CUSTOMER RELATIONSHIP Part 3: Benefits of Relationship Marketing to Customers

The first part of this series has analyzed the concept of Relationship Marketing while the second part titled CUSTOMER RELATIONSHIP Part 2: Benefits of Relationship Marketing to Firms outlined its benefits to organizations that practice it. Here, I present another sequel and third part of a theme we started couple of months back, which highlights what customers stand to gain when organizations engage in relationship marketing.

Customers many times don’t give deliberate attention to brand loyalty; they just want the best, most affordable or most convenient product or service. But most times they subconsciously find themselves stuck on a product, usually as a result of the relationship marketing tactics deployed by the manufacturer. So, in the long run, the customers enjoy the services being rendered to them and also benefit through relationship marketing because they get a better product, a good backup service and the company is always prepared to listen to their grievances. Such major customer benefits may be summarized as follows:

- Superior value through better products and services

- Attention to customer complaints

- Customization of products and services

BETTER PRODUCTS AND SERVICES

All such firms that have taken the relationship route have invested substantially in improving the quality of products and create systems to provide the requisite backup service. Because to retain a customer it is necessary to keep him/her satisfied.

When Philips NV, the Netherlands-based electronic giant, developed an online product for children that would soon be launched in Europe, they sent industrial designers, cognitive psychologists and sociologists in mobile vans to communities in Italy, France and the Netherlands to help brainstorm for ideas for new electronic products to meet customers’ changing needs. They hosted a dialogue in which specialists ‘and customers interactively imagined new possibilities. Philips looked at all the ideas, narrowed them down and settled on one online interactive product for children. The researchers then went back to the communities and tested the new product idea on the same children.

Another example relates to how Unilever group gave us an insight into how firms are trying to solve their customers’ product application related problems in India. Kitchens of institutions like hotels, hostels, airports and factory canteens work almost continually without enough time available for cleaning. Kitchen grills usually have extremely greasy deposit formations on them, which are tough to clean.

Traditionally, using chlorine has been the preferred method for cleaning them. Besides the fact that chlorine is a hazardous chemical, the process itself is arduous because the grill needs to be dismantled, cleaned and left out to dry overnight. So there is need for a backup grill while one is being cleaned.

Lever Industrial already had its Taski and Clax range of cleaning products for such applications, but when confronted with the problem of cleaning kitchen grills, Lever Industrial found that these products were not fully effective. The company therefore asked its R&D division to develop a new product for this specific application. Within a few months they came out with Suma grill-cleaning liquid. It is non-hazardous in nature and removes deposits without any need for dismantling the grill.

ATTENTION TO CUSTOMER COMPLAINTS

To win and retain customer loyalties, it is essential to hear the complaints and solve their grievances effectively. Philips Electronics started a 24-hour complaint registration service for customers. Some of their service centres offers free check-up of sets to be repaired. Hero Honda and LML Vespa have also substantially beefed up their service centres to offer personalized attention and satisfactory solution to product-related problems. Service organizations such as Apollo Hospitals, Citibank, ANZ Grindlays Bank, Hyat Regency Hotel, HDFC, Federal Express Service and Singapore Airlines are getting specially attuned to listening to customer problems. At times, they even go out of their way to solve customer problems.

CUSTOMIZATION OF PRODUCTS AND SERVICES

Customization means offering a product or service tailor-made to suit the convenience of each individual customer. In the Air India frequent flier scheme (discussed in part 2), for instance, there is a customized chain at work. The database records the customer’s flight and travel preferences and other likes and dislikes. This is updated each time the customer takes a flight. So the system allots the person a favourite seat, his preferred meal and on arrival at destination a room in the hotel where the newspaper he prefers is delivered to him. All of these go into building closer bonds with the customer.

Levi Strauss, the California-based apparel company began marketing a ‘made to order’ service for customizing women’s jeans in selected US locations. Sales clerks measure customers and feed the data into a computer-aided design information system. The customer tries on sample jeans in the store, to perfect the fit. This additional data is also fed into the system. The system forwards the information to a computerized fabric-cutting machine at the factory and the jeans are made to order. The custom jeans cost only US$10 more than the mass-produced jeans.

