How Price/Innovations Drive Sales In Nigerian Market

This might knock you off but I want to let you know that it is a result of my intensive research and personal study/observation of the market and the buying pattern by Nigerians. It is important as a sales person to know that the percentage of turnover determines profit most times. Therefore, understanding the factors that determine the decision making pattern by the people is crucial to any operator in the market space. Whether you are providing services, sales etc, one thing you must know is that, something attracts people to you. The question is, have you found out what that is?

Price is a major factor when an average Nigerian is making a purchase decision. For example, in the telecommunications sector, Globacom network, until recently was giving 75% bonus on any recharge, which can be used to call any network in Nigeria. The level of Airtime sales soared. Even me who happened to be on the network since inception, invested some money on recharge cards. Who doesn’t like free things?. Other communications Networks like Etisalat, Airtel have various incentives ranging from data bonus, free on-network calls etc. But one thing that is obvious is that, bonus or free services attract sales.

In the banking sector in Nigeria, Guarantee Trust Bank (GTB), with its innovations, pioneered what I call “quick banking” in Nigeria. I stand to be corrected, but GTB was the first bank in Nigeria that allowed customers to withdraw all deposited money to zero Naira and still maintains it till today. That act alone increased its customer base to an unimaginable level-power of free bees.

I also believe that with the introduction of DiamondXtra by Diamond Bank is also telling on the amount and frequency of deposit in the bank. Reports have it the bank has given out a lot of prizes to customers. This as far as am concerned is good for business.

It is worthy to note that an average Nigerian can walk some kilometres to buy something because of N5 difference in Price.

Another factor that is crucial to business success is customer service. Having been to many organisations in Nigeria myself, I have come to realise that customer service is close to Zero in Nigeria. Some customer care officers in the banking sector especially are very saucy and unfriendly. Some of them are so impudent and sometimes I ask myself why they are there.

The truth is that, any customer you are rude to, will avoid you/your organisation, tell thousands of friends to do same and before you know it; your business will go down. It is the truth. I personally know many organisations I will never go to and will not recommend anyone to do same. In the same vein, I have recommended many organisations for people and will continue to do so just because of good customer service. At this point, before a customer service officer is employ, it will be good to conduct what I call ATTITUDE EXAMINATION and anger status or level for such person. It is worthy to note that, one action of a customer service officer can run your business aground or make your business hit jackpot!

The question is what incentives are you giving, Service or discount?  Remember, discount without good customer service is useless. They both work hand in hand. Think about it.