These are the 7 can’t miss sessions from Social Media Week Lagos
Social Media Week Lagos is finally here!! From the 22nd – 26th of February, there will be a new kind of traffic as Social Media Week takes over the city. I kid, I kid. Traffic aside, there are several reasons why you should care about this event. Social Media Week is a conference held in cities all over the world that aims to highlight the different ways business, culture, society, and even politics can be affected through technology and social media. With over 100 events per city spanning across a wide range of industries from fashion to finance to technology to government, there is something for everyone. In Lagos, some of the companies hosting events include Facebook, Intel, Andela, Google, and Paga. Besides the undoubtedly great knowledge that you would gain from attending the events, it is also a wonderful opportunity to network with other young professionals. As I’m sure you can already tell, Social Media Week Lagos is exactly where you need to be. But how to choose from all these events? Well, because I’m all for efficiency, I have compiled a list of the 7 sessions you simply must attend: 1. The Networked African: Etiquette Of Building An Engaged & Creative Professional Profile This event is for those of you looking to boost your online profile and learn how to get a richer networking experience. Hosted by Poise Nigeria, a soft skills consulting firm, the session will cover topics on personality and image management. The event is especially relevant if you’re currently job hunting, because it will leave you with unique ways to stand out from the pack and leave a lasting impression for recruiters. 2. #TalentDebate: Technology As A Catalyst For Economic Growth & Competence Development Here, industry gurus will debate the critical issue of unemployment and what (between a job and skills) is important for sustainable economic and technological growth in the current market. The session will begin with a crash course on the current economic climate and review statistics published by the World Economic Forum and GE. Additional topics to be explored include skills and talent development. Overall, it will be a good way to glean information about how to remain competitive in the market. 3. The Beauty Of Tech Who doesn’t love beauty? Check out this event to explore new ways to innovate in the beauty industry. Speakers include Bukola Akinmboni from House of Tara, recently featured by SLA Tress Co-founders Esther Olatunde and Priscilla Hazel. There will be discussions on the impact social media has had on influencing beauty trends, and the future of beauty on the continent. 4. FB Start & Free Basics For Developers – Powered By Facebook A workshop catered to tech innovators, this session aims to educate on current opportunities provided by Facebook to aid the up-and-coming start-ups. The session will go over services like Free Basics and FB start. A must-see for any entrepreneurs in the tech space. 5. Channeling Fashion: How African Fashion Media & Brands Tell The African Fashion Narrative Calling all fashion lovers! Here’s a session tailor-made for you. Featuring a very exciting panel which includes fashion moguls like Lisa Folawiyo and SPICE TV Channel Manager, Yoanna Chikezie, this session explores a range of topics. Some of these include: the influence of technology on fashion communication, the challenges faced in the industry and ways to overcome them. If you are creating a brand or are simply interested in getting more information on the industry, this is the place to be! 6. Launch Of Women In Tech Africa Nigeria Chapter! For those of you interested in STEM, this session is a great place to meet some very successful women in the industry from all over Africa. With panelist members including representatives from Google, Facebook, and TechCabal, there will be no shortage of expert knowledge during the session. Women in Technology Africa is an organisation that aims to empower and bring attention to women involved in technology throughout Africa. The organisation also plans to start a chapter in Nigeria, which you can join during the event. To find out more about the organisation, visit their website here. 7. Small Is The New Big: How SME’s Will Transform Africa… And How You Can Be A Part Of It If you have a startup, this is a great event to get some practical business advice from industry experts. The event is hosted by PAGA and will overview opportunities that exist in Nigeria and how to tap into them. The session explores the unique situation presented by Nigeria’s need to diversify as a result of the current oil crisis. Bonus: Internet Of Me Masterclass – Making Connections, Building Community & Sharing Your Voice Come see She Leads Africa’s own Afua Osei at this event! Along with Matthew Sedze from Facebook, they will be discussing ways to use social media to create an impact in the issues you are passionate about. So don’t miss out! Register for Social Media Week here! Images from Social Media Week Lagos 2015
Navigating the catch-22: Successfully fundraising for your business
