Do you know Bokku Mart? It is a daily need outlet, springing up in all corners of Nigeria’s the mega city, Lagos.
Indeed, it is very easy to think of doing a business in Nigeria, and it is also very easy to lose that money if you are not grounded in principles. Well, principles here mean knowing the things that make a business survive and blossom in the locality you intend to establish it.
Another thing that intending entrepreneurs miss while thinking of a business to set up is the strategy that will keep them stable and growing.
One thing, however, is that the strategy is always inside a combination of principles. Sadly, some are not able to find it. So, they start a business and in no time, the money is gone.
Economists have tried to help us grasp these principles with the law of demand and supply, the law of diminishing utility, Say’s law and all.
But in our day and time, some more laws have been added, and those new laws could help any business ‘stay growth’ and break even. Unfortunately, some of them are not often taught in schools as laws.
So, these ‘modern laws’, as I choose to call them, were found by Adewale Adeyemi of Bokku, and he used them to establish the mart.
They are a combination of principles that could help an entrepreneur make sales as purposed.
Let’s dive in.
In life, there are basic needs of man and if you give attention to any of them when setting up your business, that business is bound to earn you good money. All you need to do is put checks in place to make sure that money is not pilfered away.
Now, this brings us to the number one strategy of Bokku mart.
1. Food – Basic Need Of Man
The first time I passed one of their outlets, it was easy for me to conclude they offer bread.
One of the other days, the aroma made me pull over and I got a few loaves (the brown ones). The crowd in the mart waiting for bread on my first day was much. I concluded that man and food will forever be tied together in business.
So, Bokku knows that food is necessary, and it added aroma to it. Now, sales record is mounting.
2. Proximity
You see, sometimes, the number of outlets you have can work in your advantage when it comes to sales.
Really, the cost of movement around Lagos is increasing and there is need to reduce how much a family spends on moving around.
People who are used to buying things in malls are increasingly shifting away and making do with a Bokku mart that is nearby.
They only visit big malls once or twice a month since they are often not near them.
Bokku saw that with the economic reform, people will begin to make adjustments with how much petrol they use daily.
It established something that is near to the people. That is why it is almost everywhere.
3. Visibility And Beauty
If you make a great cocoa tea yet pour it in a container that does not look attractive, your target consumer will buy another cocoa of lower quality than yours and yours will gather dust on the shelf.
So, Bokku used see-through glasses to help passers-by see what it offers. This sight and the combination of its colours, which are often attractive, draw their attention.
Design your business in a way people can see what you do inside, behind the walls.
This will ignite desire in the minds of those passing and admiring.
4. Other Daily Or Additional Needs
There are things people need daily. Detergent, soaps, milk, spaghetti, noodles, biscuits and other items.
These are strategically added to the bread that Bokku mart offers, and their prices are fair. When you think of a business, also think of other things that can go with the product or service that you offer. Combine then perfectly and offer them at an attractive amount.
For instance, if you teach people how to create video content, you can add sales of tripod, mic, light to what you offer. You can lower the cost of your tripod from what is in the market and add the money to your training package.
5. Pricing
Every new business in Nigeria has years of free tax periods. The government uses this as a strategy to encourage people to establish businesses.
With this tax weaver, a company can bring its price lower than that of a competitor who now pays tax. Remember what I said about the tripod and your service.
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This way, the company is able to walk towards profiting period.
Bokku prices are fair when it comes to other super malls. This has also drawn many people to the mart, as they could save some amount at the end of their shopping.
When you are setting up a business and you take your price up to match your competitor’s, you are increasingly lowering the sales number.
Think about these things and see how they profit businesses.
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