BEWARE! How Not to be Kicked out by Competitors!

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WHAT HAPPENED TO JIK?

Growing up as a child I fell in love with JIK.

What Im about to share with you will change the way you run your businesses as a startup or Entrepreneur.

Just incase you don’t know, “Jik” is a liquid bleach used in removing stains and also for Brightening your white clothes.

So whenever my little brother messes up THE white napkin he is wearing I will just JIK IT.

They monopolized the market, their commercials was perfect I must say, in fact I still remember their slogan “Just Jik It”.

However the economy detoirated, using Jik Became a luxury, they increased their prices and even manufactured bigger sizes which in quote only the elite and high income earners can easily afford.

Then something happened.

Dont get kicked out by competitors, small business

Its very important you understand this.

They were in charge of the market till along came HYPO and the story changed.

I really felt for JIK with what happened next.

HYPO really undertook their feasibility studies and market entry research properly.

And they gave JIK what I call “down- forward-box”, if you played mortal combat you will understand (upper cut).

They displaced Jik in the market, in a short time.

What did they do?

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They understood the power of numbers.

And

They applied cost leadership as marketing strategy.

In essence they figured out a way of putting their products in the Hands of many people at a cheaper rate.

AND to do that they manufacture different variations and sizes of their products.

I remember when they came out, I heard you can get it as low a 20 naira for a sachet.

I was wowed, I remember saying it may not work well HOW can it be that cheap.

But lo and behold, I used it and it worked better than JIK.

I never used Jik AGAIN, and before you know it, everywhere I go it’s HYPO HYPO HYPO.

You have to understand that for your business to grow, your products and services must be in as many hands as possible.

Jik did not think of manufacturing a product of 20 Nigerian Naira.

Rabbi Daniel Lapin said “God rewards those that makes many of his children happy”.

Please go get this book “Business Secrets from the Bible” BY Rabbi Daniel Lapin.

While HYPO did that, it helped build their brand awareness and testimonial and they eventually took over the market.

In growing as a startup or budding entrepreneurs make sure your products and services are in the hands of as many people as possible.

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Even if your target audience are elite, create a product that will accommodate the masses except if you have a huge number of the elites purchasing your products like Apple.

It is easier get 200,000 people to give you 50 naira every day than getting 1,000 people to give you 10,000 naira every month.

Did you get the Gist.

While writing this article I went through the Top hundred valuable brands in the world as complied by Forbes and I was amazed.

Toyota was number 8 and in the top hundred I saw, Nissan, Hyundai, BMW and Mercedes Benz.

I was wondering what happened to the Lamborghini and Ferrari that only the Elite can afford.

And in the Top hundred valuable brand in world something was consistent, they have a huge number of people using their products or services.

As startups and Budding entrepreneurs understand the power of number and put your services and products in as many people as possible.

Don’t be like JIK.

Or you will be “Jiked Out”

I Love you deeply

 

By Justin Tochukwu

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