Over the last couple of months, there have been an increased amount of interest in a new RearEstate developer called Lekki Gardens. Rather than play in lucrative upper middle market to prime market sector, they decided to dominate the often neglected lower middle market to low income housing sector of Nigeria. This brings me to a chat with my Boss who told me that where people see problems, entrepreneurs see opportunities.
They have successfully deployed a significant price penetration pricing strategy, coupled with robust advertising ( using endorsements from prominent Nigerian celebrities) to sell their products. Personally, the most surprising/exciting sales strategy was the use of BOGOF ( Buy One Get One Free), which, to be honest, I have never seen deployed for RealEstate sales anywhere at all.
Please find below a link to an interview of the CEO (Richard Nyong) discussing his company’s business strategy.