A few days ago, a new seven-floor building in my neighborhood was opened for renting. As if tenants were waiting in the periphery for the whistle to be blown, all the ground floor offices were taken in no time.
Out of the 12 rooms for rental, six are retail shops stocking the same items, four are salons while the remaining two are butcheries. At first, I thought how Kenyans are copycats; not thinking outside the box and hence ending in the same investment line.
Then it struck me. Actually, in investment, everyone has room. Just like a jammed dance floor which accommodates extra feet all the time, you can enter a seemingly flooded market and still make it.
The only difference between those who make it and the ones who close shop, quite literally, is the kind of service they offer and how they relate with customers.
One of the butcheries uses a digital weighing machine where customers get the exact quantity of meat they want, even 100g measurement, the other one has the traditional weighing machine with measurement stones. I have noticed that customers patiently queue to buy meat from the 'digital' butcher while the other one yawns in boredom.
After review of mistakes made the previous year and decision to do something on the side to cushion you from the same nightmare, you probably have found yourself asking, "What kind of business can I do that is not overcrowded?"
Unfortunately, the only area that is not overcrowded is having the right attitude towards what you do. There is nothing new in this world; even tea farmers grow the same crop and sell to the same market but some make more money than others because of their attitude.
They pick the tea professionally, remove weeds and top up fertilizer when need arises. Those who neglect their crop burn in jealousy at the sight of the organized farmer's good returns.
If this year you have decided to go into business, give it your enthusiasm, energy and drive. To succeed in a market that is 'saturated', think ahead of the pack.
· Get quality goods.
There is a difference between fake and original products. Word will go around that you sell good things and word of mouth will help push your sales. Look at people who sell clothes in boutiques; those with quality clothes get buyers faster than the ones who sell commonly available stocks.
· Learn customer relations.
Have you been to a shop to ask the price of something and regretted your venture because the seller said something nasty? Always be friendly to customers, even those who are not buying at that point as they can come later and make huge purchases, courtesy of your customer relations.
· Put money into your investment.
If you have a retail shop, ensure you stock basically everything that is supposed to be found in such outlets. When a customer asks for something and you say you do not have with disinterest, the customer will go away and take his or her money to the next outlet.
Basically, you have lost that customer to the next business enterprise. Also remember, a customer who enquires about an item does not necessarily come to buy just that item; he or she will pick other items and give you more business.
· Spread the word.
Talk about your investment. Capture customers. It is called marketing. Salonists know this and they will welcome you to their stall from a distance away. Advertise what you sell and once in a while have competitions or rewards.
Also, the best way to capture and maintain customers is to slightly lower your prices. These customers will help you spread the word about your friendly prices. Noteworthy is the fact that once people like what you offer they stick by you.
· Keep your word.
When customers ask you to get them something and you promise to do so at a given date, do not let them down. A negative word out there from a disgruntled customer can damage your prospects and it is an uphill task to rebuild the trust.