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Home Blog Page 6668

A Masterclass on AI in Business – Oct 18, Lagos

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Through Marketing Research Academy, I will hold a Masterclass on the mechanics of data science and AI in business, for business executives, on Oct 18 in Radisson Blu, Ikeja, Lagos. It is a free event, but by invitation only. 

The evening will be divided into two phases: I will deliver a presentation in the first two hours, then, other professionals will join me for another two hours. 

My presentation will explain how technologies, specifically AI and data science, are enabling new business models and solutions, anchoring improved efficiencies in the utilization of factors of production in fixing market frictions across industrial sectors. I have written how these modern business enablers are redesigning markets in recent articles in the Harvard Business Review.

To request an invitation, click here.

 

 

 

 

Bank CEOs’ Challenge in Nigeria: Collapse of Regulatory Moat

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Last week, I did a two-hour Q/A in an invitation-only event organized by a Fund. At the end, from my perspective, the biggest challenge to Nigerian banks is the collapse of the regulatory moat. In my session, we discussed many things – these three are just a few I want to share.

The term economic moat refers to a business’ ability to maintain competitive advantages over its competitors in order to protect its long-term profits and market share from competing firms. Just like a medieval castle, the moat serves to protect those inside the fortress and their riches from outsiders.In most ancestral African communities, the king would live at the summit of hills or areas surrounded by water bodies or geographic bodies that convey territorial advantages over enemies. 

(If you visit Ovim in Abia State, my clan Ugwunta is the custodian of the Nkwo (a deity), providing the high priest Obi Ovum. If war breaks out, they would beat the ikoro (big gong), alerting the community that war had broken out. Immediately, young men will activate a war dance Anwuriwu which on hearing it young men are transfigured to be in war spirit. Common men can climb palm trees with bar hands (no strappers) and do things unimaginable. As the young men go to war, some stay with rocks which are in abundance to ensure no enemy can make it to Ugwunta. Ugwunta is on a hill, providing a strategic moat. Small history which exists  largely orally these days )

  1. Collapse of Regulatory Moat: Most banks in Nigeria will continue to see erosion of market cap as investors look beyond them as institutions to create leverageable value. Unlike in the past few years where regulatory moat protected banks, we are now seeing the Central Bank of Nigeria (CBN) opening them to new competition. Fintech startups, specialized independent advisors, neobanks, etc will further pick the banks apart. By 2025, more than 60% of “bank incomes” will be destroyed by these new competitors. Yet, the new competitors will capture only a small portion. (If you use a fintech on a transaction and pays $10 instead of $100 with a bank, $90 has been dissipated which the customer keeps).
  2. The Lost Decade: Nigerian banks have shown they cannot create great value for investors. The largest bank in Nigeria by market cap (GTBank) is worth less than $3 billion. The banks have just completed a lost decade where from 2009 to 2019, investors did not see any significant value in the stock market, even in a time when global bank equities performed fairly well.
  3. By 2025: A digital-only-bank will become the preferred bank in Nigeria for young people between 18-30 years. That bank will be fee-less and have superb-service. With no agile business model to match these fintechs, banks will continue to have erosion of value. 

I began the Q/A with a 30-min presentation that examined the bank sector and the fintech world in Nigeria. I will be unable to share more here, unfortunately.

Creating The Sustainable Tripod – Technology, Trade and Tourism

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Financing trade

The 2016 global fall in crude oil prices made economies like Brunei which though not a major global producer like the OPEC countries suffer an economic recession. Despite Brunei’s small size and population with her competitive advantages such as her location, 2nd highest human development in the South East Asian region along with other factors, she can build a smart sustainable economic future beyond oil for her citizens to prosper in the current Fourth Industrial Revolution. I propose a road map to make this possible anchored on technology and tourism below:

Masa Depan Brunei programme should include Future Ready Skills: Just like neighboring Singapore which has launched Skills Future Programme to prepare its citizens to become globally competitive by investing in their capabilities with skills for the current technological era, Masa Depan Brunei initiative for the youths should include trainings in critical thinking, design thinking, emotional intelligence, agility, adaptability and collaboration. Other areas include negotiation, data science, business intelligence, machine learning, deep learning, computer vision, blockchain, robotics, embedded systems development, industrial design, product development, and additive manufacturing. These will make Bruneian youths compete with their ASEAN peers, rest of Asia and the world as an outsourcing hub for global technology giants like Apple, Amazon, Alibaba, Tencent, Microsoft, SAS, SAP, Sales Force, Facebook, Microsoft, Google, and IBM that will employ them to work on their projects and pay them higher wages than the oil industry which most of them crave to work in will.