Once you have successfully registered your new venture and executed your partnership agreements, the next phase is getting your new venture up and running. For some, this might not be an issue as you probably have sufficient savings and contributions from family and friends to commence this new venture. For others, the fundraising process begins! Fundraising is not a task for the faint hearted, as it requires a high dose of patience, perseverance, tolerance, and politeness. However, while the fundraising process might require a heightened tolerance for frustration, it is imperative that you think beyond the fundraising process. For example, you should not accept a potential investor’s offer simply because that investor has agreed to give you all the funds you need to scale your new venture without thinking through the possible impact that potential investor may have on your new venture or ownership structure. This segment details some important points that you should consider during your fundraising process. 1. Don’t let the cat out of the bag prematurely During the fundraising process potential investors will ask you to share information about your new venture so that they can make an informed decision on whether or not they can provide you with the funds you require. Indeed, you have to furnish them with some of the information they seek. Nonetheless, it is important you strike the right balance between your fundraising needs and safeguarding your new venture’s confidential information. You have worked hard to develop your new venture and create a niche for yourself, as such, while you may be in desperate need to fundraise, you should also think beyond the fundraising phase by safeguarding your new confidential information. Moreover, of what use will the funds raised be if at the end of the fundraising process your new venture’s secrets has been disclosed to potential competitors who are now offering the same exact product you wanted to offer? You owe it to yourself and your new venture to protect your new ventures’ confidential information such as the “know-hows” of your new venture, the trade secrets, and all other information that makes your new venture unique. Thus, before you commence deep discussions about your new venture with a prospective investor, it is imperative that you sign a non-disclosure agreement (even if that prospective investor is a friend!). Your non-disclosure agreement should: (i) be executed by all parties that you want to be bound by the agreement, (ii) identify the right legal entities and/or individuals that are intended to be bound while also indicating that representatives and affiliates will be bound, (iii) provide remedy in the event of breach, (iv) include a definition of what constitutes confidential information, (v) address the term of the non-disclosure agreement and what happens at the end of the term, i.e. whether the investor has to return the confidential information to you or destroy it. Indeed, executing a robust non-disclosure agreement with an investor does not prevent such investor from breaching the agreement. As such, protect your new venture by taking the extra step of researching each potential investor to ensure that such investor is a respected and professional player in the market. 2. Think carefully, pick selectively You must carefully select an investor. Yes, the order of the previous sentence is intentional! In a world where financing is not infinite, entrepreneurs often feel very lucky to find an investor who is willing to invest in their business. While the feeling of immerse gratitude is not misplaced, it is imperative that entrepreneurs also carefully select their investor. Do your due diligence on your potential investors! Remember, an investor’s investment is never “free”! It often comes with numerous strings attached. Oftentimes, these strings are good strings in that they bring value to the new venture. For example, the investor may require you to adopt environmental, social, and governance policies, or anti-money laundering policies. Such requirements are valuable additions as such changes could translate to higher returns for your new venture. As such, before signing those dotted lines, entrepreneurs should consider the investor’s track record and reputation in the industry, the investor’s proposed economic rights and governance rights and whether such economic rights are proportional to the investor’s proposed investment, the factors the investor considered in arriving at its valuation. Think of your investors as long-time business partners—you may be married to them for a long time. So, think carefully and pick selectively! 3. Don’t jump to the finish line So you are extremely excited that you have selected the right potential investor and strongly believe that the potential investor will invest in your new venture within a few months. Indeed, you trust your intuition on this because your intuition always leads you to the right path. As such, you believe that the next logical step is to email all your new venture agreements (shareholders’ agreements, share purchase agreements etc.) to the potential investor while they conduct their final review process so as to streamline the process. Please Don’t! Wait until you hear from your potential investor that they have decided to strike out “potential” from the words “potential investors.” There is no point jumping to the finish line and investing resources by drafting agreements that may not be eventually utilized. Moreover, your investors might have a preference for providing the definitive agreements. To summarize, the fundraising process is not a task for the faint-hearted. While you may have an urgent need for working capital, you should also ensure that you safeguard your new venture throughout the process. The success of your new venture also rests on your ability to protect your new venture’s confidential information. In the next segment, we will discuss the non-disclosure agreement in detail. If you would like insights on a particular topic, write to us! We are listening.
