Delivering Value

Value has a variety of meanings, but the most befitting definition of value in this context is: Everything received beyond expectation. For example, you buy a new car and hit the freeway, then find that it came with a full tank of petrol. Or, you paid to get your hair done and halfway through it, firm but gentle hands show up to give you a foot massage. Or you buy some Indomie noodles and get home to find a complimentary egg in the bag. You get my drift.

Unwarranted treats like all the above are a powerful way to turn ordinary interactions into memorable experiences for your customers. Not only do they hardly get forgotten (especially in the wonderful Nigerian marketplace, where the notion of customer service is crazy talk); but they also contribute immensely to word of mouth maketing. The power of word of mouth as a marketing tool is all too attractive to any business owner. Not only is it free, but it also leverages your business with potential customers who hear about your products and services from friends and family. People they know and trust.

The Nigerian business environment does not really encourage improvement of service standards. But if you're still reading this, chances are that service is important to you. More important than any other reason, is the fact that it can quite likely generate you additional revenue (which is the reason you went into business in the first place, remember?). In addition, it also adds unique character to your business, which is pivotal in building a strong brand.

Most small business owners are overwhelmed with the day to day activities involved in running a business. So the mention of additional tasks will probably be doomed to some to-do-list; which will most likely never get done. But the secret to delivering value consistently lies in one thing - systems. AT & T said it all too well: The System is the Solution

Real Case Example:

Pen & Canvas, is a specialist retailer of canvas prints. After identifying the Value Quartet, we listed expectations from all the varying wings, and thought of simple, cost effective ways we could deliver beyond this expectation. The diagram below shows the outcome of our brainstorm (click to view larger version)

Most interesting about this is how it really didnt require much more from the business, but had profound effects on our customers.

• Services like Sendible, Remember The Milk, Facebook Birthday Notifications, or simple calendar applications like Google Calendar can be setup to automatically remind you of or deliver birthday notifications (for free).

• Once we created the guides for taking care of your canvas, they simply had to sent via email (free-ly once again) and took approximately 10-25 secs per customer. etc etc.

• Affordable/ thoughtful gifts can easily be purchased an given to personnel. A clever trick involves scheduling this gift giving onto random dates, so the effort appears truly random.

These are just a few ideas. Look at this quartet as applies to your business and identify expectations, then work out what how you can deliver value and remain cost effective. Once you have a few ideas, be sure to try and find a way to automate the process.

Any comments or feedback, I’d love to hear it.

KYC

The term KYC is perceived as something very simple if you know what it stands for. If you dont know what it means, and you happen to hear it in a presentation or business meeting (just like me) from a guy dressed in a suit; after trying to decipher this seemingly complex acronym, you’ll most certainly feel a little silly once you find out what it means.

The application of KYC is very analogous to the above paragraph. Indeed so simple and basic to those who truly understand, a lot of businesses are in blissful ignorance. KYC simply stands for Know Your Customer (I know, right!). So the question is how well do you KYC?

Take a particular bar in Abuja, where I live (for differentiation purposes, we’ll call it “Bar A”) Now if success is turning over a healthy profit every week and being popular among a specific demographic, then whoa, Bar A is making an absolute killing! But what happens when a new “cooler” bar opens, in a location just as prime as Bar A’s. For starters, this market’s love for “new” is going to cause an instantaneous drop in Bar A’s traffic. Not to say they would not recover, but how can anyone justify leaving their recovery up to chance?

Now this is where KYC comes in: if Bar A knew their customers i.e. their core market, where they worked, what drinks they liked most etc; then they could do something about the drop in traffic. For instance, they could offer Bankers (their core market) in Wuse II (where they work), 10% discounts on Mojitos (what the Bankers drink most).

But should it really take a dire situation like serious competition opening shop, for a business to hold on to it’s customers? Absolutely not! Bar A should have experimented such strategies when business was good and there was much less risk

Now how does one get to know your customers? By doing 2 things - 1. asking them and 2. quantifying what they do. For demographic and some behavioural information (where they live, how old they are, etc) the most cost effective route to this knowledge is by simply asking. This information capture can be coupled with some promotional campaign or executed by getting some branded, good looking guys and girls to go round the tables and ask the customers while they fill forms. Whatever works for you.

Quantifying what your customers do (i.e how many times a week they visit, how many rounds they buy etc) is a little trickier. Technology, in the form of a semi advanced till system or a CRM (Customer Relationship Management) system, often takes a lot of the drudgery out of this work and also does cool stuff like plotting graphs and giving you great results at the click of a mouse button.