Establishment of Brunei Young Entrepreneurs Fund and Scheme to boost startups: His Royal Majesty, Sir Haji Hassanal Bolkiah(Yang Di Pertuan Agong) who is also the Honourable Minister Of Finance should establish a $100million Brunei Young Entrepreneurship Fund and scheme. This initiative will groom 2,000 youths in a bootcamp partnership with Microsoft for Entrepreneurs, Alibaba Academy, Google and IBM on how to build and scale sustainable businesses for this digital era. Upon completion of this programme, they will have to come up with innovative ideas to solve the problems of ASEAN, Asia and other key global Islamic markets like Turkey, etc to sell their products. About 8,000 jobs will be created since each of the 2,000 entrepreneurs will be mandated to create 4 jobs.

Brunei Investment Agency should Invest in global Technology companies and startups to increase its Assets: The state sovereign investment vehicle, Brunei Investment Agency should redesign its investment areas and acquire equity in technology companies like Alibaba,Tencent, Microsoft, Google, I-Flytek which develops speech recognition technology for most Chinese tech brands like China Mobile, Sensetime and China’s No 1 Insurance brand Ping An as well as fast rising global startups. With their market value growing exponentially due to their category king status, acquiring equity in these brands will increase BIA’s assets under management to about a $100billion in a few years to come.

Establishment of a Free Trade Zone: Brunei should establish an Industrial Park cum Free Trade Zone which will target investments worth $100billion in oil and gas based industries, light manufacturing, agro allied, industrial equipment, etc. About 20,000 direct and 100,000 indirect jobs can be generated through this project. Their target market will be the ASEAN sub region and Asia Pacific markets.

Partnership with Emirates Airlines or Singapore Airlines to promote Brunei Tourism: The Tourism Promotion Agency of Brunei should seal a partnership with leading airlines like Emirates Airlines or Singapore Airlines to promote Brunei as a global tourism destination which is ready to welcome tourists.

Partnership with Alibaba to attract Chinese tourists: The Brunei Tourism Development Agency should seal a strategic partnership with Chinese E-Commerce giant to promote the sultanate as a destination for tourists from the Middle Kingdom. The Jerudong Resort should be resuscitated while IstanNurulIman Palace which is the world’s biggest and most luxurious can be made an attraction which will attract over 1 million visitors like the Queen of England’s Buckingham Palace.

Marketing Brunei Tourism through Soccer Sponsorship in England: Considering Brunei’s ties with England, its tourism promotion agency should sponsor a top football club in the English Premier League like Manchester United, which is the biggest with a massive global fan base beyond England of over 100million. Rwanda which is now Africa’s destination for tourism related events marketed herself by her partnership with Arsenal Football Club. Brunei Tourism should do the same.

Organize the Brunei UEFA Champions Cup: A Cup tournament sponsored by the Sultan Of Brunei which will involve the leading teams from the top soccer leagues in Europe as pre-season competition will boost tourist influx as fans from these clubs will visit the sultanate to support their teams contributing to boost in GDP.

Organize The Brunei Grand Prix: As a lover of cars and the world’s largest collector, The Sultan Of Brunei should in partnership with Formula One organize an annual Brunei Grand Prix. This will attract the world’s best racers like Lewis Hamilton, Sebastian Vettel etc. boosting its tourism and economic GDP.

Organize The Brunei Marathon: A gold label International Marathon in conjunction with the International Amateur Athletics Federation should be organized in Brunei annually which will feature not less than 100,000 participants from across the globe including elite athletes will also increase its tourism receipts and make it a destination for sports and fitness.

Organize The Brunei Open: As a tennis player, His Majesty should seal a partnership with the International Tennis Federation to organize the annual Brunei Tennis Open which will attract leading stars like Novak Djokovic, Rafael Nadal, Roger Federer, Serena Williams and Naomi Osaka amongst others competing for the prize money which will also be an attraction for tennis lovers across the world.

Brunei needs this economic redesign which has transformed the Emirate of Dubai from being previously oil dependent to a sustainable tripod anchored on technology, trade and tourism.

Attend FUTO Alumni Biennial Lecture – Oct 24th, Lagos [Video]

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There is nothing FUTO (Federal University of Technology Owerri) has not given me. I was on the mountaintop few years ago when the University asked me to deliver the University Public Lecture, becoming the 15th person in the school history. As a student in FUTO, I listened to  one of those lecturers delivered by Obi Prof. Joseph Chike Edozien, the Asagba of Asaba, a former professor in MIT.

On Oct 24th, I will have the honour to deliver the 2019 FUTO Alumni Biennial Lecture, speaking on a topic The Pursuit of Exponential Development.

This video (below) will be on air across Nigerian TVs. My alma mater, FUTO, has been raising a generation of technical leaders for the world. You will meet Dr Kingsley Fregene:

“Kingsley Fregene is the Group Leader for Robotics & Intelligent Systems at Lockheed Martin, Advanced Technology Laboratories (LM ATL). His team develops advanced Robotics, Autonomy and Unmanned Systems technologies for missions in aerial, ground and maritime environments.”

