Introduction of New Products in Nigeria

In this ever-changing business world, it is of essence that a firm introduces new products to the market, this can enable the firms to become market leaders in their field, introduction of new products or services into the market can also enable firms to establish new market and technology.

Are you seeking to emerge into the market with a new product/services hoping to dominate the business market or compete with market leaders healthily in Nigeria? then you are reading the right article, you will be briefed about the do's and don'ts of innovation in Nigerian business economy.

In Nigeria, if you are bringing in new products to the market then there are issues that you must address which are of utmost importance, these issues are; ascertaining the product or services technology or process in order not to only have a new product, but a quality product, you must evaluate your financial resources so that you don't fall short in any part of the process of the business, you must also examine the stakeholders interest in this new business of yours because, you wouldn't want to step on anyone's toes.

Peugeot Automobile - Nigeria

 In bringing a new product/services to the Nigerian market, your first phase is having to examine your NCE(yeah you heard right), Name of the brand, Cost of the project/services, Ease of access to customer base.

• Name of the brand: you can either decide to use your existing brand name (in case you have an existing business) as this will give you cheaper advertisement cost (because your existing customers already know your brand) or you decide to create a new brand name altogether (especially when the new product is completely different from your existing product). in essence, the name of the new product must be unique.

• Costs: you have to ascertain the costs of the project to be undertaken, this is important (as you don't want to fall down the ladder a little way to the top), the business has to be analyzed carefully and cost must be allotted even exceedingly what the actual cost might be (remember you don't want to be caught wanting).

• Ease of access to customers: perhaps this is the most important aspect you have to look at(when bringing new product) as this aspect is the continuity of the business, its the live wire of the business (if you don't have access to the customers, no matter how up you stand the business, its going down). investigate the market, see how you can infiltrate the market and warm up to the hearts of the customers, you have to basically know the 'who are the customers?' where they are and how to get to them,  at this phase you are expected to 'snoop around' your competitors businesses (as they have more experience in that market) search the internet for questions and answers, and most of all, keep abreast of information. having knowledge of the market always can, not only enable you to be compete healthily,  can also make your firm to constantly adapt to the changes in that market. so what strategy can you use to get information and knowledge of the market? simple answer. LOGISTICS

When a new product is created, there is huge probability that there would be scarcity of knowledge on that product (hey, we did call it new product/service), this makes the project look uncertain (and scary too),however, you can beat this by following logistics, logistics is the backbone of a business (especially when you lack information).however slow logistics can be, it will enable you to get the necessary information (internally). so least I forget another vital part, will like to shed light on getting 'the team' that will enable you to undergo your project successfully.

When assembling a team for your new products, you have to ascertain whether the knowledge the team should use is an existing knowledge or a new knowledge, in actual fact, it is advisable to use a new team, as they can be conflict of knowledge if you make use of the existing team (especially when you are entering a whole new business). bottom line, ascertain the suitability of your team to the process of your new product.


Don't forget making use of your analytical tools (SWOT, PESTEL), SWOT analysis will enable you to know if you are capable of undergoing the project,  and PESTEL analysis will enable you to work in line with the stakeholders interest.

In  conclusion, Nigeria has a big market that is under exploited, new products can make you achieve even more than big firms already existing, take that dive, follow your instincts, above all, follow your heart, good luck.

 

 

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