Don't Lose Your Diamonds!A story of how one business owner turned loyal customers into her greatest asset.
Dear valued Business Owners, As we hustle in the heart of African entrepreneurship, the chase for new customers can be fierce. We all strive for growth, that's true! But today, let's explore the power of keeping those who already walk through your doors. Imagine Mama Sarah, who runs a vibrant fabric stall in the bustling market. Her stall, "Mama Sarah's Threads," has built a strong following over time. Yet, Mama Sarah often seeks new customers to expand her reach. She spends heavily on flyers and market announcements to attract fresh faces. One day, a large chain store opens nearby, offering trendy fabrics at lower prices. Mama Sarah's customers start to visit less, and worry sets in. To compete, she throws more resources at attracting new customers. Here's the catch: Mama Sarah's loyal customers, those who have been with her since the beginning, feel overlooked. They notice the shift and worry they're no longer valued. Slowly, they explore other stalls. Those new customers Mama Sarah attracted with promotions? They weren't as loyal as she hoped. They chased the best deals, not building a relationship. It was only when "Mama Sarah's Threads" faced a real challenge that she saw her mistake. Chasing new customers meant forgetting the ones who mattered most. Mama Sarah made a wise choice: she turned her focus to keeping her existing customers happy. She started a loyalty program for repeat buyers, and offered special discounts to her regulars. The results were incredible. Mama Sarah's loyal customers returned, bringing their friends and family. Her stall thrived once again. Mama Sarah learned a powerful lesson: keeping your customers is as important as finding new ones. Remember, your regular customers are the foundation of your business. Show them appreciation, value their needs, and build a strong relationship. The loyalty and growth that follow will be your greatest reward. Here's what I have for you today!
Trending NewsNigerian Govt Secures $32 Billion Investment Commitment and Launches Support Programs for MSMEs
The Federal Government of Nigeria has secured investment commitments totaling $32 billion under President Bola Tinubu’s administration, according to the Minister of Trade, Industry, and Investment, Doris Anite. This influx of foreign capital is attributed to the improved ease of doing business environment fostered by the government Read More Small Business Owners in Oyo State to Receive N120,000 to N480,000 Grant through NG-CARES/Oyo-CARES Project
The Oyo State government, in collaboration with the World Bank and the Bank of Industry, has initiated an enumeration of small-scale business applicants for the NG-CARES/Oyo-CARES project. This initiative is designed to support small businesses affected by the COVID-19 pandemic. READ MORE FG to begin disbursement of Single-Digit Loans to Nano and Micro Enterprises, Unveils Requirement to Apply
The Bank of Industry (BoI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have entered into a Memorandum of Agreement (MoA) to provide N1 billion in loans to nano and micro enterprises at single-digit interest rates. Each institution will contribute N500 million to a matching fund account managed by BoI. Read More Visa’s SME Megatrends Unveils Transformative Opportunities for Nigerian SMEs Visa’s latest SME Megatrends report highlights transformative opportunities for small and medium enterprises (SMEs) in Nigeria, which are driven by digitalization and financial innovation. The report provides crucial insights for issuing banks to capitalize on these trends, enhancing their services and unlocking new revenue streams. Read More BOI Extends RAPID Loan Application Deadline for MSMEs
The Bank of Industry (BOI) has extended the application deadline for the Rural Area Program for Investment and Development (RAPID) to June 12, 2024. This extension aims to provide more entrepreneurs and community groups in rural areas the opportunity to apply for the program. Read More Feature ArticlesFive Things to Look Out for as a Growing Small Business Regardless of your business size, believing in what you offer is crucial. From hairstylists to Kuli-Kuli vendors, enthusiasm is contagious. Don’t let negativity about your product or service seep into customer interactions. Your passion is a powerful selling tool! Read the article HERE The Impact of Stress on Your Overall Well-being as a Business Owner, Stress-reducing Techniques Stress is a normal part of life, but chronic stress can have far-reaching effects on our physical and mental health. In this article, we explored five ways stress can impact our overall well-being. Read it HERE Opportunity GaloreCall For Applications: She Loves Tech Global Competition 2024 ( Up to USD 20,000 equity-free Cash Prizes, A paid trip to Singapore for Founders Bootcamp and Lots More)
