Does Your Product Ignite Your New Market ?
Adolf Onwuka Nnanyel is a French-Canadian of Nigerian origin. He holds an MBA from the University of North Alabama Business School and has worked for many years in business development, sales, exports and logistics across the West & Central African sub-regions. The various multinational companies he has worked for include : Neliss International, PZ Cussons, Nosak Group, Visa International and Air France. Adolf is bilingual and speaks both French and English fluently. In 2002, he became one of the 3 bilingual Africans selected and sponsored by the government of France to undergo professional management training at the MCM, Paris as invitees of the French government. Afterwards, he was invited by Air France to head its commercial inspections team for Nigeria & Ghana. To best prepare Adolf for this new challenge, Air France further retrained him for several months in Vilgenis, Paris (France).
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For an enterprise to succeed in a new market, it needs at least one market-igniting product around which its other products and services will be pivoted. An innovative way of deriving such a product is by coming up with a product that is a fusion of the market’s unmet needs and a promising-product attained by cataloguing.
By cataloguing is meant, going through a long list of possible products from a parent company, other companies and similar industries and then selecting and implementing the best one, two, or three that have the highest potentials to ignite the concerned market. In doing this, the enterprise must focus on profitable geographies where it is able to combine its local knowledge and its internal capabilities to come up with its desired market-igniting product. For instance, the enterprise ought to combine its knowledge of what the local market is crying to have with its statistical knowledge of the efficacy of its catalogued products in order to forge a product that would wow the market.
An enterprise does not need two or three market-igniting products to stay afloat in a new market, just one will do. This is because having good products is a great idea but it is not sufficient to stimulate the kind of huge volumes that would ultimately lead to the kind of gross margins that can sustain a business enterprise through several fiscal cycles in a market that is new to it. An enterprise’s market-igniting product must have the capacity to ignite its market, sustain it across business cycles and bring about the exponential growth the enterprise so badly desires.
To conclude that in the present global economic dispensation it is a mirage or impossibility to come up with a market-igniting product is to limit oneself. On the other hand, this does not also mean an enterprise should embark on an experimentation spree and waste money on all kinds of experimental products. It means the enterprise must be hard hitting, know what it wants and what it is doing, while maintaining a very open mind to new possibilities.
REFERENCE : Does Your Product Ignite Your New Market ?
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For an enterprise to succeed in a new market, it needs at least one market-igniting product around which its other products and services will be pivoted. An innovative way of deriving such a product is by coming up with a product that is a fusion of the market’s unmet needs and a promising-product attained by cataloguing.
By cataloguing is meant, going through a long list of possible products from a parent company, other companies and similar industries and then selecting and implementing the best one, two, or three that have the highest potentials to ignite the concerned market. In doing this, the enterprise must focus on profitable geographies where it is able to combine its local knowledge and its internal capabilities to come up with its desired market-igniting product. For instance, the enterprise ought to combine its knowledge of what the local market is crying to have with its statistical knowledge of the efficacy of its catalogued products in order to forge a product that would wow the market.
An enterprise does not need two or three market-igniting products to stay afloat in a new market, just one will do. This is because having good products is a great idea but it is not sufficient to stimulate the kind of huge volumes that would ultimately lead to the kind of gross margins that can sustain a business enterprise through several fiscal cycles in a market that is new to it. An enterprise’s market-igniting product must have the capacity to ignite its market, sustain it across business cycles and bring about the exponential growth the enterprise so badly desires.
To conclude that in the present global economic dispensation it is a mirage or impossibility to come up with a market-igniting product is to limit oneself. On the other hand, this does not also mean an enterprise should embark on an experimentation spree and waste money on all kinds of experimental products. It means the enterprise must be hard hitting, know what it wants and what it is doing, while maintaining a very open mind to new possibilities.
REFERENCE : Does Your Product Ignite Your New Market ?
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