Re-startegize and Maximize your Marketing Efforts
Growth Accelerator is a business accelerator programme that inspires to support and grow an ecosystem of profitable high impact businesses in Malawi. It has supported 54 entrepreneurs since 2018 with co-financing of up to USD40,000, mentorship and technical assistance. Our entrepreneurs have created over 200 permanent jobs and support over 5,000 people in their value chains. As part of our engagement with the ecosystem beyond our entrepreneurs, we host ecosystem events that address various business issues in Malawi.
On Thursday, 29th April 2021 – Growth Accelerator hosted an ecosystem event on the theme: “Re-strategize and Maximize your Marketing Efforts” with guest speaker Widdey Nsona, Sales and Marketing Director at Marketing Minds Consultants. Widdey Nsona has previously interacted with Growth Accelerator entrepreneurs with an exciting session on understanding customer behavior. For this event he took a broader perspective and shared his insights on crafting an effective Marketing strategy. Mr. Nsona is a Chartered marketer with 8 years’ experience in marketing in the finance and beverage industries, working with notably First Capital Bank and Castel Group Malawi. According to Mr. Nsona,
“A Marketing Strategy is a business’ overall game plan for reaching prospective consumers and turning them into customers of their products and services”
It is essential for a business to create a marketing strategy or re-strategize their current approach because of shifts in the market and/or to manage their growth or decline of their business traction. Widdey Nsona shared key notes on how entrepreneurs and small businesses can develop, adjust and maximize their marketing strategies. Below are some of the power points shared:
- Your company’s vision and mission sets the pace: A vision shows how far a company is willing to go and what success looks like. For example: National Bank of Malawi vision was “To be the most successful financial institution in Malawi” they changed it to “To be the most successful financial institution in Malawi with visible international presence”. Since their vision review, they have pursued opportunities in Tanzania and acquired the Akiba Commercial Bank. Their vision inspired their bold move to think beyond Malawi into the international Market. Take a look at your mission and vision before you re-strategize because these two key elements help define your direction.
- Evaluate your internal capacity: Look at the 5Ms: Your Men (do you have the talent to move forward); Your Money (How much financial capacity do you have); Your Machinery (do you have the equipment to carry out your activities); Your Minutes (are your processes satisfying your customer); and Your Materials (what are you factors of production; do they need to be changed?). Understanding these internal elements will determine your capacity to carry out your intended strategy and also identify gaps and/or improvement areas as you re-strategize.
- Evaluate the external factors affecting your business: Take a look at the Political environment (What is the political climate); Economical environment (How are the exchange rates, bank charges, taxes etc); Sociocultural environment (What cultural and/or behavior trends are affecting your business); Technological environment (What technological advancements are promoted in your field); and Environmental factors that affect your business.
- Understanding what your customer needs: Take time to do research on your customer groups. Think around social listening and social media analysis. Then share this information with the team to brainstorm and bounce ideas off each other and create informed product and/or service features. Remember to collect feedback and understand if your product is meeting the needs and expectations of your customers.
Your marketing strategy hinges on understanding your customer, their needs and your company’s capacity to satisfy those needs. From this perspective you will be able to craft a strategy that your company can effectively implement whilst addressing the needs of existing and prospective customers.
Marketing Minds was established in 2018 to be trustworthy consultancy firm that offers a range of marketing services to Small and Medium Enterprises. The firm boasts of using fresh, innovate approaches that add value to businesses and the society. The consultancy offers businesses various products such as social media management, website development and hosting, brand management, radio and television advert production, research and customer service and sales training and many more tailored services.
To download recording of event, click HERE
To view event stream on follow link, HERE
Growth Accelerator is implemented by mHub, Malawi first innovation and incubation hub; and GrowthAfrica – A Pan-African business accelerator. The programme’s principal partners are UNDP Malawi, The Royal Norwegian Embassy, German Development Bank and Malawi Department of Tourism.