Omeiza Jegede

It was a hot tropical afternoon in the ever-busy Balogun market on Lagos Island.

The noise of children running on the street and the noise of the market women screaming out their lungs to be heard by the passersby customers was deafening on its own, even without the unending noise of the “I-pass-my-name” generator and its siblings.

Standing at the end of Oluwalogbon Street, I could see Alhaji Owonikoko’s shop which was the only shop that seemed to have accommodated all the darkness chased away from the remaining shops on the street by the effort of the roaring generator in front of each shop.

Alhaji Owonikoko used to be the sole distributor of the Olympia SM 9 in Nigeria which happens to be the icing on the cake of typewriter technology back then.

As a matter of fact, no major government contract on the procurement of typewriters was ever executed in the 80s and 90s without Alhaji Owonikoko's fingerprint traceable all over it.

On getting to his shop, I met Baba as he was fondly called; sitting on his famous but now worn-out chair which seemed to be the only loyal companion in his empty and deserted shop.

After exchanging pleasantries and asking about his health and family, including Rasaki a.k.a. Headboy, who was my schoolmate at the Royal Boys College, I couldn’t hold back my inquisitiveness neither did I know when I asked Baba what happened to his once thriving business.

As much as I was shocked by my inquisitiveness, I was deeply shocked by his 4-word response:

THE MARKET HAS MOVED.

There it dawned on me that truly, the market was never and will never be static, it is a moving and dynamic market.

As a business owner, you must understand that you are operating in a moving market.

Therefore, you must ensure to be sensitive and unsentimental enough to understand market dynamics, how it affect your business operations, and how to adapt to the changing business environment promptly.

Some of the factors that facilitate market dynamics include:

Changing demography such as aging population, literacy rate, population growth, etc.

Introduction of new technology

The purchasing power of the consumers or economic trends

Regulatory effect

Innovation, etc.

While understanding the market dynamics and its indicators is very important, you should also be sensitive to signs that indicate you are already getting left behind by the market such as:

Low Sales

Decreasing customers' patronage

Decreasing return on investment in marketing activities
Falling ROA (return on assets)

Decreasing return on investments, etc.

Therefore, while running your daily business operations and scouting for new customers with strategies to retain the existing customers, always take time to scan your business environment for changing trends, while also charging your employees to do the same to avoid being left behind by the market.

Remember, no amount of prayer or sentiment can stop the market from moving, you either move with the market or you will be left behind.

Wishing you a productive week.

I am Omeiza…Your Senior Special Adviser on Business Matters.



Photo by: The Guardian Nigeria.