Beginner’s guide to marketing to an African audience
Now is a good time to become a game changer. Social media has allowed the world to get a cultural peak into the diversity of African culture. From Azonto music to African films, many African media outlets are re-branding Africa’s image to the world. Social media has given us the global platform to have unfiltered control over our own images (no pun intended) and build meaningful connections with those who are like-minded. Take advantage of the global opportunities that the internet has to offer. Working within the field of marketing is based off of the relationships and connections that you build with others. When others see that you are of value to them in some capacity, they are more inclined to support you. Content is king (or queen)! Your content must reflect your values. If your mission statement says that you believe in high quality, but your social media images look like your little cousin Kofi took them, nobody believes you. High quality photos are non-negotiable. The majority of your digital audience will most-likely have smartphones, if they can take semi-professional looking photos with them, at the very least, you can do the same. About 55% of online users leave a website within the first 15 seconds, this leaves little time to make a great first impression. You should always “sweat the small stuff”. Have an eye for detail. Putting elements of your personality into your marketing strategy sets you apart from the rest. It shows a level of creativity that no one else can effectively duplicate because there is only on you. Engage with your audience You have to tap into your audience’s needs on an emotional level. You must engage with your audience so that they feel connected to your brand; this is how brand loyalty is developed. Take the time to define who your target audience is and create content that is relevant to them. Be as personal as possible when addressing your audience, they need to know that they are valued. Implement nuances that remind them of their culture so that they feel a level of nostalgia and camaraderie in association with your brand. Allow your empathy to shine through. Show your core audience that you “get them.” Please understand that social media for brands is really not about self-promotion but rather to engage with your audience and build trust. Brands should use their social media platform to learn about their customers needs and find solutions for them. When you are marketing, you are in the business of solving problems. It is imperative that you take the time to know and grow with your audience. In knowing their values, you can develop marketing strategies catering to their interests. Majority of online activity for many is done on a mobile device (i.e. tablet or smartphone). Your website must be mobile friendly, responsive web design needs be integrated into your website. Responsive web design is “a web design approach aimed at crafting sites to provide an optimal viewing experience—easy reading and navigation with a minimum of resizing, panning, and scrolling—across a wide range of devices (from mobile phones to desktop computer monitors).” If visitors have to struggle and constantly scroll across the screen just to read a sentence, they will easily become annoyed and less likely to visit again. Your website should be easy to navigate. If you are selling a product or asking visitors for donations on your homepage, visitors should not have to maneuver through three different webpages before finding the right button to click. People in the digital age are less patient, you have to find ways to accommodate that. I beg, “African time” need not apply in the digital world. Create customer profiles When marketing to an African audience, create a customer profile. A customer profile is just a detailed description about who your target customer is. Many marketing teams do this in order to make customer centered decisions that appeal to their target customer. The customer profile could include the following: Name Age Hobbies Where they live Favorite movies Goals and aspirations In addition to the above, you can even google a picture of what your target customer would look like, be as visual and descriptive as possible. According to user experience researchers from Experience Solutions “most projects evolve from an idea, and grow through the opinions of influential members of the project team. The trouble is that these influential members of the project team are rarely the end user or customer. This often results in a product or service that doesn’t quite meet customer expectations or needs…” Having a thorough customer profile serves as a reminder as to who your target audience is. You are more likely to accurately focus your branding strategies around their interests. Make Google analytics your best friend Make Google analytics your best friend. Google analytics is a free web service run by Google that tracks and reports your website traffic. You can use this tool to track the geographical location of your users, view which pages on your website they are visiting, the time of day that they visit the most, and a host of many other details. In knowing how your audience moves, you can study trends and plan strategically. For example, if Google analytics shows that your blog has that highest amount of web traffic on Tuesday’s between 3-5pm, you may want to release new blog posts during that time. There are plenty of videos on YouTube that walk you through the process of using Google analytics. Africa is not a country Finally, marketing to an African audience requires significant research. Africa has over 50 countries, each of which has its own unique culture. A marketing strategy that works in Nigeria may not work in Kenya. Collect data, analyze and respond accordingly. As long as you are working with a well-defined goal in mind, it is easier to establish your target audience and market to them effectively. Have any other tips on marketing
8 things we learn from the acquisition of Kenyan beauty brand, SuzieBeauty