In India, Mafatlal sells fabrics as well as branded readymade garments. A research conducted by MARG showed that while most executives buy readymade shirts, only a few preferred to buy readymade trousers because unlike shirts, trousers don’t offer as good a fit as tailored ones. In its quest to get closer to the customer, Mafatlal decided to create a product that offers the purchase convenience of readymade trouser with the fit of a tailored garment. Thus was born the ‘Dial-a-trouser’ service targeted at busy executives. The service was first introduced in Bombay and is now extended to Bangalore and Delhi. The customer may call the company’s showroom to send the tailor to his home or office. The tailor goes there with the shade card and samples of fabrics. The fabric and colour are selected, measurements taken and the trousers are delivered within five days of the order.

One common attribute of the three customer benefits enumerated above is that, they all solve some major consumption related problems, like quality, purchase process, ease of use, product suitability and so on. At the end of the day, all efforts made by firms to retain their customers, as much as it benefits the company’s turnover also end up to the benefit of the customers. So, next time you want to choose a brand, you may want to consider what more is in it for you besides consumption. Adam Smith, a famous economist in his book “Wealth of Nations” in the year 1775 says “Consumption is the sole end and purpose of all production and the interest of the producer ought to be attended to, only so far it may be necessary for promoting that of the consumer”.

Reference: National Institute of Business Management – Marketing Management – Module II

@TywoAkintoye

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CUSTOMER RELATIONSHIP Part 2: Benefits of Relationship Marketing to Firms

We started this topic about two month ago when I posted CUSTOMERRELATIONSHIP Part 1: The Concept of Relationship Marketing. In that post, we analyzed Relationship Marketing as it is being practiced by various organizations around the world, while we also tried to introduce the concept to those who may not have been familiar with it before now. Here, we have the second part of the series where we are able to begin examining the benefits of Relationship Marketing.

Relationship marketing yields several benefits to the firms that practice it, as also to the targeted customers, but we will examine both of these groups separately starting now with the firms. It is advisable for firms not to expect the full benefits of Relationship marketing immediately; rather it is a practice you imbibe in your organizational culture such that the benefits begin to come to fruition in the long run. These benefits which we will discuss are summarized into four, namely:

• Repeat business
• Enhanced brand loyalty
• Increased long-term profitability
• Brand building

REPEAT BUSINESS

There are several excellent examples of firms using relationship-marketing programmes to gain the repeat business. The Air Taxi Operators (now given the status of an airline) started in India in 1992. Other private airlines like Damania Airways, Jet Airways and Modiluft were also for the first time allowed to compete with the Indian state Airlines. The target segment chosen by these ATOs (Air Taxi Operators) for example was the business and upper class traveller. Their in-flight service was tailored to attract this segment. So, in order to counter the threat to its business, Indian Airlines went in for a new promotional scheme termed as frequent-flier scheme. The scheme was to focus through direct marketing on the class of buyers who were defecting to private airlines. Both Air India and Indian Airlines had a database of regular fliers. They also used secondary sources like Diners Club to start a marketing campaign targeting about 15,000 such prospects all over the country.

The campaign was that as fliers start accumulating points either on IA (Indian Airlines) or AI (Air India) or both, they become eligible for free trips. The threshold was 3 000 points after which free trips could be claimed. There was an entry fee of 1,000Rupees (NGN5,500; U$D15) to join the programme. This was necessary to avoid people who don’t travel by air all that often. The time limit for accumulating the required number of points was three years. From about 1,000 members initially, the membership increased to 20,000 by April 1995.

The move was initiated as a promotional tactic to save the fledgling market share of the airline, but inadvertently this also marked the beginning of a new era of relationship marketing for the airline. The scheme continues to expand till date because the members themselves suggest the names of friends and colleagues who could be involved in the programme.

In case of business-to-business marketing, where firms scramble for new recipes to retain existing customers, relationship marketing can help in reducing the number of lost customers by enhancing customer satisfaction.

The marketing function in any organization is expected to perform the job of turning an unaware person into a satisfied user through the following successive steps.

Unaware

Aware but not knowledgeable

Knowledgeable

Occasional user

Satisfied regular user

Relationship marketing goes one step beyond this and converts satisfied users into life-time customers by sustaining their interest in the product and satisfying their needs more effectively. Little wonder that DHL Worldwide gets its 90 percent business from relationship marketing alone.

ENHANCED BRAND LOYALTY

Marketing programmes of firms are often aimed at identifying prospects and turning them into customers. In order to expand business and achieve growth, firms are required to perpetually design and launch new marketing programmes. This involves a huge cost. However, if a firm is able to retain a certain percentage of customers, the efforts as well as cost of marketing can be reduced substantially.

