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5 ways market research can help you stay in business

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For many small businesses, management of all aspects of a business is a daunting task. The added responsibility of market research makes it even more intimidating. Nonetheless, the aim of any business is usually to stay afloat and succeed. To achieve this, it’s important to understand the relevant market figures. Market research is that activity that empowers businesses make informed business decisions.

Here are 5 ways market research helps you stay in business

You make better business decisions

Some businesses rely on guess work when embarking on marketing initiatives. While some others launch a new product or service without testing customer responses. Market research enables one to make sound business decisions from research data. Decisions that are relevant to the success of a venture.

Become empowered to evolve business venture

Market research helps you know when it’s time to adopt or abolish business practices. It empowers a business to stay abreast of applicable efforts that facilitate business growth. Researching evolving trends and being strategic helps a business succeed.

Deep understanding of the target market

The best way to better understand your market is through market research. It tells who your customers and potential customers are and how best to meet their needs. Deep insights help you focus on the right market segments and consumers. Collecting market data is critical to understanding your target market. Such data enables the uncovering of critical drivers and factors that influence buying behaviour. Strategic application of market data helps your brand experience growth.

Effective marketing efforts for your business

Market research helps you determine the right advertising channels to engage. The next step is to develop effective messages to appeal to and convert the audience. It also helps you understand the right approach to use for the intended audience and when to use them. Market data helps you over develop and apply your target market behavioural trend. In turn, this helps you improve marketing efforts for your business.

Adopt a customer focused approach

Any business that relies on customers purchasing cannot afford to have unhappy customers. Having happy customers should be the focus of every business to achieve their set goals. Market research plays a huge part in that.

Market research helps you interact with customers to get feedback about your business. This in turn helps to develop efforts focused on keeping your customers happier.

We intend to do a follow up article to this discussing what research activity helps your business and how to go about it. Kindly drop your feedback and questions. We love to hear from you readers.

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Music

Why DJ Cuppy Should Quit Music As An Artist

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If you are a Nigerian, you most likely already know who DJ Cuppy is. Ms. Otedola is a Business and Economics graduate who also has a Master’s Degree in Music Business from New York University, USA. She is a renowned Dj and the daughter of Nigerian Businessman, Mr. Femi Otedola.

Many Nigerians got to know Dj Cuppy when she started Djing in Nigeria. Personally, I believe she is a talented Dj and has done well to inspire many upcoming DJs in Africa, regardless of status or ethnic group. However, I strongly believe Dj. Cuppy will make a lot more impact as a music business mogul. That is, instead of just continuing to DJ, produce and perform as an artist, she should consider investing in the industry as a record label owner like the likes of Don Jazzy and Davido.

That is, Dj Cuppy can upgrade her music management and content production business, Red Velvet Music Group to a creative media & entertainment company.

She has the capacity to pull the capital needed to make this happen in a major way. I envision a huge warehouse-like building in Lagos. Partitioned to house a mega music studio, a dance studio, a film studio, and even a music museum. Do you see where this is going?  

You were probably expecting me to bash her, right?. But no, this is not one of those – put the person down articles. Not at all. We are not about that life on steadygettingit.com. It’s all about empowering people over here, especially young Nigerians. Now let’s get back to our very own adorable Ms. Cuppy and why she should consider doing more than just singing or djing.

Posterity will smile on her for creating an avenue for a lot more talented individuals in Nigeria to attain limelight. She was able to pull the who is who in society together to raise over 5 billion Naira for her foundation recently. I have no doubt that she can make a record label and a lot more happen. Do you agree? Do you think she has the potential for success as a record label executive? Feel free to share your opinion in the comment section. 

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Business

Getting A Patent For Your Idea In Nigeria

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It is one thing to have a great idea but when it comes to protecting the idea from being copied, that can be a challenge.

What is a patent? patent is a monopoly granted by the federal government to an inventor for limited period of time to use or license his or her invention. We have been asked time and time again if it is possible to patent a business idea in Nigeria.

The answer to this is a big NO! But don’t get disappointed just yet. Although, you may not be able to patent your startup idea, you can patent an invention. You can get a patent in Nigeria just like any where else even though different rules may apply.

The Difference Between An Idea And An Invention 

While an idea is an untested imaginary concept, an invention is the realistic product of your idea. Your invention can be in the form of a process, composition, that has descriptiondesign, features, etc.

For instant, you have an idea for a software that records your body temperature daily to determine your health status. The idea for such an idea can’t be patented if you have not built it or can’t proof that the software can be developed.

Who Is In-Charge?

Patents are issued by The Trademarks, Patents And Designs Registry, Commercial Law Department, Federal Ministry Of Industry, Trade & Investment.

Who Can File A Patent? 

Only accredited agents can file a patent on your behalf. Therefore, it is advised that you hired the services of a seasoned certified patent lawyer or firm.

What is Required for Registration?

Your concept has to be unique. In other words, it should not have been patented before. Moreover, you would have a stronger case for a patent if the invention is totally innovative. Every applications for patent has to come with a request for patent. Which has to be signed by the applicant or an agent representative.

The patent application should also contain the names and address of the applicant, a specification requirement. As well as a claim, drawings (of process) and plans, a declaration if any, signed by the inventor, a signed power of attorney or authorization of the agent if the request is made by the agent; the address of the business in Nigeria and the patent fee.

What Is The Duration Of Patent?

In Nigeria, every patent ensures the holder is granted a monopoly for twenty years from the date the patent was filed. Also note that not paying the fixed yearly fees can result to the patent getting canceled. The grace period for the payment of such fees is six (6) months. 

Want To Patent Your Invention?

In a bid to file patent for an application we are currently developing, we sort the services of a law firm with experience in patent registration in Nigeria. The process was smooth and affordable. So much so I had to make this recommendation. NLIP Watch helped with all the technicalities involved with our application. I believe they can help with yours. Visit the seasoned lawyers at nlipw.com to discuss your patent today. 

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