In 2011, Suzie Wokabi, founder of Kenyan cosmetics brand, Suzie Beauty, said the following about her vision for her brand: “My dream is to turn SuzieBeauty Limited into a household name for everything beauty on the continent, and internationally. I want to become the MAC of Africa!”. Six years before that, she had returned to Kenya as a trained makeup artist looking to stock up on goods. She faced a number of challenges such as not being able to find the high quality brands she was used to. Where she was able to find them, they were often unavailable, overpriced, or counterfeit. So in 2009, Wokabi launched her own local brand. Seven years later, she is in reach of the vision she set out for her company. On January 25th, 2016, SuzieBeauty announced that it has been acquired by regional manufacturing company, Flame Tree Group, pending approval of the competition authority. Suzie said the following about the sale of her company: “For me this is the biggest milestone so far.” Wokabi explained, “with the resources at Flame Tree Group, SuzieBeauty will likely expand its range to include skincare products such as cleansers, moisturisers and eye creams. There will also be investments into better distribution and marketing. In the long-term, production could be moved from China to Kenya”. This wife, mother, daughter, and entrepreneur is trailblazing the way for other Motherland Moguls. There is so much to learn from the successful sale of Wokabi’s company. We’ve narrowed it down to just 8. 1. Do your research In choosing to start a beauty brand, Wokabi did extensive research on the Kenyan beauty market. In an interview with How We Made It In Africa, Wokabi said the following: “My research shows that the development of products to fill our specific market needs has the potential of becoming a big and profitable business.” She also did extensive testing of her products in the market before launching her business. She developed her product line and spent a year of testing on the market before launching in 2011 and beginning retail operations in 2012. 2. Choose to work in your passion Wokabi once said, “If I did not completely love everything about SB and the beauty industry, I would have given up a very long time ago. I now understand why most startups fail. When you don’t have the passion and everything is an uphill battle, it becomes so easy to quit.” 3. Dream BIG From the start, it is clear that Wokabi had a strong vision for her company and brand. From her early interviews before the launch of her product line to more recent ones, the vision has always been, as she said, to “distribute Africa-wide. The sky is the limit”. 4. Know your magic While strong on quality products, Wokabi has said time and time again that the affordability of her products is what makes her competitive in the local and international market. When she was asked if SB stand out in the midst of international beauty brands that had recently entered the Kenyan market? She responded, “None of them will ever beat me in price. The whole point of SB is the affordability of quality beauty products.” 5. Get help in your weak areas Wokabi says she knew nothing about business prior to her endeavor. She has especially struggled with financials, an area her husband has supportive in. 6. Learn from your mistakes While successful, Wokabi has never shied away from the mistakes and mishaps in her journey. After some false starts with partners, Wokabi made sure to engage differently with future partners. She explained: “We have had so many bad partnerships. We have had both equity partners and debt investors. There were just too many mistakes made. We were very particular about this one. This time we didn’t make any mistakes – and it feels right, completely.” 7. Engage with investors and finance partners who understand your company and your vision While in talks with Flame Tree Group, Wokabi was in talks with other potential investors. She had this to say about Flame Tree Group: “The chemistry has always been right from the beginning. So any challenges we ever came across, we would fix together.” Flame Tree Group CEO, Heril Bangera, also had this to say, “We want to increase the brand’s presence in the market. We have seen the brand is successful, so there is an opportunity now to use that as a base to grow it within Kenya and beyond.” 8. Knowing that someone did it helps Wokabi often mentions her role models, Bobbi Brown, in interviews. Bobbi Brown was an American professional make-up artist who founded Bobbi Brown Cosmetics. Estée Lauder, the America beauty products giant, bought the brand in 1995, with Brown retaining creative control. Wokabi will similarly retain creative control of SuzieBeauty. We wish Wokabi, SuzieBeauty, and Flame Tree Group much success in their new venture. What other insights have you learned from this acquisition? Share them below.
Archel Bernard kickstarts her Liberian ethical fashion factory
Archel Bernard is a Liberian fashion designer and entrepreneur. She successfully raised more than $40,000 on Kickstarter for her company’s growth and shares with us how someone stealing her ideas got her started in fashion, her ambitions to build a global brand and why crowdfunding was the way to go to raise much needed cash. Why did you choose fashion as your avenue to make a difference in Liberia and how has your business made an impact on the local community? I wanted to be the West African Oprah Winfrey when I moved to Liberia. I would go to communities and shoot and edit videos of exciting things happening around Monrovia, and of course the West African Oprah had to wear West African clothing! I made my dresses at a trendy boutique in town, and the seamstress would take FOREVER to get my clothes to me. I was doing my own designing because traditional African clothes aren’t typically my taste. One time I went to pick up a dress the boutique had been working on for about a month, and when I saw her, she was wearing a copy she made for herself, another customer was wearing a copy she just purchased, and another tailor was sewing one for her to sell on her racks! I still had to pay top dollar for a dress she was taking credit for designing. At that point I realized I could figure out a way to do everything I was paying her to do for me, AND possibly make a profit from it if people liked my