Relationship marketing takes over from where conventional marketing leaves a customer. Maintaining direct contact with the customer and taking care of his problems to deliver satisfaction may turn an occasional customer into a regular client, and a client to a strong admirer of the firm. Finally it may turn an admirer into an advocate and opinion leader giving positive word-of-mouth to the firm and its products. A positive word-of-mouth from a satisfied customer often works better than the best advertisement, especially in case of high-involvement products and services.

INCREASED LONG-TERM PROFITABILITY

Firms may increase their long-term profitability by extending the concept of relationship marketing to their suppliers, channel members and influence groups. Vendor relationship may help in reducing the number of suppliers and in bringing down the level of inventories. It may save the firm in terms of inventory and warehousing costs as also transportation and material handling costs. The cost of placing orders and paperwork may also get reduced substantially. This is why firms like Xerox, Motorola, General Electric and Ford are reducing their supplier bases and looking for a few select vendors to help them achieve a stronger competitive position.

Research studies in the USA indicate that apart from being able to harness the strengths and skills of suppliers to their advantage, manufacturers in long-term relationships with them may also benefit from improved quality, process performance and continuous cost reductions

Long-term relationship with channel members may ensure better channel support, higher volumes of business and reduced cost of marketing. Strong channel support may also act as hedging against competitors’ marketing efforts. Long-term relationships with various stakeholders and interest groups such as financing institutes, public representatives, trade unions, press or media people, consumer protection groups and environmental groups may help in improving the public image of the firm. This may indirectly contribute to higher volumes of business, improved productivity and profitability of the firm.

BRAND BUILDING

In a competitive environment relationship marketing may be used as an effective tool for brand building. Till the early 1990s, cement was largely regarded as a commodity. Availability and price dictated the purchase decision more often than any other factor. Several players had an equally good quality image and few customers insisted on buying only from a particular company. The customer base for cement is also not homogeneous. There are different categories of cement-buyers in the market—the mason, civil engineer, contractor and institutional or large-scale buyers. In mid-1993, Indian Rayon, makers of Birla brand cement, decided to upgrade certain dealers to become “Birla supershoppes” because the company wanted to change the way it interacted with the customer. The ‘supershoppes’ were to become a hub of relationship with the customer.

The company wanted to guide and educate buyers for using a specific product for specific application. Based on the type of construction, the aim was to recommend the right type of cement to the customer. Each ‘shoppe’ thus employed a civil engineer and a task force to assist him. If necessary, the team visits the sites to demonstrate or to solve the construction-related problems. Advice is also given on the size of the beam to be used or the kind of steel reinforcement needed in the column.

To consolidate the relationship further, each ‘shoppe’ organizes a regular customer meet, where the actual users are invited and given technical advice and practical solutions. Results of this relationship approach have been spectacular. Each ‘shoppe’ is doing on an average; double the business a normal dealer does anywhere. As at 1995, Indian Rayon had 50 shoppes and 20 more were to be set up by the end of 1996.

Multinational brands such as Reebok, Seagram, Citibank, DHL Worldwide Express, and Indian firms such as Mafatlal, Ceat tyres, Lakme are now taking the relationship route to strengthen their brand equities

Reference: National Institute of Business Management – Marketing Management – Module II

@TywoAkintoye

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CARRY YOUR CROSS My Friend.

The reason many people can’t seem to find peace is because they’ve mistaken the cross they should carry as a problem they should solve.

Some of our worries are problems which require solutions, while some are crosses which we must carry and follow our maker. But right now, many of us are still running around looking for solutions to perceived problems when actually, all we require is wisdom and strength to carry the cross.

As we round up and enter a new year, I want to encourage everyone to start making efforts at identifying what issues of his/her life require seeking solutions and which ones require handling with courage in 2018. Even when the problems are well identified, we shouldn’t complicate things and seek solutions in the wrong places.

We have equal rights to God, so let no “spiritualist” feed on your gullibility. Some of them give you visions and prophesies, you dedicate your resources to the recommended solutions, then they blame you for lack of faith when their ideas don’t come to pass, and then you start cursing your luck, especially when you see others receiving miracles and victories for similar challenges!

Perhaps, for that man/woman who got his miracle, it was a problem, while for you it is a cross. Perhaps it is even also a problem for you, but the appointed time for solution had not come or your own solution is not “spirituality” but common sense strategies. Think deep for the New Year, identify your solutions, find yourself some peace of mind and let new ideas be birthed in you.

Accepting to carry your cross is not the same as accepting defeat; neither should we give up without a fight. However, God has not promised us life without troubles and we should remember his thoughts for us are of peace and not of evil to give us an ‘expected’ end (Jeremiah 29: 11).

