Maybe other tech companies aren't your competition

Who is then? 🙅 🙅 🙅

Hi, Dear Innovator 👋

The calendar says: it’s the LAST DAY of November!

Whew, what a rush 😁

First, before we get down to business…

Happy Weekend 🎊 to you and your laptop, Innovator (we support, we don’t judge 👀)

As we’re slowly heading for the festive period and a new season altogether, we can agree that there’s nothing more satisfying than a good year-round review and a little self-assessment while everyone else will be busy stuffing their faces (**sprinkles a bit of self-righteousness)

Lmao

Seriously though, this year, if you’ve not made as much progress with your tech solution as you’d have liked, especially if you’ve done everything else right, you might have a serious case of dealing with the ‘opps’ ! 🙅

Who are these ‘opps’ anyways if not other tech companies? Stick around to find out!

In this newsletter, you’ll:

• Learn why non-tech companies still hold the keys to untapped opportunities, especially in this part of the world.

• Discover how the strengths of traditional companies’ can inspire your next tech innovation strategies.

• Be able to chart your next course of action with the lessons that you pick up here

✨✨ LFGGG✨✨

Traditional Companies Are Still Winning. Big Time!

You see, when we think about competition, it’s easy to zero in on other tech companies—the new startups, the big-name disruptors, the ones chasing the same audience as you.

We do this so much and we tend to forget that the real Gs are the ones that have been here from time immemorial, and because of how they’re modeled— a physical location, the first ones in the market, and with the law usually on their side — it’s easy to see why an average African user would trust a bank that’s 3,000 miles away over your FinTech solution that allows him/her to do the same thing from the comfort of his/her home!

Maybe the rules apply differently in this part of the 🌍 world. Orrrrr, maybe there’s something special about these ancient-of-days monoliths (hey, who said that! 👀)

1) Adaptability vs. Stability

Although tech companies are built to move fast, innovate, and break things (hopefully not too many things 😅) traditional companies have mastered the art of stability and reliability to the ‘t’

Take Procter & Gamble (P&G) as an example.

This 186-year-old company has been a cornerstone of stability in the consumer goods market. Despite disruptions from direct-to-consumer brands and tech-driven competition, P&G generated $82 billion in net sales in 2023, a 5% increase year-on-year. Why? Because people trust their products and processes.

How many tech companies have been around for this long? How many more can you personally vouch for their service consistency? You see, it’s not black magic!

Dear Innovator, while speed might be your superpower, it’ll serve you well to not overlook the value of reliability. How can earn more of your users’ trust? Will your product come through every single time they want to use it?

2. Customer Loyalty

Non-tech companies often have a secret weapon: time. They’ve built relationships with customers over decades, sometimes centuries.

Coca-Cola, for instance, has maintained a consistent brand for over 130 years. Even as consumer preferences shift, Coke still dominates the U.S with a 43.7% share of the market, and has a global brand value of over 98 billion U.S. dollars.

In contrast with the tech world, loyalty can be fleeting! An example is Facebook that has seen its younger users migrate to TikTok and Snapchat.

Staying relevant in tech is hard, but loyalty — and everything that you do to show them that you deserve it— can anchor your audience. Focus on creating long-term relationships, not just short-term hype.

What are you doing to make your users stick around for the next 10 years? 🤔

3. Efficiency >> Experiments

Traditional companies have mastered the art of doing more with less, andddd they’ve also fine-tuned their processes over time, making them models of efficiency.

In a business circles, this usually termed as resource management.

Toyota’s Just-in-Time manufacturing system is a case in point. Their lean production model has been so effective that it’s studied in business schools worldwide.

Tech companies, on the other hand, often prioritise growth at all costs. According to CB Insights, 38% of startups fail because they run out of money. That’s nearly 4 in 10!

Yikes!

4. Market Penetration: Owning the Unseen Corners

Non-tech companies often dominate markets where tech hasn’t even started to make inroads.

Nestlé, for example, operates in 187 countries with a presence in even the most remote areas. Their extensive supply chain and distribution networks gives them unmatched reach.

The opposite is usually the case in tech, which is quite ironic when you think about it. Despite the rapid growth of mobile payments in Africa, only 44% of adults across the continent had a mobile money account by 2022.

How can tech solution providers reach more of their untapped audiences? Can collaboration with established players open more doors? 🙅

5. Innovation in Tradition: Blending Old with New

Many non-tech companies are finding ways to merge their traditional strengths with modern technology.

Nike, the sportswear giant, launched Nike Fit in 2019—a tech solution that uses AR to measure customers' feet for better fitting shoes. The result? Fewer returns and happier customers.

Even legacy companies in Nigeria are catching on. For example, UAC Foods that has been using digital campaigns and e-commerce channels to maintain relevance.

If they can play around in your yard, what’s stopping you from playing around in theirs??

What else do they bring to the table…?

• Cultural engagement. Many non-tech companies are deeply rooted in their communities, e.g GTB’s fashion week.

• Human touch. Traditional businesses often emphasise on personal relationships over automation.

• Supply chain strength. This is because they have decades of partnerships and reliability under their belt.

• Brand heritage

While non-tech companies may have their limitations, they never fail to lean heavily on their strengths too!

Soooo, what’s your take-home today…?

It’s simple: your competition isn’t limited to other tech companies.

To stand a chance against the wealth of strengths that non-tech companies bring to the table, ask yourself:

• How can I integrate their strategies into my tech solution?

• What can I learn from their deep-rooted stability, customer loyalty and others?

The most successful innovations often come from blending the best of both worlds. By taking a holistic view of the competitive landscape, soon you’ll not only outpace your competitors—you’ll create something truly transformative.

Here’s to making the rest of the year and 2025 your year of balance, innovation, and impact

Cheers! 🚀