Getting the data is the first step , but now you must utilise it. A good approach I find is to start at the end i.e. the result you looking to get or ask the really important questions (who are my top 10 highest spending customers?) and the rest follows naturally from there.

Bar A was simply an example to succor the explanation of this idea. However, KYC is applicable to all businesses from FMCG retail (Fast Moving Consumer Goods, I know) to luxury service providers. If you are to build a great business, then you must know your core market, where they live, where they work, how much they earn, their favourite product/ service, how often they visit, how much they spend each they visit, etc, etc.

Treat your customers like something you care about and KYC.

Success Story: Bob Williamson

Your situation can get very desperate and even seem utterly hopeless. But think about it, if a human being just like you and perhaps in an even worse situation can turn their lives around completely and become fantastic entrepreneurs, ask your self "Why cant I?" Today's focus is on Bob Williamson who went from heroin addict to super entrepreneur and owner of a $26M company. Don't let "heroin addict" just pass your mind; think about it. That homeless, smelly guy you'd rather not touch or even sit next to. That's a heroin addict. Someone who treats things like food and appearance, second to heroin. The "scum" of society. Exactly. Believe, persist and experiment. Enjoy Bob's Story

Lessons from: Hustle & Flow

Craig Brewer's Hustle & Flow remains one of my favourite films to date. I absolutely love it! Watching the DVD extras gives even more substance to this film and this post. But beyond pimpin' and hip hop, there are some vital lessons to be learned from this film. Below is a selection of some scenes and corresponding interpretaions. Rent or Buy this DVD and watch it after reading this post; to help relate to the scenes and characters I make reference to.

1. DJay sees Skinny Black's CD and "coincidentally" runs into Keys in the 9-11 - DJay knew (as fact) that there was little to no difference between him and Skinny Black; regardless of Skinny selling 500,000 records. Having a successful person or business which you can relate to, as a reference point, is a great tool is achieving goals. Also, DJay runs into Keys shortly after see the Skinny Black CD. The debate of coincidence vs destiny will always rage on, but being constantly in the right mind frame is always beneficial in either regard. It always makes coincidence seem more like destiny.

2. DJay puts Skinny Black's Poster on his wall - Motivation must never be taken for granted. Refresh it without question. Treat it like a freebie-lover treats free air at a gas station - top up at every chance.

3. DJay goes to Key's house at night time with 2 "hos" - Action, action, action! Dreams and ideas are nothing without action! Just do it. Now! Later is no better than this moment!

4. DJay kicks Yevette and her kid out onto the streets in the middle of the night - Yevette was a negative entity in the mix; contributing nothing but and discouragement and ugliness. Although she had a young child and nowhere to go, DJay did not hesitate to do what he had to do. Tough call, but it had to be done. Take the same approach with likewise matters.

5. "It's hard out here for a pimp!" - The lyrics from one of his hit singles came in the middle of a regular day and at the time seemed like nothing spectacular. Stories from many great dreams and businesses show that the "great" idea never seems so spectacular at the time of occurrence. So don't expect confetti and multi coloured balloons to accompany any "great" ideas. It is more likely than not that there will occur silently without much fuss.

6. "...I've been hearing this beat in my head... like I cant be stopped" - DJay's "mode" is something that we don't all have. Although it is not a prerequisite for success, if you do have a "mode" protect it at all costs! If you can channel this mode into something tangible, the feeling of fulfilment will speak for itself. I truly believe that this is where the most original and spectacular things come from.

7. DJay and keys exchange punches - Disagreements and arguments amongst partners/ associates/ team members means nothing in the bigger picture. Get through and past it as quickly as possible. Do not let pride allow it to grow into more than it should be. Focus on getting back on track.

8. Shug brings the Lava Lamp - She may not have seemed very intelligent, useful or known much about what was going on, but heart was in the perfect place and in the end, she proved more of an asset than ever imagined. Don't be quick to write anything off. If it is not necessarily negative, the positivity may only need to be uncovered and the contribution may be below the surface.

9. Shelby gets Shug to sing/ DJay Pimps Nola to get the mic - Simple: Use what you have to get what you want and once again, do what you have to do.

10. "I'm here trying to squeeze a dollar out of a dime and I ain't even got a cent" - Sound familiar anyone? To me, most definitely! This is where only sheer belief can pull you through. Without belief, you will most surely fail. Also, don't let financial limitations control your dreams. My advice is always "...do everything else you can except make the payments...". When you believe, you will find a way.

