2020 has been a very challenging year for many businesses as the impact of the pandemic sets in.
Many customers had to cut back on spending on wants. Focusing their spending on needs, they reduced spending in some areas but didn’t stop spending totally. If you are unlucky and your industry is part of the industries with cut-back spending, you need competitive intelligence to stay afloat as will be highlighted in the case study below.
If customers cut down spending in the industry you are in on the average by 60%, (that means the industry you are in has lost 60% of its market size), this will significantly affect your business if you previously held a 5% share of the market, a 60% cut-back from customer spending means you are left with (40%) of 5% market share, you are now left with 2% of the market share.
If your business operates on a 20% margin (with the new reality of the current customer spend), your business might struggle as you need 80% of current revenue to keep afloat, but with current realities of 60% wallet share reduction from customers, your business will be left with 40% revenue of previous years. (50% less revenue than you need to survive).
With these realities, you get into a strategy session and cut down spending by 50% to keep afloat, but at the end of the same quarter, you find out that instead of achieving 40% of revenue, you were left with 20% of revenue. Now you asked the question, “WHAT HAPPENED”
Like you, many brands in your industry cut down product prices (you did the same), but the major news you missed was a new entrant into your industry. This company hired a top marketing strategist to join their team. Unfortunately, you missed out on this early warning competitive intelligence signal because you didn’t have a digital system to constantly daily monitor all competition and the industry in general, so you can get reports on new hires, new product launch, new campaigns and new market entrants (Google alerts can’t help much here as most conversation start from social long before it moves to the web as news, and Google alerts do not cover that).
The impact of the entrant was already 3 months late, and your market share has gone from 2% to 1% in 1 quarter due to the entrant taking 50% of your current market share of 2%.
DON’T LET THIS BE YOU. SIGN UP for digital competitive intelligence report now!!
It is difficult to keep up with daily competitive/industry intelligence, hence Nairametrics in partnership with Intelligent Interactive Limited has done the heavy weight lifting of creating an explanatory analytics competitive intelligent daily report. This makes the process of staying ahead of the competition and industry easy and affordable, by putting together a daily digital competitive intelligence report on all brands listed on the NSE, including all industries, at an affordable price of 1,000 daily (25,000 monthly). Spaces are limited to 250 brands and subscription ends on the 23rd of November. SIGN UP HERE NOW .
See below, the level of insights on a single day’s digital competitive intelligence report on the Nigeria ICT space on Friday, October 30th, 2020.
Temiloluwa Sobowale is a Kellogg Alumni certified executive scholar in Sales and Marketing Analytics, co-founder of www.brandmanager.ng and CEO of Intelligent Interactive Limited, a Brand Marketing and Digital Analytics company in Nigeria.
Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program
The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.
Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.
The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.
Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.
Plan an initiative
Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.
Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.
Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”
How to apply
This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.
The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.
FG partners UNICEF, holds High Level Forum on Financing Safe Schools
Government representatives in conjunction with UNICEF and Safe School Initiative held a high-level forum aimed at tackling security issues in the country
In a bid to mitigate the escalating security crisis, bedeviling the country, particularly incessant kidnappings in schools which has adversely taken a toll on education, affecting about 12 million children, leading to increased School closures; representatives of government, recently held a high Level Forum, in conjunction with UNICEF and Safe School Initiative targeted at nipping the crisis in the bud.
The Opening Session of the Forum, ‘Financing Safe Schools: Creating Safe Learning Communities was chaired by the Honourable Minister of Finance, Budget and National Planning, Dr. (Mrs) Zainab Ahmed, and the Chairman of the Nigeria Governors’ Forum, His Excellency Dr. Kayode Fayemi, who gave respective opening statements after, Goodwill Messages from, former Prime Minister of the United Kingdom, Mr. Gordon Brown Hon FRSE, and the Honourable Minister of Women Affairs, Dame Pauleen Talen.
The private sector, donors, and multilateral institutions all unanimously, pledged to collaborate so as to take a holistic approach to creating safe learning communities to redress the education emergency Nigeria is facing so children can safely return to school. Other stakeholders also acknowledged that the number of ‘out of school’ children in Nigeria must be urgently addressed through sustainable policy action to avoid a social and economic disaster.
