E-Business
How to Accelerate the Growth of Your Startup
By Adeniyi Ogunfowoke,
Launching a startup is one thing; accelerating growth and expanding it is an entirely different challenge. While patience is certainly a virtue, it’s not necessarily the best skill for entrepreneurs to adopt. Instead, the focus should be on rapid growth, return on investment and long-term success. How do you accelerate or boost the growth of your business? The following tips offer some insights.
Monetize early
Monetization may be the most important aspect for all startups. Many founders battle with the idea of whether to build an audience or monetize first. Don’t hesitate to monetize as early as possible. Put your revenue model to the test early and see if your idea holds weight in real market conditions. People only value what they pay for. And paying customers is the quickest way to validate your idea. Growing your audience to high numbers is comforting, but the product/service remains an unvalidated idea until you monetize it.
Experiment with pricing
Pricing should evolve as your company evolves. Only by charging money and testing pricing strategies can you truly understand how your audience values your product and their readiness to pay for it. You’ve found your optimal price when: a relatively small percentage of people complain that you are too expensive, another small percentage that doesn’t hesitate at all before paying and the biggest segment says the product is quite expensive but they are ready to buy because they see its value.
Add new streams of revenue
After you’ve been in business long enough, you’ll likely begin to understand your customers more and be able to hone in on what they really want. This gives you the unique opportunity to add additional streams of revenue. Jumia, Nigeria’s no 1 shopping destination started as a platform for ordering electronics, gadgets and other household items. Today, the ecommerce platform is earning revenue from logistics, hotel and flight booking, payment gateway and online food ordering.
Increase capacity
The problem for most startups is that they quickly reach capacity and can’t perform at a higher level. If a startup can only hire enough employees to remain open 12 hours a day, it’s going to be difficult to increase revenues. The obvious answer to increase capacity is by hiring additional employees and staying open another five or six hours.
Narrow down customer acquisition efforts
Sometimes, time, effort, and money don’t bring about desired results. In fact, it may be a targeting problem, not a product problem. You can’t be all things to everyone so if you’re trying to market to everyone it’s simply a waste of resources. To accelerate growth focus on a niche audience that has expressed genuine interest in your brand.
E-Business
NITDA, NIMC Partner for Seamless Data Exchange Capabilities
National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.
NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,
During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.
This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.
To ensure a smooth implementation, a 12-man committee was set up.
This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.
E-Business
Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes
Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.
Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.
The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.
Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,
“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.
According to him, the unified data pool will empower intelligence gathering and targeted operations.
He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.
“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’
Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.
“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’
Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.
“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.
“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).
“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.
Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.
According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.
Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.
Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.
E-Business
Konga launches Infinix Brand Week with Incredible Deals
Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.
Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.
Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.
“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”
To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.
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