On 6th October 2018, Alex Magu, Senior Finance & Administration Manager at Cytonn Investments facilitated Week 8 of Cytonn eHub Season 2, covering the topic “Business and Product Development”.
Alex Magu, Senior Finance and Administration Manager, Cytonn Investments takes the participants through the day's highlights
Alex emphasized the importance of market research while developing one’s product noting that, “It does not matter the operating stage that the company is at. Whether at introduction, growth, maturity or decline, a business owner must constantly conduct market research to determine whether or not he/she is doing enough to stay relevant in the market.”
With this in mind, he insisted that a business may then extend its product lifecycle by either developing new uses for its product or developing new product features as well as line extensions.
Participants keenly follow through during the session
He then pointed out how customer development is of as much importance to a business as product development. “As start-ups fail from a lack of customers, not product development, it is important to stop selling and start listening. An entrepreneur should adopt a listening approach by asking themselves what are the top problems of his/her customers and how much they would be willing to pay for them” he challenged to the budding entrepreneurs. “This then gives one the direction on how to best develop their product to specifically solve these customers’ problems.” He added.
Group photo with the day's participants
To conclude the session, Alex further challenged the participants to get out there and learn what ticks the market. “There are no facts inside your building, get outside.”
The next session of “The Cytonn eHub“ Season 3 will be held on Saturday, 13th October 2018 at Queensway, Kaunda Street, Nairobi, from 9 am to 12 pm. The topic of the day will be “Sales and Marketing Skills” and will be moderated by Ruth Mwanzia, Founder and CEO, Koola Waters.”
