Its already 63 days since this 2019 journey; some businesses are yet to understand the current economic rhetoric of their industry, or the prevalent trajectory of the nation's inflation rate or how socio-cultural forces are influencing the way customers buy what they buy, or how their competition is making sure they are a force to reckon with; its 2019 folks, there is a new beast in town.
Last August, Apple reached a trillion dollar market value, being the biggest company in the world. guess what, that feat was short lived for a number of reasons;
China the largest country there is, has grown and is growing in all possible economic index you may think about, most important china's middle class is exponentially growing so that more people can afford Education, internet and a starbucks coffee; so the yearn for technology is expected to rise like the oceans' waves and keep rising like sea levels over the coming years. Apple is still yet to make a dent in china, as its people apart from being the largest producers turn consumers, yearn for technology with most to offer and at an affordable rate, Huawei a tech company is meeting this need for High tech and low cost and also meet demand.. whether the government of china aided in this feat or not, this is the reality, Huawei a Chinese tech company, with perfect understanding of the socio-cultural landscape of china and asian people, providing great technology at an affordable rate and meeting the demand of the largest consumer market in the face of the earth.. you bet it can and has exceeded the expectations of the competition and is the new boss in town. Numbers is everything, delivering quality product at a low cost compared to your competition will attract and retain customers in there numbers; there is the adage, some of us are familiar with which is " A Fast Nickel is better than a Slow Dime" Liberian businesses must learn to plan for the long run, Real Profit in business is made overtime; the rush to make to mega profit now is and will kill a new business.
Most people will shrug their shoulders at this or almost dismiss it as not lesson enough to invest any time, energy or finance on.. but we already know that it is not the strongest of the species or the most intelligent that survives but the one most adaptable to change that survives as Darwin argued; For any Business to thrive and survive in this fast-paced and ever-changing world, it must innovate..
On a Single day, Apple lost 10% of its market share (Thursday 3rd, Jan 2019), since oct 2018, its has lost $450 Billion dollars. 5g Internet speed, AI integration & user friendly Operating System are key differentiating factor between Apple latest iphone and Huawei phones. Even the leadership in Washington is frightened at the capabilities of 5g Internet; 5g internet is so fast, the speed literally makes you happy, it is revolutionizing communication on a global scale and huawei phones is characterized by 5g firmware & software, a unique feature that will make any serious tech enthusiast or tech consumer leap for joy, acquire for their use; but this is not all, Huawei have succeeded in adding Artificial Intelligence to their phones, this is a game changer for technology made accessible to everyone everywhere at an incredibly affordable rate...Imagine that!! Why should I buy Iphone X for about $1000 without AI and 5g internet capacity when I can use about 30% of that amount to acquire a Huawei phone will AI & 5g internet capacity?
Yes ofcourse we can make the argument of brand persona, but then there is the reality of cost & Value. This reality of cost and value is what makes brand gain or loss their market share.
Businesses in Liberia are not exempted from these dynamics... for you to continue adding value to your product or business for consumers, you must innovate; these are non - negotiable.