11. DJay gives a Peace offering to his neighbour - Often, we let petty things interfere with the bigger picture. Always try and keep your interest "in the bigger picture" in mind. Once again people don't let your "feelings" or ego or other bits of nonsense keep you from achieving your goals. Do what you have to do!

12. "I ain't spitting s*** on s***!" - Keys asked DJay to compromise on his lyrics and later on, DJay asked Keys to compromise on the microphone. Both parties respectively desired the best and refused to settle for less, even though they were being asked by people on their team! This meant the finished product had component elements which were the best they could be. This is how a good team delivers a good product.

13. "Every man has the right to contribute a verse..." - Dont let anyone take this right away from you.

14. DJay put his mix on a cassette tape - Effectiveness. The music would have been "better" on a CD, but they used what they had and went with a cassette instead. The alternative? They could have not recorded and waited till they could afford to record on a CD, thus missing the window of opportunity with Skinny Black. Don't let the devil (who lives in the detail), prevent you from being effective. Focus on capturing the "essence".

15. DJay gets through to Skiny Black, then Skinny throws the tape in the toilet, before DJay gets arrested - Anyone would bet 100 bucks that Skinny was going to help DJay. Be careful with people, you can never be too sure. Then just after getting on his high, thinking he was in, DJay was instantly slammed to the ground seeing his mixtape in the toilet and double slammed shortly after, laying in a jail cell. The truth about every pursuit is that we can only do our best. And that's what our man did. But even when all seemed lost, look how things turned around eh?

16. Big 5.0 and Block C give DJay their mixtape/ "Everybody gotta have a dream..." - if you didn't understand this, you wouldn't still be reading this post

18. The Music - The soundtrack to the film is laced with goodies "Keep hustlin'... it ain't over for me" "I'm praying and hoping to God I don't slip" "This is the gift I was given, so I just live out my hustle" Uhh, goosebumps! For me this is motivation!

If you have observed anything from the film, do share your thoughts.

Keep hustlin, Dreamers! It ain't over for you!

Perception & Desire

I will admit to liking chocolate and other 'Cocoa Derivatives + Sugar' concoctions, made available by the "evil" people in the confectionery industry. I was eyeing up a pack of Caramel Hob Nobs the other day like a wolf would a sheep when this clash made manifest in my concious mind. let me explain.

At this point in my life, I "desire" (or want) to be at peak physical fitness. I have trained to varying capacities for years, so I am knowledgeable on training and nutrition for fitness. In other words, I am well aware of what I need to do and eat to achieve my goals. So back to the Caramel Hob Nobs pack. Now this empty calorie, high G.I. (glycemic index), hydrogenated fat packing enemy is on the opposite lane on this road to my desire of peak physical fitness. I know this as a fact and can explain why in full detail.

So if I "wanted" these Hob Nobs, what on earth is my justification? Wanting to go left and right at the same time? How can I make a logical explanation for this? It is so plain and simple to see that this clash is not a winning combo. To blame temptation is no excuse. Admit it, of course, but that is the only verb temptation should follow.

In achieving goals, one must understand what one wants, and what one must do to get it. It is as important to know what one must not do to get what one wants. Common sense is the only recommended tool for this as most times, it is plain and simple to see.

So bouncing on the topic of this post, your perception must be fully aligned with your desires. Period. If I want peak physical fitness, and i see Caramel Hob Nobs, I should perceive it as an enemy, an obstacle on route to my goals. If I want the Hob Nobs, then i must discuss with myself regarding how serious my goals are and why some petty, short lived pleasure is posing significant obstruction. I am only kidding myself.

Replace fitness with wealth, intelligence, some skill set, love, whatever you desire. Likewise substitute Hob Nobs with clothes, sleep, people, a night out, whatever you find yourself wanting which conflicts with your goals. Train the mind to see things in relation to your goals.

Bottomline: Align your outlook and perception with your wants and desires. Rob your enemies of their strength and crush your obstacles. Start now, tomorrow is no better than today!

The Origin Of The Idea

How does something go from being a thought to a good business or better still, an international, multi million [insert currency] value business?

Several factors inevitably come to play, but the most accessible side of everything is the start. How did the initial idea come about? In this blog post, I aim to break down some sources of good business ideas and shed some light on how anyone can come up with something special.
My selected categories are as follows.