Many of us pray for “light at the end of the tunnel”, just like in the case of Joseph, Job, Sarah, Hannah in the bible. We covet fulfillment of great promises like in Abraham, David, Solomon, etc. But we hardly feel sorry for Judas Iscariot for having such a destiny of betraying our savior Jesus Christ. We should sometimes wonder too why Moses never saw the Promised Land? “His enemies prevailed on him”?

If Judas had the chance to change his destiny, I’m sure he would choose to be remembered as a saint. He dined with Jesus, had access to salvation, but Jesus Christ did not save him from such a shameful ending. Did you say it was written? Yes it was, just as some of our challenges in life were written too and we must seek the courage to handle them.

It is either we manage our challenges or we let them define our existence and how we end our lives. Bad times don’t last forever, even if they do, there will always be some few times when every human will find mercy in midst of storms. Let those periodic victories ignite sincere gratitude and praise to the almighty. Find yourself some peace in the word of God in John 16: 33 “…In the world ye shall have tribulations; but be of good cheer; I have overcome the world”.

Have a fruitful 2018. Amani juu yenu!

@Tywo Akintoye

http://tywoakintoye.blogspot.com.ng

CUSTOMER RELATIONSHIP Part 1: The Concept of Relationship Marketing

Customer Relationship is a common practice around the world, but we will try to discuss the concept of “Relationship Marketing” though similar, but not as popularly used. In this piece, you will come across some case studies of companies which cut across countries like India, Japan, France and USA. As I did during my MBA in Marketing Management, perhaps more people can, from this post, learn how to market their products through relationship building.

The term ‘relationship marketing’ entered the business lexicon during the 1980s. The concept is relatively new and still in the process of evolution Though the idea of building a relationship with customers is not entirely new, the way it is being extended to cover other relationships (with the suppliers, middlemen and influence groups) as also researched extensively, especially in the West, it is poised to revolutionize the overall pattern of marketing just as the theory of marketing concept did in the 1960s.

The idea is not new because the neighborhood grocery-store owner has always known the value of this approach. Likewise, all industrial-marketing firms know the 80/20 rule - 20 per cent of customers accounting for 80 per cent of revenue - and they try to keep these 20 per cent customers happy so as to retain them longer. Perhaps only the big companies practicing mass-marketing methods for decades have forgotten such basics.

THE CONCEPT

An early definition by Berry (1983) says, ‘Relationship marketing is the attraction, maintaining and enhancing of customer relationships.’ Attracting new customers is merely the first step in the process of relationship marketing According to Payne (1995), relationship marketing has three contemporary perspectives

1.) The way companies look at their customers is changing. The emphasis is moving from a transaction-based marketing to a relationship-centred marketing, meaning that companies are now striving harder to retain their customers for long.

2.) A broader view is emerging of the internal and external markets with which the company interacts. In addition to their relationships with customers, firms are also getting concerned about the development and enhancement of more enduring relationships with other external markets such as suppliers, middlemen, stakeholders and influence groups. The internal marketing focus emphasizes that every employee and every department in the organization is both an internal customer and a supplier. The optimal operation of the organization is ensured when every individual and department provide and receive excellent service.

3.) The relationship-marketing orientation focuses on bringing the three elements, namely quality, customer service and marketing activities, together so that the synergetic impact is felt by the customer.

Till recently most business firms in India had been concentrating only on individual transactions, hence the short-durational interaction ended with the ringing of the cash register announcing the close of a sale. The leather shoe market in India had been dominated by Bata India Limited for decades. But Bata failed to exploit its strength of contact with millions of customers. The company had not even made a provision for evaluating customer feedback from its own retail outlets. It is not that Bata was not aware of the basic principles of marketing, but neither the management nor the marketing people ever thought of building a relationship with customers. The result is obvious; Bata lost its number one position to new entrants in the market.

Bata is not the only example of missed opportunities. In the late 1980s, Eureka Forbes pioneered the concept of direct marketing in consumer durables in the country. With the help of its highly trained and motivated salesmen, the company was soon in a position to contact millions of households and turn many of them into buyers of vacuum cleaners. However, despite its apparent success, the company missed an opportunity to leverage its database and its personalized relation with customers to multiply its business through similar products and services. Even for its existing products, the company could have profiled at least the usage pattern in different places and then motivated buyers to use the product more frequently. This could have generated some additional business, at least for the accessories and spares.

