By Thandeka Mali
JOHANNESBURG - Hope is not a strategy; a strategy is a strategy. In the midst of a pandemic and an economic recession, the best thing Mzansi business owners can do is to be clear on what their purpose is and how they will achieve that purpose within the present context and in the long term. With so much uncertainty in the air, you have to create your own certainty, putting together the pieces of the puzzle as best as you can.
Over the past 10 years, I’ve been lucky to work with the world’s biggest brands, including Coca-Cola, Toyota and KFC, as part of amazing marketing teams as a creative strategist.
Most recently, over the past three years, I have had the honour of working with many smaller business and tech start-ups and on pioneering local digital brands, such as DStv Now (app/website) and Showmax, the pan-African online streaming video-on-demand service.
This career shift to working more within the tech sphere has uprooted my traditional thinking and has made me realise that the brands and businesses that stand the test of time in this new digital world have two things in common: agility and having a clear north star.
Since digital marketing and the entire tech industry is somewhat new compared with traditional media and it is constantly evolving, it needs leaders who can thrive amid uncertainty and ambiguity, which is partially why, while many businesses are struggling in this recession, tech entrepreneurs and brands with a healthy digital presence are thriving – with some even growing their share price rapidly.
I believe entrepreneurs in South Africa can benefit from adopting a similar mindset to tech start-ups:
u First, use “first-principle thinking” to open up your mind to new possibilities for your business. Breaking down your complex business issues using this style of creative problem-solving can lead you to new, exciting and profitable avenues.
u Second, begin to learn more about analytics and data to send you smoke signals before things go terribly wrong. Not only keeping track of sales data (which is the end result), but also knowing which metrics indicate the health of your business throughout your operations. Keep digging into the details and find out what is happening and, most importantly, why it’s happening.
This also applies to non-business owners. As ordinary South Africans, we often complain about a lack of jobs and the ailing economy, yet we don't look at how we are contributing to the cycle ourselves by not actively choosing to buy local products and services every day or every week. More jobs are created when there is more demand – when we are supporting one another and choosing Proudly SA suppliers in our homes and supply chains.
u Third, as entrepreneurs, we need to let go of looking for perfection and have faith in our minimal viable product (MVP). What usually stops most businesses from being agile is waiting for perfection.
Women entrepreneurs, in particular, tend to second-guess their value and product too much. Waiting too long until a product is absolutely perfect makes organisations sluggish and often results in missed opportunities. Create a quality MVP and iterate from there, sis.
u Finally, become more comfortable with failing – fail fast. This popular old saying is about being comfortable with trying out new ideas, A/B testing, and being resilient whether they fail or succeed. Most importantly, once you fail, you either have to iterate or pivot.
An idea is never finished. Take joy that you have countless opportunities to keep building your business, and don’t give up after the first failure.
Thandeka Mali is a growth marketing strategy consultant, creative strategist and writer. Mali was recently involved in writing the latest Proudly SA TV commercial Game Time starring the legendary John Kani, produced by local film production company Bomb Commercials and agency The Good Group.
Watch the advert:
https://youtu.be/sdyj05fjtuQ
BUSINESS REPORT