‘Competition vital for businesses to thrive’

Women entrepreneurs and small and medium enterprises (SMEs) generally are constantly faced with a challenge- dealing with big competitors. While some get threatened and give up, some have taken up the challenges, grown and become big brands as well. Haowa Bello, CEO of Madame Coquette, a handbag manufacturing company in Lagos whose company is eight […]

Women entrepreneurs and small and medium enterprises (SMEs) generally are constantly faced with a challenge- dealing with big competitors. While some get threatened and give up, some have taken up the challenges, grown and become big brands as well.
Haowa Bello, CEO of Madame Coquette, a handbag manufacturing company in Lagos whose company is eight years old said her company was able to carve a niche for itself in the wide handbag market by producing quality products.
“When I started my business, a lot of people were not accustomed to buying made- in- Nigeria handbags. A lot of people were curious to know the “designer” every time they saw Madame Coquette’s products. They were a little sceptical in trusting a local brand. It took a few years for people to start appreciating the products and the commitment in quality control and customer service. Over the years, Madame Coquette has been able to build and maintain a customer base who not only return for more products but also introduce people to the brand,” Bello said.
Another entrepreneur, Shereefa Andu said one way she has been able to handle competition is by being innovative.
“I am very open and I accept innovations. If I need to invest in technology like my competitors are doing, I invest in technology. If I need to be more sociable, I do that. I am very flexible but sticking to my goals and passion. I started off by buying and selling Islamic materials but now I have diversified into publishing and turban making which is very interesting as well.  I have to innovate more ideas than restrict myself to only buying and selling. That keeps me going in business,” Andu said.
For Jacintha Bright, a make-up artiste, the product or service you sell is not necessarily the item on your invoice. She explains further. “DHL moves freight as fast as they can but sells dependability. Apple makes phones and iPads but sells fashion and design. What does your customer want from you? When you define your offering, you can decide how to compete,” Bright explains.
Your customer base is the most important asset you have. When a bigger business moves into your space, it is even more important to understand your clientele, know who they are and what they need from you. Whether a larger presence has hit your market or not, it is essential to stay in touch with your clients/customers and keep them aware of your products and services.
Maimuna Ismaila, fashion designer says leaving a memorable experience with your customer will make them come back whether you’re big or small.
“Whatever the size of your business, always think of your customers first. Make their experience with your business as wonderful as it can be and they will not want to leave,” Ismaila said emphatically.
But some experts say competition with a large company can be the thrust for creating strategic alliances with other small businesses to expand the range of products and services they can offer and bid projects as a team. 
Mr Sunday Emmanuel a business expert explains this further. “Partner with the larger company or become a subcontractor. Identify what your company can bring to the table that increases the success of both companies.”