WHAT NIGERIAN BANKS CAN TEACH YOU ABOUT DISTRIBUTION AND SALES
“Where there’s a shop, there’s a bank.”
“Superior sales and distribution by itself can create a monopoly, even with no product differentiation. The converse is not true. No matter how strong your product-even if it easily fits into already established habits and anybody who tries it likes it immediately-you must still support it with a strong distribution plan.” Peter Thiel
You’re in business to give a product or service to a group of people to help them make their lives better for a FEE.
If the people can’t find you or you can’t find them then the purpose of the journey is defeated. In business spreading your reach or distribution is a key to your continued existence and profitability.
DISTRIBUTE LIKE NIGERIAN BANKS
Nigerian banks realized that there were a lot of unbanked Nigerians and that most bank branches were located in urban areas of most cities and even at that a huge chunk of their target market had problems experiencing good customer service inside banking halls because of the size of the branches in relation to the sea of customers they had. That is what I call DEMAND ASYMMETRY, which means the demand for their products is higher than their rate of supply.
This made them innovate and created AGENCY BANKING. What is agency banking you may ask? Have you noticed in all major street corners in your city, young men and women with a white umbrella and a POS machine, that is an agency banker.
They have been deputized to receive, disburse, and transfer cash for banks. As i write there are over 500,000 agency bankers in Nigeria and experts are estimating that the number will increase a lot next year. The upside of that is the creation of jobs.
The banks knew that if the customers can’t come to us, let us go to them. This distribution strategy of banks have increased their revenue and customer base.
They were obsessed with the question ‘How can we reach our clients?’
WHAT IS YOUR DISTRIBUTION STRATEGY
Where are you currently selling your product?
where else can you sell your product?
Who is currently doing business with your target clients?
Whose customer traffic can you ride on? Example ‘MY COFFEE’ is a coffee chain in Lagos, they started out by opening stand alone shops, now they’ve changed their strategy to COLLABORATION. They are now inside most major supermarkets in lekki and victoria island. This is so cool because, they’re taking advantage of the foot traffic of the supermarket.
DIGITAL DISTRIBUTION
Where are you selling your digital products?
Do you repurpose your content? By this i mean, that Instagram video you did can be turned into: mp3, blog post, tiktok 30 seconds video etc that is what i mean by repurposing.
I repurposed a paid webinar on sales that i did in 2020 and turned it into my latest book bringing in additional income.
I hope this was valuable to you.
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