styles. I made 8 different styles, found two tailors, and paid them a small fee to make my first line. I didn’t even know I was creating a line, much less a company. I just thought I could make a little money around Christmas. I sold out of everything and used the feedback (and money) to make more styles. Two of those same looks are still our top sellers today! I was never inspired to create until I came to Liberia. I loved the bold colors and patterns. The chaos in the markets and streets, and always the women wore bright lappa to navigate it. Seeing and wearing African cloth made me feel at home. I was thrilled by the design possibilities because from where I sat, we could do much more than tie lappa around our waist. Two months after selling my first dress, my government contract ended and I was unemployed. My mom hired me to be her driver on a visit to Liberia, and my dad gave me his pick up truck, so I bought cloth with the money and sold dresses from the back of the truck. Slowly, I saved enough money to open a shop. I’ve worked all kinds of jobs to make this happen. Now our business has grown so much, our tailors get sad when I leave town, not because they will miss me but because when I’m in town there’s always a ton of money to be made! What are your ambitions for your company and The Bombchel Factory? I want to build a large factory that staffs and trains hundreds of Liberian women, and offers classes on the side for literacy and business skills. This is about community building and industry changing. I want our factory to rival not only rival China for quality, but be the best in the world for human development. I want clothes made in The Bombchel Factory to be sold everywhere from Nasty Gal to Bergdorf on Fifth Ave soon, to prove that there is space for quality, ethical fashion in the most exciting shopping districts of the world. Why did you choose crowdfunding as a fundraising strategy for your business? I chose to crowd fund our company because we had hit a point where we couldn’t grow anymore doing the same thing we were doing: small custom orders for under $100 a client. We wanted to reach the everyday girl, but customer acquisition was expensive and there wasn’t much profit in a few custom orders a month. I’m incredibly scared of loans, after having already signed my life over to Sallie Mae years ago, and I don’t think we are big enough to start including investors with equity. Since all we needed was a strong following to preorder our goods, crowdfunding was perfect for people like us. Everyone who backs our campaign knows to expect a wait before receiving their goods, so that gives us a chance to perfect our items and plan our website and New York Fashion Week launch party. We are using Kickstarter to literally explode onto the market, and Kickstarter is good for helping you build a loyal following. What factors did you take into consideration before starting the crowdfunding campaign and how did you prepare to make sure it was a success? I had a friend, Chid Liberty of Liberty & Justice factory, also do a Kickstarter for his t-shirt line. He was actually the person who recommended crowdfunding to me. When his campaign launched it was flawlessly executed. They met their goal in a few hours and even got endorsements from several celebrities. I knew I didn’t have that kind of reach, but I also knew I had a lot of things going for me that I could package. I read every article and watched every video on having a successful crowdfunding campaign and applied what I could. My best friend in Atlanta offered a great photo shoot deal, and my sisters have been known to work long hours for clothes, so I knew my packaging would be spot on. I had a ton of people interested in ordering my designs, but I needed to streamline the ordering process and show the need for my product would gain the same results as having a large network. Crowdfunding has proven I have a market, not just cousins and friends who want to support me. What message would you share with other young African
10 things I learned about pitching to an investor
She Leads Africa recently had a free webinar session with Andrea Barrica on the fundamentals of pitching your business – The Do’s and Oh No She Didn’t of Investor Pitching. Andrea Barrica is a Venture Partner at 500 Startups, a global seed fund and accelerator for early stage startups based in Silicon Valley. She was previously co-founder at inDinero, an accounting and taxes software solution where she led the team to the first $1M in sales in 10 months. Here are ten things we learned from her. 1. Don’t try to pitch to all investors Most of the interactions that you have with investors are not investor pitches. Most of the interactions that you have with investors are about how you can get the right type of investor who wants to hear about your company and is willing to hear about your pitch. When you have an investor who is interested, it is then time to have the investor pitch. 2. Differentiate yourself, be clear, and don’t overly pitch Create a level of personal connection. People invest in people they like. Make it a conversation (never corner someone in a party). Keep it brief, and tell your story in 60 seconds or less. Understanding the market and asking questions and advice versus pitching the business is a great way to get investors interested. Be natural, authentic, and humble. 3. If you do not have an idea, investors will not be willing to invest Support your idea, prove it out Wait until you have traction and a great team Wait until you really need the money. However, when you really need the money the most, the investor has all of the leverage versus having a great team and traction without the desperation. 4. Use your resources, networks, and community to find investors Meet people — It’s better to meet investors when you’re not fundraising Standard networking — get introductions from other investors Go where investors hang out and then find the ones that you respect Write — start writing your own blog and content The key is running your business—it is important to build, go out there and get some traction. The first investors will be family and those you are close to. 5. When meeting investors, know who is going to be there, and how many people—know your audience! The important thing to know about a meeting is that, no one is as interested in you as you think they are. You must be brief. Think about how to you make your presentation interesting. How will you make it unique? 