Sunday Ehigiator
The Chief Executive Officer and Founder of Terminal Africa, Nnamdi Okoh has charged entrepreneurs to expand their businesses beyond the scope of Nigeria through the globe for better opportunities and exposure.
In a recent interview with THISDAY, Okoh said the growing interconnectedness of the global economy presents upsides in the form of a boost in customer acquisition, enhanced business visibility, diversified revenue profile risks, and exponential growth in top-line for businesses expanding their footprint.
According to him, “Within Africa alone, businesses as small as an online store run by a single owner from the comfort of their home can tap into a continental market of about $3.0 trillion powered by 1.3 billion consumers.
“Beyond the continent, the value to unlock is immense. Granted that cross-border expansion can enhance business performance, the process of growing in new markets could be daunting and even costly to businesses that lack the right expertise and support.
“Getting expansion right is important, and essential steps must be considered to improve the likelihood of success.”
He said the first step was ensuring that the product or offering fills a gap in the markets of interest.
“The reason why businesses are successful is down to whether they solve problems that other people are willing to pay for. The market need of a place might differ from another.
“Before venturing out of the local market, it is therefore important to carry out adequate research or market analysis to confirm that an opportunity exists for the products in the proposed location.
“Based on the outcome of the investigation and to ensure a successful fit, it might become necessary to modify aspects of one’s products in line with the standards and consumer preferences of the specific market.”