1. Personal Need
a. Example - Netflix
b. The General Gist - Many a person have in their day to day lives realised there has been a lack of products/ services which cater to particular needs they may have. This thought is then followed by a brief or detailed search of the landscape and the void is either confirmed, or found to be catered to ineffectively. The entrepreneur then proceeds to provide the product/ service as needed. This route has one key distinct advantage, in that the honest, genuine need allows for a real, and natural understanding which can give valuable insight. On the flipside, the product or service may not always be needed (thus it’s lack of existence) or the demand may not be sufficient to prove financially viable.
c. In Application - Pay attention to your life and adapt your view. See things from the commercial side view – Tasty Snack : Food Retail, Flight to Maldives : Commercial Transportation, Haircut :Hair/ Beauty Service. Go through your day to day, with sharp focus observing the component elements of work, play, travel, love life, entertainment etc. If you have an idea, act on it!

2. Search For Demand
a. Example – Mccam Nestcam
b. The General Gist - In this case one explicitly “explores” existing and potential markets in a search for demand, with the aim of supplying a product or service to the selected market. This route has the added advantage of “filling” as opposed to “creating” demand. The former option is an easier stroll in the park. It may be advisable to look in markets which one has been a part of or understands to a certain degree. Note also that with the advancement of the internet, a small niche market can be highly profitable. As search engines allow users to seek and find the most specific of products/services; coupled with the low cost advertising opportunities provided by the same platforms (Google Adwords for instance), your supply meets demand and everyone is happy.
c. In Application - As there are infinite markets in existence, one key factor includes narrowing these down to a select few using some preselected criteria. This could be markets you have a genuine passion for or an understand to a certain degree. It can also just be a market you have great access to. Keep it simple, don’t go looking on Mars. Find your market, select your product, test it and if the results are good, go for it!

3. It Can Be Better
a. Example – Bannatyne Health Clubs and Spas
b. The General Gist - This classic group simply entails an analysis of a product/service, which produces the result “This can better...”. Quoting Duncan Bannatyne on the subject “...you don’t have to be the first to do something, so long as you can do it better”; This model has particular attractions in that you have a great sample template, which gives you a relative “head start”. The wheel works fine, don’t reinvent it. You will also know why you can do better (which was where you got the idea from in the first place), even before you decide to take this to a business level, which can automatically translate to a competitive advantage. There is also the classic move of posing as a potential customer to garner more information about the company.
c. The Application – Research before action. Make sure you really can do it better, and obviously have a route to market (copy the competition). As long as this is something you can really see yourself doing, there’s no need not to go for it.

4. Doers, Reapers
a. Example – Facebook
b. The General Gist - They say everyone will have a good business idea in their lifetimes. The difference is that entrepreneurs do something about it. More likely than not, you have participated in a conversation with someone pertaining some business idea. It is also very likely that you finished that conversation, on a high note, but that idea is currently gathering dust on the shelves of someone’s mind. Now, Picasso put it well – Good artists copy, Great artists steal. If they aren’t going to do it, by all means, help yourself! If guilt or other such emotional sentiments linger in your heart, bring the idea originators in on it, but only if they will add value to operations. The fact you “feel bad” is insufficient premise to have them mess things up. Legal documents - the likes of non-disclosure agreements, are particularly advised in this case for all parties interests. Of course, the lone cowboy option is always available. Bottomline - better stolen than wasted.
c. The Application – Make sure you get the right protection for your venture, as this can creep up on you when the entity has substantial value. Also, ensure it really is a good idea.

5. Inventions
a. Example – Viagra
b. The General Gist – Only the truly gifted need apply! Well, not really these days. In this class, we have the many failed ideas, but also the likes of those who create something (almost) absolutely novel and often very very special. These have the likes of technological, science or art elements embedded in their basic structure. In most cases, you will know if you have it in you or not. Other people that fall in this category include musicians and artists. There is also the entrepreneur who takes 2 (or 3 or 4) things, already in existence and puts them together (in whole or part) to create something “new”. The originality of these type of products/services often serves as a fantastic competitive advantage (for a while anyways).
c. In Application -It often takes great personal and mental strength to create something novel, as one needs to overcome varying obstacles to get to completion. As your opinion givers often do not have something tangible to go on, it is very likely that you will receive substantial amounts of negative feedback. Test marketing also doesn’t always produce substantial results as illustrated in the book, Blink, and unsatisfactory results may hold back a fantastic idea. Also, the product/ service can often get overwhelming so much so, that one loses clear focus of the commercial side which is as important as product development. The bottom line remains – you owe it to the world to try!


