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There are many stories of founders who were sure about launching their startups in an emerging market like Nigeria with the hope and assurance that underserved markets would acquire their products and services, only for them to fail woefully and pack up. Therefore, aspiring investors and prospective and current founders must understand emerging markets, especially Nigeria, to tailor their operations and strategies to meet the demands of underserved communities. In this article, I offer invaluable insights into understanding the emerging market called Nigeria.
The Underserved Market Is Highly Regulated
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On the other hand, the national government regulates the price. According to a study on emerging markets like Nigeria, 80% of customers made purchase decisions based on word-of-mouth referrals. Therefore, informal gatekeepers are very influential in emerging markets like Nigeria.
Underserved Markets Are Fragmented
“Underserved doesn’t necessarily mean undiscerning. Customers in underserved markets have varying product and market knowledge, buying power, brand awareness and price sensitivity.”
Purchase Channels Are Unconventional
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To reach more customers your main distribution channels will include media influencers, gatekeepers, brand endorsements, and specialists to reach more customers. These channels play a vital role in the success of your brand.
Aspirational Values Influence Buyers
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