6. If you want to stand out, work the room, run the meeting, tell a story Make a personal connection, research the people in your room. Don’t make it to feel robotic; not too many slides. If people ask questions at the end and if what you presented was clear, that means that they are interested. Don’t leave asking: are you interested? Rather leave with: will you be willing in investing; how much will you be willing to invest? 7. The don’ts Pitching is a conflict between what we say, what we mean to say, and what the person actually hears. What we say and what we mean to say is not what the investors hear. Don’t: Create slides first This is a bad way to start a presentation. So don’t rely too much on your decks and your slides. Don’t: Be A 1 pitch pony. Don’t only have one pitch prepared Have more than one prepared. Prepare for the different types of investors and what they may care about most. Don’t: Forget the 20:1 rule For every one minute of a presentation, practice out loud. Make sure the delivery and confidence is there. 8. The do’s Do: Tell a strategic story Tell a story that will help the listener understand something about your story that they didn’t before. How does my story help me to achieve my goal? It is important to ground out the things that you want people to know about you in short stories. Do: Know your secret sauce How will you win when everyone else fails? It is your differentiation. Do: Know what is the most compelling thing about your business Use this cheat sheet: Traction Team- past experience and your background Product Vision Do: Pass the 60 seconds test You need to get someone interested about your company in 60 seconds, no matter what industry you are in. 9. If you want to get in touch with foreign investors, build a great business They will reach out to you. Make sure people know you. How so? Support local organizations. What are you doing? What problem are you solving? How do you understand the market? 10. You close deals A great pitch deck and a horrible pitch won’t do anything for you. So how can you improve? Get together a small group of other young entrepreneurs and force yourself to practice consistently. Go out to new events and networking opportunities and keep pitching. You won’t get good unless you do it. Take improv classes or acting classes. Have a few friends video tape you pitching and talk about ways to improve with your friends. The only way that you will improve is by giving and getting brutal advice—patting each other on the back, will not help. Want to watch the full webinar? Check out the video below:
5 ways to out-hustle the competition like African market women
African women are naturally inventive, creative, and entrepreneurial – we aren’t the idle type. We work with our hands, minds, and wits. We find things we’re good at —even if it’s just a hobby. If you’ve been to Makola market, in Ghana, you’ve seen the endless rows of stalls, tables, kiosks and booths of market women selling everything from baby diapers to tomatoes. There are usually rows of women selling the exact same thing within yards of each other. It struck me how they made a reasonable living selling goods and produce in a market that’s saturated with other merchants selling the same things. Rather than dwell on the mysteries of Makola, I saw the poetry in their ways and learned a few lessons about business and life from these hardworking women. 1. Auntie Yaa shows up every single day Auntie Yaa knows she has severe competition, after all, there’s nothing new under the sun. But in a crowded marketplace, victory goes to the person dedicated enough to show up every single day. For many market women, like Auntie Yaa, that little stall of sundry provisions is all they have. Consistency is key. Their one chance of affording life’s bare necessities are contingent upon waking up earliest, showing up every day, and hustling like their lives depend on it. 2. Sisi Lola makes her presentation count Sisi Lola knows when it comes to drawing in customers, it’s all about presentation. In a crowded market, your brand presentation is everything! Make sure your brand is visually pleasing and effectively communicates your message, and not just the product or service you’re selling but yourself, too. Personal branding is very important in today’s global marketplace. The woman with the brightest Bubu, or the catchiest call, wins. 3. Learn to barter like Aminatta Aminatta knows the value of trading without money. Exchanging what you have or your services, for needed services from another, is a good way to get your business off the ground and build connections with other business women. Pay if you must, but barter if you can. 4. Mama Hajara keeps ‘em coming back with stellar customer service A market is a busy place and everywhere, vendors are harping, buyers are haggling, and traffic is passing. Mama Hajara can bank on daily success because she keeps her customers coming back for superb customer service. She goes beyond pleasantries and makes each one of her customers feel like a good friend. She knows their names, the names of their children, she may even know where they live. She stays in business by encouraging loyalty through friendliness. There’s no better way to ensure customer loyalty than stellar customer service. 5. Auntie Gloria keeps a Tight grip on her money belt If there’s one thing you know about successful market women, it’s that they use knots in their cloth to manage their money. Being able to put your money in buckets allows you to see how much money is coming in and budget for continued business success. Auntie Gloria keeps separate knots for covering costs, profit, savings, and business reinvestment and growth. Being financially savvy about your business is key to being a successful entrepreneur. So Motherland Moguls, which hustle tactic can you start using to grow your business? Have any additional lessons to share?