Calling all female founders and aspiring tech entrepreneurs! Are you passionate about making a difference in the world through technology? Then the She Loves Tech Global Competition 2024 is for you! This is an incredible opportunity to win up to USD 20,000 in equity-free cash prizes, attend a paid trip to Singapore for a Founders Bootcamp, and gain valuable exposure for your tech startup. Don't miss out on this chance to accelerate your business and join a supportive community of female founders! Apply today! Call For Applications: CcHub “Let’s Build, Africa!” Program 2024 for African Startups
In celebration of Africa Day, Co-creation Hub (CcHUB) is proud to announce the launch of “Let’s Build, Africa,” an innovative market entry program designed to empower African startups to expand their horizons and enter new markets within the continent. The deadline is June 30, 2024 APPLY HERE Call For Applications: Partnerships for Innovative Research in Africa ( Up to $100,000 Funding)
The Alliance for African Partnership (AAP), a consortium of ten leading African universities, a distinguished research network for African research institutes, and Michigan State University, is inviting proposals for its Partnerships for Innovative Research in Africa (PIRA) strategic funding program. APPLY HERE Call For Applications: TotalEnergies Internship Program 2024 The TotalEnergies Internship Program is seeking candidates who are ready to be a part of a high-performing organization that will nurture, equip, and enhance their skills in their respective areas of specialization. The program basically offers you an opportunity to work with highly experienced professionals and will also gain valuable experience within the industry. APPLY HERE Call For Applications: Carrington Fellowship program For Nigerians who live in any of the 36 States
Are you a young Nigerian changemaker between 18 and 30 years old? Do you have a passion for making a positive impact on your community? Then the Carrington Fellowship program is your chance to shine! This prestigious fellowship offered by the U.S. Consulate General in Lagos is designed to empower early and mid-career professionals like you. The program is open to Nigerians residing in any of the 36 states, so don't miss this opportunity to develop your talents and become a leader in your field. Apply today and take your potential to the next level! Call For Applications: Visa Kenya She’s Next Grant Competition 2024 (up to KES 2.5 million)
Calling all ambitious women entrepreneurs in Kenya! Are you ready to take your business to the next level? The Visa Kenya She's Next Grant Competition 2024 is your chance to win up to KES 2.5 million in funding and mentorship to help you achieve your goals. This incredible program is designed to empower female-led businesses in Kenya. Don't miss out on this opportunity to gain access to the resources and financial boost you need to succeed. Apply today! Entrepreneurial OriginsLast week's trivia What is the name of the African startup that developed the popular mobile payment platform, M-Pesa? A) Safaricom B) MTN C) Vodacom D) Econet Answer- Safaricom Today's Trivia What is the name of the popular African e-commerce platform founded by Nigerian entrepreneur Sim Shagaya? A) Konga B) Jumia C) Paystack D) Andela Enterprise Chat
As a business owner, you know how volatile exchange rates can impact your bottom line. Don't let it catch you off guard! Head to our channel to watch our video, "Foreign Exchange Crisis: The Implication on Small Business Owners and How to Navigate Through the Challenge". Get expert insights from Mr Darlington Onyeagoro, CEO Aladdin Digital and learn practical tips to protect your business and thrive in uncertain times! Watch HERE and share it with your friends! MSME Africa Tip of the Week"Prioritize Customer Retention Over Customer Acquisition" Why: Acquiring new customers is important, but retaining existing ones is crucial for long-term growth and profitability. It costs 5-7 times more to acquire a new customer than to retain an existing one. Focus on building strong relationships, delivering excellent customer service, and offering loyalty programs to keep your customers coming back. Actionable Step: Conduct a customer retention analysis to identify areas for improvement. Set a goal to increase customer retention by 10-20% in the next quarter. Develop a plan to achieve this goal, such as implementing a loyalty program, improving customer communication, or offering personalized experiences. Benefits: Increased customer loyalty, reduced churn rate, higher repeat business, positive word-of-mouth, and ultimately, increased revenue and growth. Remember, your existing customers are your biggest asset. Nurture them, and they'll drive your business forward! Till next time Ododoola, MSME Africa MSME Africa Pulse is free today. But if you enjoyed this post, you can tell MSME Africa Pulse that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments.
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Saturday, 1 June 2024
Don't Lose Your Diamonds!
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