The unemployment rate in Nigeria closed Q4 2020 at 33.3%, according to the National Bureau of Statistics (NBS). Simply, 23.2 million people remain unemployed. That is like depression! With that level of unemployment, how can you sell your products and services? Yes, the challenge goes beyond having great products. I mean you must find a pricing mechanism which will ensure that people can buy them.
Increasingly, that mechanism must include sachetization. In a struggling economy, think beyond powdered milk, to practically everything, when you hear that word “sachet”!
What is your sachetization strategy?
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The core market segment in Africa – middle of the pyramid
This is the age of sachetization in Nigeria irrespective of whatever you are selling. We are doing it in Tekedia Mini-MBA with bands for core courses, review of labs, projects supervision, etc. Having broken all into “sachets”, our members have the freedom to pick as they need. If we had lumped all together, resistance to conversion would mount. Pay attention to your pricing playbook – it is a key factor now to success in Nigeria.
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