He is one of the most important men in U.S. defence! He was my mentor in school, two years ahead of me, and simply “peerless”. When I graduated, I followed his path. He is a Nigerian.

Details and how to register free on click.

How to Promote A Travel Agency In Nigeria Without Spending Much

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The travel agency industry in Nigeria is overcrowded, so it is difficult to get customers constantly. To sustain their business, the big players in the industry spend a lot of money on advertisements — most especially on traditional advertisements.

For the small players, they have to use fliers and word-of-mouth marketing, which aren’t bad but limited in terms of the number of prospective customers that can be reached.

If you own a travel agency in Nigeria, whether big or small, and you want to reduce your marketing and advertising cost but increase your revenue, this post is for you. This post will show you how you promote your agency without spending much money.

Heads-up: the easy way to market your travel offers without spending much is through digital marketing. So, this post is about digital marketing strategies that you can use to promote your travel agency in Nigeria.

How to Promote Your Travel Agency in Nigeria

  • Get a responsive website

A website serves as a 24-hour online office that people can visit to find out information about a business. Thus, it is the first place to start the promotion. And you want to ensure that the website is responsive to all devices – computers, tablets, phablets and phones.

Aside from that, the website should have detailed contents of your agency and travel packages. Most importantly, the website must carry breathtaking images – and videos – from the travel destinations you are trying to sell.

  • Investment in SEO

Having a website for your travel agency in Nigeria is not enough. If you want to promote your business without spending much, you need to invest in the search engine optimization (SEO) of the website. SEO helps drive customers to your website for free.

We have the local SEO and the organic SEO, and it is important you do the two. For organic SEO, you would need to research the keyword that intending travellers are using to find travel agencies in Nigeria. You would then make sure your website is on the first page of Google, by providing quality contents on the website and ensuring reputable websites link to your website.

As for the local SEO, you would need to verify your agency with Google My Business and get listed on local directories in Nigeria. SEO can be very technical; so you might want to contact an expert to help you out.

  • Blog regularly

Blogging and SEO go hand-in-hand. So aside from trying to optimize your travel agency website, you should also open a blog on the website. Through the blog, you can write on a range of topics related to travel and use them to attract more traffic to your website.

Blogging helps position your business as a thought leader in the industry.

  • Invest in online campaigns

SEO and blogging are longtime strategies. They can take as long as one year before you start getting a return on investment. Besides, Google isn’t the only platform visited by people looking for a travel agency in Nigeria. Therefore,  you need to invest in paid online campaigns.

Through the campaign, your offers can reach people on social media, travel blogs,  YouTube, among others. By investing in paid ads, you can make quick sales, as they will increase the awareness of your agency. Popular online advertising platforms that you can use include Google Ad, Facebook Ad Manager, and Twitter Ad Manager.

  • Build an email list

As it is all over the world, business owners in Nigeria prefer to buy an email list than to build one. Unfortunately, it is very difficult to see an email list seller that have your target audience. Thus, the surest way to promote your travel agency in Nigeria through email marketing is to build your own list.

On your website’s main pages and blog, try and integrate leads collection form. Through the forms, you can collect countless leads, and after getting the leads make sure you send them regular newsletters. The challenge of building – and growing – an email list is that subscribers are like to unsubscribe. To reduce the rate at which unsubscription happens, make sure you only send relevant and helpful contents to your subscribers.

Most of the time, you would want the contents of your email newsletters to be on travel tips, travel ideas, as well as your travel offers.

  • Be active on social media

Social media provide you with the opportunity of promoting your agency without spending anything.  As the owner of a travel agency in Nigeria, there are a number of things you can share. As in the email newsletters, you can share travel tips and ideas, as well as industry news and your travel packages. To ensure you get high engages, make sure the images you post on social media are stunning.

You can use social media to share testimonies from your clients; you should as well get images and videos taken by your clients while in travel destinations and post them on your agency’s pages.

  • Explore forums and groups

Though Google and social media serve as the main sources of information for many Nigerians, a few people still get their information on forums and online groups. Nairaland, Quora, and travel groups on WhatsApp, Telegram, and Facebook are places you can systematically use to market your travel agency in Nigeria.

The thing is that to use forums and groups to get customers, you would have to share useful contents – instead of overly marketing your travel offers. You can get banned by the admins or moderators of forums and groups if they feel you are spamming members.

The above-discussed points are the many ways you can promote your agency without spending much. Depending on your marketing budget, you may not be able to do everything. However, I strongly advise your agency has a website, invest in SEO, and maintain an active social media presence. The three aren’t that resource-intensive, and they get you the intended results.