A New Way of Doing Business

I read about a young man, Terry Lobell, who was an unemployed mechanic in the United States. He heard people complaining that advertising was expensive. Then he started thinking; if people are saying advertising is expensive, then it is a problem and therefore a need. So he decided to give people advertising at a cheaper rate.

What he did was to mail coupons including the message the company or manufacturer wanted to pass across to the customers. And that was a lot cheaper than advertising in the paper and magazine. His business exploded to the point where he was mailing fifty million pieces of advert per day.  He became a multi-millionaire by solving a problem and making life easier for people.

There was also a young man who sent for a transcript of a TV programme and it took months before he could get it. Then it occurred to him that as popular as the TV programme was, there would be many people who wanted the transcript. But if it would take them months to get it, then it was a problem and a need.

So he did a proposal to the producer of the TV programme, to record the broadcast, transcribe it within one hour and provide it for all the people who need the transcript for a fee and a percentage would be given to the producer of the programme. The producer bought the idea because it took the stress of transcription off them and yet they were going to make money and the young man in business. With time, he was not just producing transcript for one programme, he developed a company that was producing transcripts for many programmes.

For example as a taxi driver, you can offer better quality service. When someone enters your cab, you open the door for them and give the person a one-minute brief. You greet the customer, tell him it is your pleasure to take him or her on this trip, and if traffic was normal you envisage the trip will take ‘X’ amount of minutes. “I have a selection of musical tapes and CDs here (classical, religious, Fuji etc), if you tell me what your preference is, I will slot it in for you, but if you do not want any music I will switch it off. Also if you like for me to chat with you, I will be willing to do so, but if you want me to keep quiet, for you to have the time to think it would be my pleasure to do that as well. Please find a selection of today’s papers by your side; you may like to go through it. I just want to make you feel as comfortable as possible on this trip.”

Then you give the person a nice ride. As you get to the intended destination, you hand the customer a business card for him to call you the next time he needs someone to pick him or her somewhere. That really will make a difference and also go a long way.

You should look at the same problems others are also looking at but think commerce and think differently from others.

If God has given you grace to start a bank, then start a bank. The new generation banks did and beat the old generation banks to it. We used to collect tallies in banks before. If you were going to collect your salary, you would have to dedicate the whole day to do that. In fact you could be tempted to take your mat and pillow. It was very normal for people to doze in banks. Then the new generation banks came and said five minutes and you are out. Of course everyone left for the new generation banks.

At home, I want you to make a list of everything in your sitting room. Look through the list and write down how these things can be manufactured in a better way. That is how to get your brain to start working. Everybody sees the problem but we are asking entrepreneurs in Nigeria to begin to see the solution.

Go beyond selling, let your customers experience a nice time when they patronize you. Let them enjoy the time they spend with you and you will see them coming back, time and time again.

You will succeed!.......... Sam Adeyemi