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In the business world, there is the problem of market share competition among businesses. Big names in the industry tend to use their resources to push small businesses out of the market. The problem of monopoly is a great issue for small businesses in Nigeria. For example, in the food processing and production industry, Dangote is a giant and enjoys some form of monopoly. Entering an industry where a monopoly exists can be extremely difficult. However, there are ways small businesses can beat the problem of monopoly and thrive without losing out. In this article, I am going to show you eight ways to beat monopoly.
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  1. Ensure You Are Within The Good Books Of The Law.
The first and foremost way to win in the face of monopoly is to have a team of lawyers who can guide you through the legal requirements of starting and running a business. This will help you run smoothly without legal hitches in the future. Staying within the legality of the land means your business is appropriately registered, and in a case where you need accreditation by various regulatory agencies, your team of legal advisers can help you navigate through the waters of the law.
  1. Community and Neighbourhood Strategy.
Before starting your business, it is advisable to build solid relationships within your neighbourhood, as this will give you a soft landing to introduce your product. Furthermore, invest in community building through various platforms such as social media. Building a community on social media involves having a social media page or group where you dish out daily valuable content. For example, if you are into manufacturing, you can use your product in your content videos. You can explore the opportunities of colleagues, family members, friends, and neighbours, who can be your first batch of customers. You can build relationships with suppliers and retailers in neighbourhood markets. Look out for retailers, reach out to them and ask them to sell your product.
  1. Secure Funding Opportunities. 
As a small business, funding will be a challenge. However, it is within your power to look out for several funding opportunities online and offline. In Nigeria for instance, there are both private and public funding opportunities. Examples of funding opportunities in Nigeria.  TEF Entrepreneurship Program (http://www.tonyelumelufoundation.org),  African Development Foundation (http://www.usadf.gov/), Bank Of Industry Funding Projects, Shell Livewire and so on. As a small business owner, you can do without funding. You will need it to stand afloat.
  1. Use Influencer Strategy.
Small business owners need to get a wider audience to generate more leads, therefore, having an influential PR mention should be explored. There are several social media personalities with a followership of 500,000 to 10 million people. Influential mention in Nigeria cost as low as N20,000 to as high as N5 million.
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  1. Invest In Quality And Innovation. 
To stay ahead and get endeared to your clients, you must do the hard work of investing in quality products and innovations. Using innovation as a way of penetrating the market should be in your books always. As a small business, you must invest in a quality website, quality PR, quality goods and services and quality customer service.
  1. Offer Credit Facility.
Another step towards overcoming monopoly is by offering credit facilities to creditworthy retailers and customers. The most important thing is to get your product out there and have them display your products. The more your goods are displayed, the more customers are acquainted with your brand. Small businesses often use credit facilities as a way to penetrate the market. 
  1. Go The Extra Mile.
The early days of starting a small business are filled with sacrifices and going the extra mile. For example, you might be required to go out there and supply your goods to customers in their stores. Unlike big corporations who don’t do that because they have a huge customer base. Retailers go to the factories of big corporations to get their products. On the other hand, as a small business owner, you are to reach out to them to win them over. Your extra mile is to ensure that your customers are comfortable doing business with you. Therefore, explore areas of customer convenience to stay afloat. 
  1. Create Complementary To Core Products.  
Another way to thrive in the face of corporate monopoly is to create a complementary outpost where your product can be used. For example, if you are into pasta production, you might as well have a restaurant where you can sell them as food to another group of customers. Featured image source: Connect Nigeria
Did you find this article useful? Contact us: editor@connectnigeria.com  
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This article was first published on 11th February 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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