A Twitter user has revealed the market strategy which two of the top commerical motorcycle companies, Gokada and Opay, are using to stay afloat.
Read his series of tweets below.
“The Game is the Game. Gokada raised $1M.. Opay raised $50M. employed 4 of Gokada’s top executives, offered 30k extra signon fee to drivers if they could prove they were former Gokada. In One Month, 65% of Gokada’s riders joined Opay.
When there’s no market differentiation, whoever has the most money will likely win, except they drop the ball real bad. Money will buy you brains, network, influence [meetings Opay’s been having with LASG], can afford you ridiculously high CAC [Oride 100naira bike anywhere] etc.
Just Calculate the burnrate of the competition,i.e $1M will finish in 12 months. Squeeze off their revenue channel Except there’s a market differentiation strategy, plus crazy amazingly smart teammates ready and motivated to work the hardest in their lives to implement.
What’s your market differentiation strategy?
Gokada raised $5.3M not $1M..I’m sorry”