{ {{By Grace Mugabekazi,
Inkomoko Business Development}} }
In the late 1990s, Internet was introduced in Rwanda. Computers and Internet access were expensive, so Cyber Cafés started up first in Kigali and later in other cities. They offered affordable access to use of a desktop and Internet, along with scanning and printing services. They were successful. A couple of years later, personal computers and internet devices, smart phones were introduced and gradually made affordable for the large masses, and slowly the Cyber Cafés initial core business became less relevant. Today when you look around there are few Cyber Cafes, and those that exist have a new range of services they offer around the basic access to a computer and Internet.
A similar case is that of photo studios. Not so long ago, the big name in the industry was Kilino, located downtown in Kigali. They were the go to place for quality photo printing, for standard passport size photos and more. The place was booming! Today photos are still very much loved however a number of things have changed: Cameras have become very accessible – everyone owning a smart phone now has one with them to capture their daily moments; photo printing technology has been improved and made much more affordable. With these developments there have been new entrants in the photo studio business, and the offering of the business has changed drastically.
The above give perfect illustrations of how a once relevant offering can gradually become irrelevant. So how can you ensure that your business stays relevant in an ever-changing market? Here are three strategies that you can use to stay on top of your game:
{{Learn continuously from your clients. }}
If you have been business for a while, you already have access to so much information that you can use to inform your business decisions. To achieve that you want to establish what information is relevant to you regarding how the market responds to your market and have processes in place that allow you to collect and learn from it. Who are your clients? What is their profession? How do their use your product or service? How often do they buy? When are they buying? Of your product/service range, what are they buying? Why are they buying? Who else are they buying from?
{{Make room for innovation}}
The ability to consistently innovate in your industry is what will make you stand out. Innovation can be incorporated at every level of the business. Businesses can innovate in the way they are delivering a service, in the product design and/or in the ways they are engaging the market. Building a culture of innovation, which engages and supports every employee, bottom to top, to consistently seek out ways to be better at what they do will ensure that you continuously improve on what you do.
{{Diversify}}
As the market changes, your business can evolve too. If you are able to pick up on the signals that the market is slowly adopting interest in new products/services – then you can make the required investment to make the changes for your business to make it through.
Amidst the demands of keeping up with the pressures of managing a growing business, it is important to invest in ensuring that your value proposition remains relevant in the ever changing market.
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