In transactional marketing, customer service and commitment to quality are often ignored, whereas in relationship marketing, the focus is on retaining the customer and getting the repeat business. Hence, the quality of products, service and direct contact with customers receive a high priority. Retaining the customer is considered to be the responsibility of the entire organization and not of the marketing department alone. A sales deal is viewed as a beginning rather than an end of a company’s interaction with the customer.

The scope of building relationships is not restricted to only customers. In a competitive market it is equally important to establish enduring relationships with the vendors, intermediaries and influence groups. The relationship between an organization and its suppliers has undergone dramatic changes during the last 10 years or so mainly due to the influence of Japanese management practices. At AT&T they call it ‘Vendorship partnership’ and at Philips in Europe they term it as ‘Co-makership’. Whatever the term, the aim is to promote close cooperation between the firm and its suppliers from a very early stage and mutual concentration on quality, customer service and long-term relationships.

In the automobile industry, it is now largely believed that establishing long-term relationships with vendors can lead to substantial reduction in inventory holding and control costs. Toyota has persuaded all its suppliers to set up exclusive warehousing facilities close to its production plants. Instead of buying from a large number of indifferent suppliers, firms now prefer to buy from a few committed and quality-conscious vendors who have the capacity to supply the desired quality and quantity at short notice. Firms are also helping vendors in upgradation of technologies and quality. In Japan, it is not uncommon for firms to go in for equity participation in a couple of ancillary units.

Back in India, Marutti Udyog has followed the same policy. They have reduced the number of suppliers drastically and developed a strong and dependable network of about 400 vendors, capable of supplying the desired quality and quantity any time. Maruti Udyog has equity partnership in about 12 supplier firms.

Developing close relationship with channel members is very essential to strengthen the distribution network. Every small and big firm in the business of consumer goods is now trying to reinforce its relationship with dealers and distributors to maintain its grip on the market.

Influence groups such as public representatives, policy makers, press, trade unions, consumer organizations, opinion leaders and financing institutions are gaining more and more importance due to the rise in awareness as well as competition in the market. Firms are more conscious of the fact today that to grow and prosper it is necessary to have good relations with the various influence groups.

The scope of relationship marketing is therefore not restricted only to the customers of the firm. The web of relationship is expanding to include all those who are directly or indirectly related to the firm or matter to its business.

The third aspect is to bring quality, customer service and marketing activities together A US-based research and consultancy firm Bain & Co. studied in 1989 the correlation between customer retention and company profitability. They found that even a 1 per cent improvement in the retention rate of customers in the credit card business in the USA can yield a 15 per cent rise in the volume of business. Keeping customers is therefore a key strategic issue for all business firms.

In order to retain customers firms are required to keep them interested through better (perceived) quality of products, satisfactory service and innovative marketing programmes. For example, in France, people take off in their cars for a long vacation in the summer. But if a family is travelling with a baby still in diapers, it could get uncomfortable for the baby as well as the parents to travel long distances. Nestle, therefore, came out with a way to dramatically improve the life of both the baby and the parents on the road.

Nestle now provides rest-stop structures along the highway where parents can feed and change their babies in eight locations along the main travel route. A sparkling clean ’Le Relais Bebe’ awaits and welcomes the family. Each summer, 64 hostesses at these rest stops welcome about 120,000 baby visits and dispense 600,000 samples of baby food. There are free disposable diapers, a changing table and high chairs for the babies to sit in while dining. Nestle, through its hostesses, keeps itself in direct contact with the mothers. Moving into the lives and activities of prospects and customers Nestle has successfully built a strong bond of emotional relationship with them. A market research survey of 1,000 mothers in 1992 showed a 94 percent approval rating for Le Relais Bebe.

Relationship marketing does not stop at merely meeting the present needs of the customer, but extends to also anticipating and servicing the future requirements. In subsequent posts, we shall be looking at the benefits of Relationship Marketing to firms, then we will look at it benefits to customers before we go into the basic steps required to set up an effective Relationship Marketing system.

Reference: National Institute of Business Management – Marketing Management

@TywoAkintoye

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Project Management: Certification or Education?

When I decided to venture into project management some years ago, the first step I took was to register for a training program and it turned out to be one of the best career decisions I ever made. This training opened my eyes to a profession which by the virtue of its importance should be as prominent as economics and Information Technology in the development of any nation.

