In this episode of Functional and Fabulous, Gordon and Ger meet with Ntola Obazee. Ntola talks about entering new markets successfully, inspiring your talent to give their best, segmenting your market, and curating your collections. She shares her first-hand experience of a successful entry into China. In this blog, we will look at the episode highlights of this conversation about change and innovation.
Innovation in Ecommerce
Ntola starts the episode by talking about how she started working in retail in Germany. She explains how she looks at it using a quote from Steve Jobs, “Connecting the dots” in your life and career. Ntola was always interested in technology and retail and how, driven by curiosity, she was drawn to brands in the fashion industry that were about to create something new or introduce something new to their customer or team.
Ntola explains how ecommerce has quickly evolved. What was once thought to be a small project on the side has now become a crucial component in retail strategy. However, it cannot be looked at as its own entity, and the focus now should be on businesses adopting an omnichannel approach to meet customers demands. Convenience, speed and competitive pricing are key factors that consumers look at when they come to shopping with retailers.
Ntola discusses how Beeline Accessories faced challenges entering the UK market due to a lack of local presence and the need to train retailers on their innovative technology. To overcome these obstacles, Beeline provided extensive training and assistance, emphasising a collaborative approach. This strategy was successful for Beeline Accessories in their market expansion and stands true in 2024, demonstrating the importance of collaboration and hand-holding when introducing new technologies.
“Do more of the things that matter”- How to Approach Change Management
Introducing new technologies that will save time. It allows businesses to focus on more meaningful tasks. However it's important to consider the change management process when implementing these fresh initiatives. This involves identifying key people in the organisation who will help make the change happen, understanding the needs and motivations of all stakeholders, and pointing out the benefits of the change. Ntola also emphasises the need for a collaborative approach and finding mutually beneficial solutions. To gain support from all levels of the organisation, it is essential to clearly convey the strategic vision and day-to-day advantages of the change.
When faced with setbacks or unexpected obstacles, it's not uncommon for people to become discouraged or even give up. However, as Ntola points out, perseverance and a positive attitude to taking on these changes are crucial for overcoming these challenges. By taking ownership of projects and demonstrating a willingness to face the consequences, leaders can inspire confidence in their teams and encourage them to push through difficult times.
Expansion into New Markets
Entering new markets can be a daunting task, but with the right strategy, it can also be incredibly rewarding. The first key aspect is to assess your brand's unique selling proposition (USP). Reflecting on what makes your brand's unique value proposition different will help you identify target markets that are receptive to your offerings.
This is when you begin to research your target market. Determine your target audience's needs and buying behaviour. This information will help you target your marketing efforts to local consumers.
From there, you can then use the digital channels to reach new markets and engage customers. Build brand awareness, connect with potential customers and gather valuable insights through marketplaces, social media and other online channels. Establish relationships with partners who align with your brand values can help you navigate the complexities of the new market. This may help you to determine specific regions to focus on and begin a phased approach.
Finally, it is always important to be adaptable and agile, as markets can be dynamic and unpredictable. Prepare to change your strategies based on market feedback, changing trends, and new opportunities.
Conclusion
Whether expanding into new markets or just looking to adapt new technologies in your business, prioritising collaboration, adaptability, and communication at the forefront of these activities are key to success.
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