Scared of frauds? No wahala: 4 tips for conducting proper due diligence with global partners
A significant amount of entrepreneurs in South Africa are getting comfortable with the idea of doing business across borders, be it sourcing goods and services to even looking for strategic partnerships with foreign entities. The African continent has become more accessible and opportunities abound for entrepreneurs and small and medium enterprises. What’s more, African businesses have been partnering with the relatively unknown East. Social media exposes business owners to opportunities they would not otherwise have access to. This is exciting. Those who have done cross border business will tell you that in so much as the potential for business synergies is there, the risks are equally matched. Take for an example a recent case that came to my attention for assistance. A South African business owner (who we will call James to protect his identity) in the commercial real estate industry got the shock of his life when it turned out that the Chinese businessman he had an ‘in principle agreement’ with (which was later deleted from the email correspondence) was nothing but a fraud. Mind you, James had incurred large costs in setting up partnerships with other businesses and even going as far as paying for elements of the agreement. You might think, ‘that’s not smart!’ and I would have to agree with you. However, the need to acquire first mover advantage sometimes propels us to make an early commitment for fear that someone else may snatch the lucrative opportunity from us. In the process, we tend to skimp on due diligence with disastrous consequences for our livelihoods and credibility. Stories abound of orders that were never delivered or were of a cheaper variant. These occurrences are not unique to South Africans and Chinese businesses; they happen throughout the continent with potential partners across various regions. Like in any business relationship, proper due diligence is of paramount importance in conducting trade or investment relations. As more people take the entrepreneurship route, it is important to know that doing business across borders has inherent risks and one needs to be smart to avoid frustrations. Doing your homework can mitigate risks and help you make informed decisions. Below are some considerations I take into account when I’m dealing with prospective cross border relations: Seek out word of mouth referrals Nothing is more comforting than finding good partners/suppliers. Like with anything these days, word of mouth goes a long way and in most cases save you a lot of hassle. However, reviews by themselves cannot substitute for verification. Speak to those who have walked along the same path as you and where possible, speak to their associates as well. A traceable track record is key When you are in the early stages of your business, the last thing you need is to deal with amateurs who will promise you heaven and earth and deliver nothing. If you’re a novice, you need to ensure potential partner has a proven record for quality service. Invest time in establishing the authenticity of such a claimed record. It may be tedious, and possibly costly, but it will spare you losses further down the line. Courtship is the way to go Just as when you meet a prospective life partner, you need to take your time to get to know your business partner before committing. Don’t go on impulse, court first! Don’t be like James and fall prey to pressure tactics. Solidifying business relationships takes time so don’t rush things! Get samples beforehand and VISIT premises where possible Too many people have relied on assurances from a seller about the quality of their goods. Too many people have taken letterheads as proof of existence. You can make no bigger mistake as a small time buyer than to buy goods you have not sampled or not visiting the premises of your manufacturer. You would be amazed the things some conmen will do to dupe you into buying their non-existent goods from their non-existent premises. Nothing can ever substitute for checking out the premise yourself. If this is not physically possible, there are trade agents who can do the leg work on your behalf for a small fee. Do invest in your future success. Trust your gut (first listen to it) We all have that little voice that tells us from the moment we meet someone whether you can trust them or not. Most of the time we ignore this voice and many a times, we wish we had listened to our gut. I have dealt with a number of entrepreneurs who allude to feelings of ‘something not feeling right’ and yet go ahead and invest their time and money, blaming themselves when things fall apart. Learn to entertain your inner voice and debate with it a bit. It will serve you well. Trust me! Whether you are contemplating local partnerships or across borders, due diligence is key. Even more so for non-local partners due to the prohibitive costs of enforcing your rights. Do not be pressurized into early commitment as this may leave you occupying a reactive position and a trip down crisis management. And if you are not sure about cross border regulations that govern your business, ASK. The Department of Trade and Industry (The DTI) in South Africa (and relevant in-country departments that deal with trade and investment issues) can save you from making costly mistakes!
4 simple ways to keep up on the digital inbound marketing trend
Are you interrupting your customers this year or are they on the hunt for you like a daily vitamin? As you are trying to peacefully creep through the pages of Bella Naija, I mean do important research on the latest happenings around your entrepreneurial purists, the last thing you need are those pesky ads interrupting your research. There are a few alternatives to those google ads and they call under the umbrella of inbound marketing. Inbound marketing practices have been taking over how we interact with users digitally. Inbound marketing is the ability to draw your customers to your site and products by creating highly engaging content. I emphasize to my clients – instead of interrupting users through traditional marketing methods, find other organic ways to flow into users’ day. . Inbound practices are not only friendly to the user but they are economically friendly to entrepreneurs as well. It allows you to connect naturally to your users without spending a fortune on ads. Below are 4 effective ways to bring customers in. 1. Opt-in Emails The lists built with care. Your users visit your site and sign up to be apart of the greatness you have brewing. It’s an opt-in because they chose and verified that they wanted to receive that information from you. It can be as simple as a “Sign up for our newsletter” box to the right or generously offering a free give away for signing up for your emailing list. For example, if you’re a branding extraordinaire you may offer a quick and easy digital workbook in exchange for their information. Positive: Anyone that signed up for this emailing list is looking to have you there. Difficulty: It takes time and strategic positioning to gather theses lists. You may have to form multiple partnerships with other entrepreneurs / businesses/ orgs to create visibility for yourself. 