But how was the knowledge of project management being sold to Nigerians? I observed that, beyond the very common 35-hour PMP trainings offered by many consulting firms across the country, no training service offers real Project Management education where the students are taught the skills of a project manager through workshops, case studies and so on, except a program by the Project Management College UK., a three month course called Advanced Diploma in Project Management delivered then at their Lekki-Lagos study center.

The Advance Diploma by PM College UK which cost about four hundred thousand naira (N400,000) in 2010, I thought was VERY expensive by Nigerian standards, but I later realized, after getting exposed to the world of project management training internationally how fair the pricing was, especially after attending further trainings in the USA myself. The truth is, Project management education is not cheap, except you’re satisfied with attending fast track PMP or PRINCE-2 certification exam preparation trainings which offer nothing except “exam prep” without any guarantee of exam success.

I got curious, how do we bring affordable Project Management education to Nigerians? PM education focuses on proficiency, it offers you the skills required to manage projects successfully, it takes time, you can’t rush it like the exam prep, you need facilities, templates and course materials to learn with, not just by studying the PMBoK or cramming the PRINCE-2 manual, you need practicing project managers as facilitators to help create the scenario expected in a project management office (PMO) for the students to gain richly. Then my brainstorm began.

Why is Project management skill still so important to me? I had a critical look at my environment. Unemployment has been a major problem in Nigeria; in fact, statistics from the National Youth Service Corps (NYSC) showed that an average of 1.8million youths has been graduated into the Nigerian labour market as at the year 2011. According to the chairman of the Subsidy Reinvestment and Employment Programme (Sure-P) under the previous administration of President Goodluck Jonathan, not fewer than 40 million people were unemployed in Nigeria as at 2013. These were very alarming figures!

The National Bureau of Statistics shows that unemployment rate in Nigeria had increased to 23.90% in 2011 from 14.60% in 2006, with figures forecasted to have risen to 24.30% by December 2012 and above that by December 2013. Despite a notable change in the political system after the 2015 general elections which promised economic transformation, youth unemployment rate has continued to rise with statistics showing a 24% rise as at July 2016.

The Honorary International Investors Council (HIIC) linked the growing unemployment rate to the rising number of poor skilled workforce in the country, so, it is somehow right to believe that the employment problem in Nigeria is not entirely because there are no job opportunities, but lack of skills to fill the available positions. Then, why don’t we as a nation pay more attention to empowering our youths with skills rather than the exaggerated degree certificates from our tertiary institutions where we consistently produce poorly skilled and unemployable graduates?

I observed as well, that the entrepreneurial attitude of an average Nigerian graduate is very poor; most only consider it an alternative means of living after failing to secure regular paid employment. This is quite unfortunate in a world where many countries like China depend on the growth of SMEs for the development of their nation’s economy; with obvious results there for us all to see.

The reasonable solution would be for the government to improve on its synergy with the various industries in order to build basic education geared towards enhancing the capacity of our workforce for the industrialisation of our economy. We need to develop more job creators than job seekers, more entrepreneurs than employees. There are jobs in Nigeria, available for those who can create them, but they need to be educated on how to identify opportunities and above all how to acquire skills to start-up and manage their ventures.

Professional certifications are good too, but how many certified project management professionals are actually skilled without practical experience? I’ve seen people study vary hard to pass professional examinations mainly for the purpose of seeking new opportunities either in form of new jobs or promotion in their current jobs, but most of the time they lack requisite competence to back up their application. It turns out that these certifications are fast becoming as exaggerated as some of our university degrees and we need to start looking in the direction of proficiency.

Here in Nigeria, we run a capitalist economy, where all means of production like land, labour and capital is freely owned by individuals or organizations and they are at the liberty of using it whichever way they chose to. There also exists economic freedom where individuals or organizations are free to produce what they want and consumers are also free to consume as they want, a system which directly affects demand and supply and also allows people to do whatever kind of job they prefer or invest in any business they so wish. Fortunately for us, our huge population favours local consumption which consequently encourages the profit motive which exists in a capitalist economy like ours. This means entrepreneurs have a big chance of avoiding major loss provided we can manage the dynamics of our business terrain and the competition which is common in this system.

Like Business Development, Economics and Information Technology, Project Management is one of such vital skills which I have always believed can be very valuable to entrepreneurs, but the first hurdle is to address its own challenge which is to “bring affordable Project Management education to Nigerians”. Life itself is a project and we need to begin to see all our endeavors as individual projects which require skills to manage properly. However, in the context of economic development and youth empowerment, we should consider a kind of project management education which stimulates entrepreneurship in the hearts of our youths, thus, making them more of job creators than job seekers.