In fact, there are more than 400 such companies — and they are, on average, growing both faster and are more profitable than their global peers. More companies are not entering the vast African market simply because of such misunderstandings.

Over the years, any number of multinationals have entered this market in a void of proven data and become unstuck while a number of African companies have failed to expand in new markets due to the lack, and high cost, of data.

It is for this reason that Kasi Insights was founded in 2016 by CEO Yannick Lefang to address the shortfall with selling points of:
  • real-time data
  • scale (20+ markets)
  • agility, and
  • speed. 
The company says that it pairs its proprietary high-frequency survey capability with the latest advancements in statistics, data analytics and storytelling to inform better decisions on what Africans think, do and why. The company says that every month, it interviews thousands of Africans and turns survey-based data into actionable insights.

The key industries that Kasi Insights focus on are fast-moving consumer goods such as:
  • food and beverages
  • beauty and personal care, and
  • financial services.
"These sectors are also the most data-hungry. Companies looking to enter or expand on the continent typically do so on the back of outdated or even non-existent data. Yet their success is dependent on local insight — with 54 countries you cannot generalise," says Lefang. "Africa is evolving fast, and the data has to match this through a digitalised platform." 

The solution is end-to-end, starting with feet on the ground, various indices with proprietary methodologies and ending with a portal, which is its ultimate intellectual property. This mine of information can be specifically configured at the touch of a button by clients.

"Companies that enter the African market and fail, typically do because they don't understand that each market has a specific context and history. While much may be similar, each has peculiarities and nuances, and so the same business model cannot be applied to each. What has been a huge success in East Africa might not work at all in South Africa, and this has in fact been the case. Yet ultimate success might be as simple as a slight tweak to a product or business model," adds Lefang.

For instance, because Africa has such as high penetration of mobile telephony, e-commerce businesses have wrongly assumed they would have a free ride on the continent. Lefang says that the context was missing, and businesses failed to account for the various factors, which considerably brought down that penetration.

Lefang concludes, "Massive amounts of money were invested in a 'huge' market that turned out not to be so huge at that point. It will grow, but not as fast as was thought."

To win in the world's fastest-growing market, business and financial leaders need to have better visibility of the realities of Africa's economies, markets and communities through the lens of consumers. This is especially true in the post-Covid-19 era. 

For more information, visit www.kasiinsight.com. You can also follow Kasi Insights on Facebook, Twitter or on Instagram.