2. Thought Leadership Are you an expert in your field? Do you have a niche area that you can speak about better than anyone else? Are you the new technology expert that’s going to tell me how solar powered refrigerators are going to change my life? Thought leadership has become the ultimate trend for entrepreneurs willing to share the best and most up to date information about their field. Positive: Thought leadership opens doors for more speaking engagements and business opportunities because of your expertise. Difficulty: You. Must. Be. Consistent. To whom much is given, much is required. Taking the step to being a thought leader, especially in a very in-demand field, requires consistency to remain relevant. If those refrigerators can suddenly teleport, I’m looking to you first to tell me why. 3. Blogs A form of expressing the thought leadership are blogs! Start-ups to larger companies such as Price Water Coopers are utilizing the buzz. Potential customers, competitors and collaborators want to what you’re up to and where your interests lie. Fill them in. Positive: It’s a quick and easy way to get the information to people that are already following your work. Difficulty: There is a fine line between too little information and too much. People want to be engaged, educated and/ or entertained in a matter of a few minutes. One platform that I absolutely promote the utilization of is: Medium.com. A quick and easy platform that allows you to connect to fellow bloggers, business owners and politicians. 4. Community Building My favorite building trend. Yes, I am shamelessly biased to this form of marketing. When you create a community, you create a space for your customers/ readers to feel engaged,included and connected. This is the first market to sample that great item you have on display. As your continuously building that tribe of people who are invested in your product and expertise, they give you the right to infiltrate their inbox. What will you do with that power? Community building is also a great leverage when forming future partnerships. This community is your direct audience; this is a selling point when meeting with potential sponsors. Who can they really reach by working with you? In sum, goal setting and discipline are a few keys to success! Pick one that you haven’t started yet and add it to your already bubbling list of New Year resolutions. All of these items build on each other, but choosing one to focus on first will allow you to measure impact and what is and isn’t going well with how you engage your users.
Dziffa Ametam: Tools and tips for building an e-commerce site
From Amazon to Alibaba to Jumia, ecommerce has taken the global retail market by storm. Data suggests the trend is here to stay. With internet penetration improving across Africa, we expect ecommerce industry to expand. Dziffa Ametam of Dziffa is on a mission to create an online marketplace for authentic handmade African goods. For any one who had spent time on the continent Africa, this is no easy feat. Internet speed and pricing are two of several hurdles ecommerce business have to surmount. In this piece, Ametam shares tips that have helped her build her business, and pitfalls to avoid. Can you give us some insight to some of the important tools you started out with? 1. Stick To Your Principle At Dziffa, our principle was simple: sell authentic handmade African goods that add value to our local economy and expand the global reach of our local artisans. We started by combing Ghana for artisans who made high quality goods from locally sourced raw materials. We partnered with them, providing professional photography, branding, and marketing services free of charge. As they had nothing to lose, they agreed to the partnership, and that helped stock the site with products that are aligned to our principle of creating a store with authentic African goods. 2. Focus on the Supply Chain Most ecommerce sites fail because they are unable to meet demand. It was very important for us to maintain consistency by fulfilling all orders. This sounds very basic but it is actually the hardest part of our job. We work with artisans from various regions and each has his or her own challenges with getting the products to us on time. I moved to Ghana to ensure that all orders, no matter how small, would be fulfilled. Fulfilment is crucial to turning curious customers to loyal customers. Someone could buy a bookmark out of curiosity, but if she received it on time and is satisfied with it, she just might become a loyal customer. Plus, her friends will know about her new discovery. Pitfalls to avoid Getting heavily involved with manufacturing. Because we work hand in hand with artisans, we are always tempted to get involved with the manufacturing process. This was a big distraction in the very early days of Dziffa. We would get consumed with the manufacturing process that we didn’t have time to focus on our core responsibility, which is selling. What are some tools you started without that you soon realized were necessary? Social Media, Blogs, and Magazines. Stories matter and we underestimated the power of storytelling in the very early stages of Dziffa. We communicate to our audience through our weekly blog post and bring them along with us on our journey. We reach out to magazines to share our discoveries. We also leverage social media to brand and sell beyond our immediate market,Ghana. What is your advice for aspiring entrepreneurs trying to get into the e-commerce space? 1. Do your research I cannot stress this enough. As an entrepreneur, every mistake you make is costly. Do your research or speak to someone who has been down a similar path. Make sure you thoroughly research the market you are going into and fully understand the opportunities and challenges. 2. Embrace the struggle Entrepreneurship is not easy. You will be faced with a lot of challenges. Embrace the struggle; they teach you a lot about yourself and your potential. Remain persistent and always remember why you chose this path. You can learn more about Dziffa? You can find out more on her website and social media pages – Facebook and Instagram. Want to learn more about ecommerce or running an ecommerce business? Comment below and let us know.