YOU AND YOUR MARKET

Let me share a story with you about the woman popularly known as "Iya Ibadan" who sells kerosene opposite my compound.

Ever since we relocated to the street, I have known her to be the only person that sells kerosene closest to us even though there were several other persons who were also selling kerosene in the street as well.

We had always assume her to be one of the regular uneducated business woman who owns a shop and sell her market to support the family as a wife and as a mother.

You would not imagine what I was able to learn from the so called "Regular Uneducated Business Woman".

This was exactly what happened.
______________________

Early this year, when the recession became a hot cake and affected the price of virtually everything in the market. The cost of kerosene also inflated and it became obvious that everyone was already looking for a better alternative to cook.

Eventually, I started noticing people began to use cooking gas cylinder and refill.
It was really becoming interesting, so we joined the trend at home and we started using cooking gas too.
And I was left wondering, what will now happen to Iya Ibadan's kerosene business.
Hmmmmm

She amazed everybody when she all of a sudden built a small kiosk with a huge umbrella in front of her shop, selling food. 
I wasn't absolutely sure of what was going on until I started noticing the crowd at her shop to buy food.

Haaahaaa! Could this be magic or juju! because I know many other women who sell the common rice, beans, fried plantain and the likes in the same street. What is now so unique and interesting about this woman's food, I was wondering.

So I decided to go see what exactly she was selling.
Getting there, I still needed to ask despite the fact that I could see it myself. The truth was, I had never seen such kind of food before.

So I was told by one of her regular customers that she was selling "Tuwo Shinkafa" which is known to be one of the most popular Hausa food in Nigeria.

As a foodie! I just knew I needed to taste her Tuwo Shinkafa.
At least, I knew it would be recorded as being the first time in my life tasting an Hausa food.
Hehehe! I must confess, since then I had become a regular customer.

And I remember asking her few weeks ago how is the food business going and she totally opened up to me saying, she had being making drastic sales knowing she is the only person that sells Tuwo Shinkafa on the entire street and the money she makes from the food business covers all her business and marketing expense including shop rent and she still makes a huge profit out of it, exempting her kerosene business.

Now!
How does this Iya Ibadan story relates to you entrepreneurs.

Key lessons you should take from this are;

- Study your area of operation very well before you create a product or service for sales.
- Never create a product or service for your business out of selfish interest or emotions, do some research and be logical with your facts in making decision.
- The business is not for you, so find out what exactly your target market needs and tailor your product or service to meet them.
- keep studying your market, observe the trend in your industry and shift when necessary.

Remember, it's the most flexible entrepreneurs that controls the economy.
Don't be left behind!
_____________________
My name is Tosin Ikuyinminu.
Take your time to build what will last.
______________________
P.S: To be a part of my first free online Sales Conversation training where some of this issues will be addressed critically.
Indicate your interest on the comment section below to get updates on the registration procedures.
______________________
#HypeMan