Amid the harsh economic reality, Domino’s Pizza has just added jollof rice and roasted chicken as part of its menu in Nigeria. The Pizza franchise announced the development on its Instagram page on Tuesday, November 30th. Domino’s Nigeria noted that each pack of jollof rice would come with a roasted chicken. The jollof rice and chicken would be sold at the starting price of N1200 per pack, the company notified the public on its official Instagram account.
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This is also coming amid prevailing socio-economic hardship occasioned by the President Muhammadu Buhari regime which has forced food providers to innovate ways to keep their businesses afloat.
Earlier in April, Chicken Republic launched a packet containing rice and egg with sauce at a pocket-friendly price, helping millions of Nigerians to have access to food with just N500.
What this packaging by leading franchises suggests is that the Nigerian economy is very unfriendly, hence forcing these premium brands to innovate to suit the severe economic circumstances. In this article, I discuss how premium brands can innovate in face of severe economic realities.
The first thing to do in a severe economy is to accept the realities. As a business owner, you must accept that you are in a declining economy and some changes must be made to survive. Accepting the realities helps you absorb the shocks and allows you to think through the process. According to leading entrepreneur, Mark Cuban, acceptance of the present economic reality will help you think and plan clearly. This is very true. One of the reasons why brands crumble in severe economic realities is their willful denial or cluelessness about their present. They fail to realize that the circumstances aren’t suitable as they were. Most brands realize reality very late, leading to panic, anxiety, depression, etc, which eventually crumbles their businesses. Therefore, the first thing to do in severe economic weather is to accept reality.
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The step is analyzing the economic situation. Analyzing the economic situation is all about evaluating the causes of the economic situation and understanding the effects. By putting this into clearer perspectives, you will know how to redraw their offerings and services to meet the new realities. Also, by analyzing the economy, you would understand the impact it would have on your businesses, thus giving you the right insight on how to strategize.
The next step is to articulate the situation by penning or drafting them down and getting all stakeholders involved in the process. Articulating the situation will help you communicate your plans and strategies effectively. Brands that survive harsh economic realities take these realities from their abstract form and make them concrete by writing them down. Making problems move from abstract form to concrete structure, enables business leaders to have a full grasp of what they are dealing with.
This is where innovation comes into play. You need to ask some critical survival questions, such as: What are we changing in our business model? How can we change without causing major disruptions to our customer base? How can we disrupt in a way that attracts more customers? What can be added or subtracted in the process? Which models do we need to redesign? What renovations are we undertaking? For example, many premium brands, realizing the country’s economic situation, reevaluated their business model and expanded their offerings to reach other people in the lower spectrum of society. Thus, in the face of harsh economic realities, premium beverage brands decided to produce an economic package of their products to reach a wider range of people who cannot afford their premium products or services. Experts have dubbed this model the “packaging technique.”
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This is where the changes and innovations are integrated into the business process and accepted as a lasting solution until the winter is over. Job descriptions and roles are tweaked to match up with the present realities and the whole workforce is updated with the new changes. Also, the adoption is subjected to occasion reviews to ensure a smooth transition.
This is where you design your launch program. There are six official steps in running a successful launch program. They are market research and insight, brainstorming, product design, product testing, campaign and awareness, and finally launch. With these steps in mind, companies can smoothly introduce a product or service that can withstand the harsh economic realities of Nigeria.
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This article was first published on 5th December 2022
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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