Jollof Rice Test š„
āIf this company disappeared, would peopleās world change?ā Y/N
#74
I promise, last post from Big Chief (Iām lying btw). And seriously, follow him on Twitterā¦youāll learn a lot. My man loves jollof and he has this theory called the ājollof rice testā. Basically, to catch his attention, he must love your idea more than he loves jollof. I love it. š
Theyāre answering this question: āIf this company disappeared, would peopleās world change?ā If jollof disappeared, yes, my world will change. Thatās how your customers need to feel about your product to get my attention.
Thanks for coming to my TED Talk. And find Big Chiefās extract below:Ā
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When Econet Wireless Nigeria (now Airtel) and other GSM companies in Nigeria were launched at the beginning of the last decade, Coca-Cola Nigeria witnessed a drop in sales. This was dry season, their time for peak sales. It was unusual.
They quickly realized that airtime recharge cards were cannibalizing Coca-Cola by eating into the same pocket the consumer takes money from to buy Coke. Airtime was taking more āshare of walletā ā SOW.
Share of wallet (SOW) is a marketing term referring to the amount of the customerās total spending that a business captures in the products and services that it offers. Increasing the share of a customerās wallet a company receives is often a cheaper way of boosting revenue than increasingĀ market share.
Coca Cola Nigeria decided to fight back for that share in one of the most brilliant guerrilla moves in Nigerian business history. They co-branded by advertising CocaCola on Econet airtime recharge cards. They also did a promotion where you got a bottle of free coke after buying a number of branded cards. The redemption was done atā¦ā¦.Econet shops with Coca Cola branded fridges in there.
Coca-Cola was not just able to claw back share of pocket with this move, they gained āshare of mindā.
Share of mind marketing is aimed at establishing a brand firmly in place as the first brand people in a market think of when they need what the brand offers. This type of marketing requires connecting to your customers emotionally in order to compel them to champion the brand and be loyal buyers.
Victor Asemota: āA startup has to be 10x better than jolly rice to scale and be profitable in Nigeria. Nollywood and Telemundo are competing with jollof. That is why Iroko is winning.āĀ
Truth is, every startup in Africa is actually competing for āShare of Stomachā.
A majority of Africans are at the bottom of Maslowās pyramid of needs (I will explain that, I am coming) and our needs are largely physiological. What you have to offer that will scale will have to meet some basic physiological need and no physiological need trumps the need for good jollof.
Jollof is not just food. It is enjoyment, it is hope. The hope and longing for jollof at parties is what we should strive to create in products that intend to scale and reach the mass market.
In summary, when building an African startup, do the āJollof Rice Testā, see if people will long for it and are prepared to dress up in their Sunday best to go wait to be served. See if people will celebrate it and fight wars online over it.
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Article Listā What Iām reading (10 articles a day x 7 days x 4 weeks x 12 months = 3360 articles a year).Ā
Large Bitcoin Player Manipulated Price Sharply Higher, Study Says:Ā Welp. Funded my 2017 Christmas. Thank you
Why Barbie, a Blimp and a Wienermobile Are Posting on Airbnb: New strategy by Brian and Joe. I FW it.
Laser-Based Audio Injection on Voice-Controllable Systems: Light Commands is a vulnerability of MEMS microphones that allows attackers to remotely inject inaudible and invisible commands into voice assistants, such as Google assistant, Amazon Alexa, Facebook Portal, and Apple Siri using light.
Promobot launched mass production of life-like robots that look like humans: Black Mirror in real lifeĀ
Surface air temperature for October 2019: October was the warmest month ever. Lagos would be under water in 2050. Climate change is real, people.Ā
Uber announces deeper push into financial services with Uber Money: No surprise here, honestly. This is probably one of the smarter things they can do.
Finding Meaning in the Margins: Scott G back at it again!
Uber is entering the ads business: The fight for margins is here. Need more profitable businesses to boost bottom line.
Tokini Peterside: āCulture is a vehicle to influence perceptionsā: Art x Lagos was a vibe. I know this from Instagram, of course.
Cannabis: an African green gold rush: high hopes for this industry tbh. Check this outā āAt the forefront of this movement, Constellation Brands,manufacturer of Corona beer,Ā invested more than $4 billion to take a 38% stake in Canopy Growth last year.ā Africa, wake up oo.Ā
Podcastā What Iām listening to (1 podcast episode a day= 365 podcast episodes a year) ā Broadening my experiences through othersā stories.Ā
New I Said What I Said is out. Check out FK and Jollz banter with Mama Burna.Ā
Bookā 1 Chapter a dayĀ x 7 days x 4 weeks x 12 months = 336 chapters. Most books have 10-12 chapters, so 1 year = 28 to 33 books. And my book list is nearing 1000 books. Send help š
Venture Deals is still on the shelf. Just read a couple of pages though. I need some more hours in the day.
š±š±Quote of the dayĀ
āBasically my own thesis is that the next unicorn will be something with mass market appeal that can be sold for <500 at 30% marginā- @afalliĀ
Remember folks: āUntil the lion learns to write, every story will glorify the hunter.āĀ