News
4 Disastrous Ways to Push Your Start-up Through Lies

There was this popular ad on TVs and billboards. The ad introduced a croissant brand into the one of the biggest emerging markets in Africa, Nigeria.
In fact, the feeling was great, the visuals were powerful and compelling. To crown it all, a popular celebrity was used to personify the brand.
If there were a thousand and one consumers craving for the product, I was one of them but for several weeks, I couldn’t lay my hand on ituntil on a very tiring day while returning home from work.
The adrenalin rush to devour the croissant was unimaginable but hey, the traffic law says you shouldn’t eat why driving!
The whole excitement turned into dissonance even before consumption. The product size could not measure up to the same as the size portrayed by the advertisement.
I felt cheated, embarrassed and discomfited for wasting my hard-earned money on a product that could not deliver its promise.
Since there was no value for money, repeat purchase was the last thing on my mind and never would I allow my close associates to make the same mistake.
Things like these are common in mostemerging markets and because the consumer laws are rather weak in these markets, advertisers sometimes escape the necessary regulatory scrutiny and whack.
Be that as it may, below are four ways I think your start-up can unsuccessfully lie to its market:
Making Promises You Can’t Fulfil
Every start-up should be reminded that a brand is a promise to the consumer to deliver a particular desired experience most of the time.
It should be known that consumers offer their trust and loyalty with the implicit understanding that your brand will behave in certain satisfying ways through product/service performance and through appropriate pricing, promotion, and distribution programs. In the croissant story earlier told, do you think I felt cheated because the product was too small? Not at all.
I felt embittered because the advertiser had failed in its promise to meet my expectations as conveyed in the billboard and television.
Believing Advert Would Do The Magic
Troublingly, many well-funded start-ups oftensubscribe to advertisingto blatantly make implicit promises they would never keep.
When the product or service doesn’t match up to the advertised promise, isn’t that like cheating, or at some level, stealing from people’s hopes?
Well, your ever wise customers would soon realise this, jettison your brand and pitch their tent with your competition who is real and truthful.
A marketing professional once said that advertising is powerful but ad is not what the consumer is buying.
You can spend one billion dollar on ad, if the product lacks merit, you would not sell. In fact, your ad begins to irritate. The value of an ad is based on the fact that the product is right.
There is a coinage in marketing, which underscores this, that the best way to kill a bad product is to advertise it.
Bad Positioning
More importantly, in our social media crazed world, venting out broken promises made to consumers has instant ramifications to the credibility and trajectory of your start-up’s perceived value.It is true that the goal of any brand positioning exercise is to develop a brand promise that is unique, compelling and believable.
Any successful brand positioning project must evaluate all potential brand promises against these three criteria – unique, compelling and believable. The winning promise must deliver against all threecriteria or it won’t work.
Thinking That Lies Would Engender Profitability
It’s wrong to assume that lies would ensure profitability. In fact, a lie told will only stimulate trial but never engender repeat purchase that can guarantee sustainable profitability.
Most times, a betrayed consumer will make sure others around him never fall victim. Tell the truth and don’t shoot yourself in the leg.
Don’t over promise and under deliver. Lies shouldn’t be ‘sold’ to push your start-up.
I’m sure you’re still interested in the croissant story I shared with you at the beginning of this article.
Well, I’m pleased to inform you that its makers only survived for two years. The croissant is abysmally dead, never to be resurrected.
Is your start-uppositioned to lie? If yes, please have a rethink!
Jide Ayegbusi is the founder of Edusko.com, an edtechstart-up that connects Africans with good and affordable schools in Africa and beyond. Follow Jide on twitter @jideayegbusi.
News
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira

National Reading Culture (NRC), an online investment platform targeting Nigerians has collapsed, resulting in the loss of billions of Naira for investors.

The website unexpectedly shut down, blocking users from withdrawing their funds and locking in their investments.
Just like all other investment scams, victims were lured with promises of doubling their money in few weeks.
When National Reading Culture eventually crashed, the operators vanished with users’ funds, leaving investors devastated.
How the Platform WorkedTask-Based Earning:
According findings, National Reading Culture lured users with promises of making money by completing simple daily tasks like reading articles, clicking links, or inviting friends.
They also offered investment tiers to earn higher daily profits, where users had to deposit their own money into the platform.
Evidence showed the website previously operated as a Chinese job search platform before rebranding into an “earning” scheme.
News
NSITF Partners South African Insurer on Digital Transformation

The Nigeria Social Insurance Trust Fund (NSITF) has signed a memorandum of understanding (MoU) with Rand Mutual Assurance (RMA) to collaborate on digital transformation aimed at strengthening worker protection systems and support economic growth.

According to RMA, the agreement was concluded during a visit by its delegation to Abuja.
The partnership will focus on institutional capability development, modernising operating models, improving service delivery and sharing knowledge between the two organisations.
Through the partnership, RMA and NSITF will collaborate to strengthen institutional capability, modernise operating models, accelerate digital transformation and improve services for workers and employers.
The organisations will also explore opportunities for knowledge exchange and the adoption of best practices in social security administration.
RMA said the agreement forms part of its broader engagement with governments, regulators and social security institutions across Africa to support improvements in governance, operational resilience and service delivery.
“Our partnership with NSITF reflects much more than the signing of an agreement,” said Mandla Shezi, group chief executive officer of RMA. “This partnership is not simply about sharing knowledge. It is about co-creating the next generation of African social security systems.”
He added: “By combining our respective strengths, we can help build institutions that are more resilient, more responsive and better equipped to protect workers while supporting national development.”
Shezi said the future of social security depends on integrated systems where prevention, insurance, healthcare, rehabilitation, technology, investment management and institutional capability work together.
News
Microsoft to Lay Off 4,800 Workers

Microsoft has announced plans to cut about 4,800 jobs, representing roughly 2.1 percent of its global workforce, with Xbox, its gaming division, expected to bear the largest share of the layoffs.

The company said more than 1,600 positions at Xbox would be eliminated immediately, while another 1,600 jobs would be phased out over the next year as part of a major restructuring of the gaming business.
In a memo to employees, Amy Coleman, executive vice president, Microsoft, said the company was streamlining its operations to focus on areas that deliver greater value to customers in a rapidly changing technology industry.
Asha Sharma, chief executive officer, Xbox, described the move as “the most significant restructure in Xbox history,” saying the changes are intended to position the gaming business for long-term growth rather than downsizing.
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