RETHINK, REFRAME, RECLAIM: WINNING MARKET SHARE THROUGH STRATEGIC INNOVATION

In today’s fast-evolving business environment, organizations can no longer afford to sit back and wait for things to happen. The challenges are real—from global inflation and economic uncertainty to political shifts and the lingering impact of the pandemic. These external pressures have forced business owners to rethink their strategies, often only when they’re faced with crisis situations. But this reactive approach is no longer enough.

At the November 7, 2024 NIPR Monthly Meeting/PR Clinic held by the Lagos Chapter, Mr. Peter Eze, a strategic foresight expert, entrepreneur, and consultant, delivered a compelling lecture on how businesses can “Rethink, Reframe, and Reclaim” market share through strategic innovation. His insights were not just valuable—they were urgent, considering the rapid pace of change in today’s market.

Mr. Eze opened his presentation with a powerful quote from Jack Welch: “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” This truth couldn’t be more relevant in a world where businesses are expected to adapt quickly to survive. He explained that the business environment, both locally and globally, is constantly shifting, and companies need to adjust accordingly. Failing to do so, he warned, will result in the loss of competitive advantage.

A prime example of this dynamic shift in the market can be seen in Nigeria’s banking sector. Traditional banks, which once had a firm hold on the market, have been overtaken by FinTech companies like Monie Points MFB and Opay, which reached underserved rural communities and captured customers who were previously ignored by big banks. The rise of these digital-first banks serves as a clear reminder of how disruption can happen quickly and unexpectedly.

But what does this mean for Nigerian businesses today and in the future? According to Mr. Eze, the answer is strategic foresight. Organizations must anticipate changes, understand emerging trends, and plan accordingly. He emphasized that businesses with less than 40-45% technology integration are at serious risk of extinction. The tech-driven future is here, and businesses need to keep up or be left behind.

To further engage his audience, Mr. Eze led a thought-provoking icebreaker exercise on market reframing. He highlighted how Amazon tracks every customer through digital footprints to understand their needs and personalize their experience. This type of customer insight is exactly what companies need to stay ahead of the curve.

In the Nigerian context, Mr. Eze outlined the current trends shaping competition, emphasizing that it’s no longer enough to simply be a good company—you need to be a strategic innovator. He described strategic innovation as the process of creating new market spaces, or “blue oceans,” where competition is minimal or nonexistent. By identifying unmet needs, rethinking boundaries, and focusing on value innovation, businesses can carve out new niches that attract customers and foster loyalty.

The example of Farmcrowdy and Cowrywise stood out as companies that have leveraged technology to meet untapped investment needs. Both companies have developed app-based platforms that allow Nigerians, even those in rural areas, to invest in agriculture and other sectors. Similarly, Kuda Bank, Paystack, Flutterwave, and Andela are prime examples of Nigerian companies that have disrupted their industries by providing digital solutions that cater to both local and international markets.

But Mr. Eze didn’t just leave us with examples—he also provided a roadmap for companies looking to innovate and reclaim market share. He emphasized three key pillars of strategic innovation:

• Differentiation: Stand out from the competition by offering something unique that adds value to customers.
• Customer-Centricity: Prioritize the customer experience in every decision, from product development to service delivery.
• Agility: Stay flexible and ready to pivot quickly in response to market changes.

He shared examples like Indomie Foods, which successfully localized its flavors to align with Nigerian tastes, and Interswitch, which established itself as a leader in digital payment solutions by focusing on security and reliability.

One of the most practical pieces of advice Mr. Eze gave was on the importance of strategic partnerships and digital transformation. Companies that fail to embrace both will struggle to stay relevant. He referenced Coca-Cola as a classic example of a company that has continuously reinvented itself by introducing new flavors, packaging, and marketing strategies to keep customers engaged.

To wrap up his presentation, Mr. Eze offered a 30-day roadmap for businesses to begin implementing innovation. This roadmap includes:

• Identify and Assess: Understand where your business currently stands and what the market demands.
• Customer Insights: Gather feedback from your customers to understand their needs and expectations.
• Implement and Test: Start small with pilot projects and assess their impact before scaling.
• Refine and Scale: Once you see positive results, refine the process and expand it.

He concluded with a quote from Peter Drucker: “The best way to predict the future is to create it.” This statement sums up the core message of Mr. Eze’s lecture—innovation is the key to shaping the future of your business.

In a world where change is the only constant, businesses can no longer afford to be passive. They must actively drive innovation, adopt technology, and create value in ways that set them apart from the competition. The future is not something that happens to you; it’s something you create.

So, as Mr. Eze encouraged, let’s start shaping the future of our businesses today—because the best way to predict the future is to create it.

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