6. The "Accident"
a. Example – The Praire Tumbleweed Farm
b. The General Gist - I truly believe there is little to no technique decipherable from this method. The only thing I can say, is that in being productive and/or trying to better one’s self, good things happen!
c. In Application - Be productive. It makes good things happen. If you aren’t even on the bench, you aint gonna play ball!


Generally, a few things apply broadly to all the above
1. The numbers must add up – make sure your idea has potential positivity. No half hearted unrealistic financial plans here, so it properly.
2. The wheel is still fine – don’t reinvent the wheel, when you don’t need to. Use what exists and works. Copy or Steal!
3. Have a route to market – the best product/service is useless if it cant get to the market.
4. Test before you invest – try out your market before you throw funds and time into your product/service.
5. Without action, there is nothing – ideas are useless without action! Make like Nike and Just Do it! One of four things is the destiny of every idea. Take your pick!
a. I’m rich!,
b. I gave it my best and it just didn’t work,
c. I did it but not properly,
d. What if...
6. Self serve – Want to talk about developing a solid plan for an idea you have had? www.dfstudios.biz.

I hope this inspires some good ideas!

The truth about Nigeria.

I was born and grew up in Nigeria, West Africa. I moved to England in 2001, mainly for educational purposes. It only came to my awareness about a week ago, that one of my best friends, whom I have known for several years, held the "TV view" of Nigeria. Dirt roads, 50+ people hanging out the back sides of trailers, naked kids running innocent and free etc, etc. While a bit of this doeas apply, Africa is a lot more than TV makes out. Yes there is poverty, and under “development", but places vary as widely as London and South Wales or New York and Nebraska.

Like everything and everywhere else in the world, Nigeria obviously has its perks, as well as downsides. On a personal note, some of the downsides have never sat well with me, thus I wouldn’t describe it as my ideal place to live. Even within that, that is a gross difference between living in the capital city Abuja and the metropolis Lagos. Nonetheless, seeing a gross misrepresentation of my home country does not leave me without emotion. Truth is truth and distorted versions of truth are unfair.

As we are all familiar with “rural” Nigeria, my focus fixes on urban Nigeria. My family base is in Abuja, which is an absolutely beautiful city. It is fantastically built and laid out. The roads are in excellent condition, and uncompromisingly generous. Some of the architecture just falls short of setting world standards, only because of moderate conservatism. There are nonetheless, some absolutely stunning and breathtaking constructions. The average home, thanks to the large area of land the country, is significantly larger than most homes here in the UK. It is clean, picturesque and safe. Yes safe. In the central areas of Abuja, you can drive down the fully lit up streets at 4 am, with little fear in your hearts. From flagship, world standard stores of the some of the world's best brands – Nokia, Apple, Nike to the best service providers and the corporate world - KPMG, M&C Saatchi, MTN (7th larget mobile network in the world), we have it all. In terms of lifestyle the fantastic Hilton hotel, fine sushi or sashimi, DVD rentals, specialised perfume stores, its all available. I haven't even touched Lagos which has the best of the west and then some – polo, private beaches, cinemas (movie release dates match the states), the works. My Lloyds TSB issued bank card is fully functional in any of the vastly available cash machines. the low cost of labour means hired help is available for everything from domestic requirements to or driving. Many parts of Nigeria would actually make fantastic tourist destinations, but i think the excessive negative press coupled with a blatant absence of care from the relevant powers and personnel, probably contributes to the mediocre size of the industry.

I love the Western world and it is responsible for a substantial degree of my mental liberation. Exposure to “the system” and free thinking alike, truly engrossing English culture (from Yorkshire to London) and as the many international friends and colleagues I have I have known and worked with pver the years has all been pivotal in defining the life I want to live. However, with Nigeria being on in the N11 list, I am currently planning my move back to Nigeria. For a long time, i feared “losing” something, by leaving the western world, but I have realised that any move wouldn’t have to be permanent and perhaps more important is attaining the financial freedom which grants true mobility. Besides, i still fancy a minimum 6 month stay in Tokyo.

I have not come across verified statistics for fraud and related crimes in the, but it would be somewhat prepostorous to claim Nigeria is not in the top 5. Likewise, corruption runs deep in the fabric of the nation, exagerrated by the wealth accrued by single individuals which brings more focus onto it. Yes, these are true, But it is not as if these things do not exist on varying levels in all nations. More institutionalised in some than others. I’m not saying we aint bad, but cause it is exceptional, it doesn’t mean the rest of world has the right to point fingers and play the saint.

While it would be overgenralised to speak the following term, I will say nonetheless, that Nigerians are good people.