Dr. Ayoade Olatunbosun-Alakija of the Nigeria Emergency Coordination Centre who convened and organized the high level forum opened the forum, providing context and background to the impetus for the Forum as she set the stage for discussions and called for sustainable policy action during deliberations.
Other notable speakers were His Excellency Mallam Nasir El-Rufai, the Executive Governor of Kaduna State; His Excellency Aminu W. Tambuwal, Executive Governor of Sokoto State; Ambassador Mary Beth Leonard, United States Ambassador to Nigeria; Ogbeni Rauf Aregbesola, Honourable Minister of Interior (as represented by Ahmed Abubakar Audi, Commandant-General of the Nigerian Security and Civil Defence Corps); Hon. Chukwuemeka Nwajiuba – Honourable Minister of State, Education; Rtd. , National Security Adviser Gen. Leo Irabor, Chief of Defence Staff; Mr. Asue Ighodalo, Chairman, Nigerian Economic Summit Group; Mr. Peter Hawkins, UNICEF Country Representative (Nigeria); Ag. IGP Usman Alkali Baba psc, fdc, NPM, Acting Inspector General of Police; Justin W van Fleet; Executive Director, Global Business Coalition for Education; Mr. Aliyu Ahmed, Permanent Secretary (Finance), Federal Ministry of Finance Budget & National Planning; and Mr. Shehu Aliyu Shinkafi, Permanent Secretary (Special Duties), Federal Ministry of Finance, Budget and National Planning; Mrs Maryam Uwais, Senior Special Assistant to the President of Nigeria on Social Investment; UNODC Representative Oliver Stopel, Ms Aisha Garba Mohammed, Senior Education Specialist, the World Bank Group.
Also in attendance were Ambassador Catriona Laing, British High Commissioner to Nigeria; Ambassador Ihab Moustafa Awad, Egyptian Ambassador to Nigeria; and Ambassador Knut Eiliv Lein, the Norwegian Ambassador to Nigeria, Ambassador Nicolas Simard, the Acting Canadian High Commissioner, and H.E. Joanna Tarnawska, Ambassador Extraordinary and Plenipotentiary of the Republic of Poland to Nigeria; Sen. Hadi Sirika, Honourable Minister for Aviation and UNDP Resident Representative Mohammed Yahya
At the end of the forum, Stakeholders committed to work together to collaboratively plan and implement an ‘Abuja Financing for Safe Schools Compact’ which will include the following key elements:
- Commitment to develop a participatory roadmap for the design and implementation of the ‘Abuja Financing Safe Schools Compact’ to create safe learning environments.
- Collaborative and participatory planning at all levels of government and with community: All 774 local government authorities will be engaged in developing plans to implement strategies for safe learning environments.
- Oversight, governance and strategic direction from regional and national level, with insights and expertise from local, sub-national and national government along with multilateral stakeholder oversight.
- Commitment of finance, resource and expertise from across government as well as the private sector and multilaterals: to enable the development and implementation of a cross-sectoral ‘Financing Safe Schools’ compact strategy.
- Public-private partnership and other modalities: to deliver the objectives and needs of a financing safe schools initiative.
- Commitment to review: to adjust the strategy as necessary with key milestones and objectives to be developed to assess progress.
A mechanism is in place to develop the Compact over the next 3 months, involving partnership across government, private sector multilaterals and civil society. The Compact will be delivered in August 2021 to the Ministry of Finance, Budget and National Planning and other key stakeholders for approval and implementation. The Compact will comprise a strategy to finance safe schools and create safe learning communities, a finance plan to support the strategy and a roadmap for implementing the strategy.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2021 Q1 Results: FTN Cocoa Processor Plc reports loss after tax of N162.21 million
- Tantalizers Plc reports a loss after tax of N97.75 million in FY 2020 in Q1 2021.
- Courteville Business Solutions Plc proposes final dividend of 3 kobo per share for FY 2020.
- 2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.
- Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.