate solution from product
A place with problems needs solutions and profit is made when a need is met. Africa might be known for diverse kinds of problems of varying degrees but this is fodder for creations and innovations. You should latch on to the opportunity to create solutions first, then place these solutions within products/services.
- Leverage the community mindset
Africa thrives on community and once there is a sense of community, Africans come alive. Promote your values and target the market that holds the same or similar set of values, you will find that this particular market will begin to own your product and will form a tribe around it. It is not a product that holds a community but a common belief system.
- Be true to your market
As much as any human can sense dishonesty a mile off, Africans have “sharp brains” meaning they can sense dishonesty two miles off. You can create a niche for your business by telling it as it is, make only promises that you will deliver on, and be open.
- Create pricing plans and packages
Break your product into as many tiers as possible to be able to meet either the quantity need or the economic capacity of different customer groups. This is not to say that you shouldn’t have a specific target but in Africa, even with your target, there are still diverse sub-groups with slightly differing preferences. Create as much diversity from your product as you can and have broken down payment tiers if you can manage it.
Africa is a unique place to be and if you can create strategies that fit the landscape, your business can flourish.