• GROUP
  • CAREERS
  • UBA FOUNDATION
  • OPEN AN ACCOUNT
Close
Ghana
  • Nigeria
  • Benin
  • Burkina Faso
  • Cameroon
  • Tchad
  • RDC
  • Cote d'ivoire
  • Gabon
  • Guinea
  • Kenya
  • Liberia
  • Moçambique
  • Senegal
  • Sierra Leone
  • Tanzania
  • Uganda
  • Zambia
  • France
  • America
  • Mali
  • UK
  • Foundation
  • Alumni
  • UAE
  • France

 

    MENUMENU
    • Internet Banking
      • Personal
      • Business
    • Chat with LEO
    • Personal
      • UBA Business School
        • UBA Business School

          Our Business School provides cutting content for entrepreneurs and small businesses, allowing them to thrive in their respective industries.

      • Personal
        • Personal Banking

          Banking made easier through innovation.

      • Accounts
            • UBA Target Account
            • UBA Teens Account
            • UBA Kiddies Account
            • UBA Next Gen Account
            • Employee Savings Account
            • Lion Prime Individual Account
            • Lion Prime Corporate Account
            • Ruby Current Account Premium
            • Ruby Current Account Classic
            • Domiciliary Advantage Account
            • UBA Bumper
            • UBA Savings Account
            • Dormant Accounts
      • Diaspora Banking
        • Diaspora Banking

          An account which enables Ghanaians living abroad to control their finances back home.

      • Digital Banking
            • Mobile Banking
            • Internet Banking
            • Magic Banking
            • Instant Bills Pay
            • Notification Services
            • Integrity Statement
      • Loans & Payments
        • Loans & Payments

          We help you meet your desired needs and wants by our loans & payment platform.

      • Money Transfer
            • AfriCash
            • Moneygram and Western Union
            • Ria and Wari
            • UBA PAPSS
      • Cards
        • Cards

          Our cards are highly convenient to use anytime.

      • UBA Connect
    • Wholesale
      • Wholesale
        • Wholesale Banking

          Convenient banking options for corporate bodies and institutions.

      • SME Banking
      • UBA POS
      • Cash Management Services
            • Information Management
            • Liquidity Management
            • Payment Services
            • Foreign Exchange
            • Collections
      • Other Financial Products
        • Other Financial Products

          Other financing options available to corporate clients.

      • Trade Services
        • Trade Services

          Trade services offered by UBA Ghana.

    • Investor Relations
      • Investor Relations
        • Investor Relations

          Read more from our Annual Reports and view or download archived reports

      • Rates
      • Tariff Guide
    • Media
      • Media
        • Media

          News, lifestyle articles and financial daily reviews.

      • Photo & Video Gallery
        • Photo & Video Gallery

          Photos & Videos of Our Events and More

      • News & Events
        • News & Events

          Find news from UBA, media mentions and events related materials here.

      • Press Releases
        • Press Releases

          Read our latest articles, surrounding new features and upcoming events for the organization

      • Adesa Newsletter
      • National Essay Competition
        • National Essay Competition

          Win a scholarship to any African University of your choice by participation in our annual essay competition.

    • About Us
      • About UBA (Ghana)
        • Africa’s Global Bank

          Head Office: Heritage Tower Ambassadorial Enclave Off Liberia Road Ridge Accra P.M.B 29, Ministries Accra, Ghana
          Tel: +233 (0) 302 634 060
          Email: cfcghana@ubagroup.com
      • History
        • History

          Learn about our origins, foundations, and beginnings.

      • Leadership
        • Leadership

          The management team of the group is made up of a crop of seasoned and industry-recognized professionals.

      • Moving to Ghana
        • Moving to Ghana

          Ghana is a country of 31.4 million people, comprising dozens of native ethnic groups.

      • Branch Locations
      • ATM Locations
    • Help
      • Help
        • Help

          You Speak, We Listen, We Act.

      • Download Centre
      • Frequently Asked Questions
      • Contact Us
        • Contact Us

          At UBA, we seek to delight all our customers.

  • LOG IN
UBA Ghana
Sylvia Inkoom

The First-Mover Gets It All?

By ubaghana on April 23, 2021

UBA launched its Bancassurance product last week and I was one of the officials at the function to answer questions from the media.

My first and only question of the day got me thinking ´Why are you doing this now and aren’t you a little too late’

This got me thinking about one of the management theories or concepts that I have known since business school.

 

THE FIRST -MOVER ADVANTAGE

One of many management concepts that has gained so much intellectual appeal that its validity is almost unquestionable.

Yes, there are very good examples of this concept both locally and globally. Example form sectors like Tech, Food, and Beverages, and Mobile telephony space to glean from.

I am trying very hard to keep my thoughts local and very Ghana specific so my favorites are Pepsodent for almost all kinds of toothpaste, Milo for almost all chocolate drinks and tea for almost all hot beverages, Club for all beers.  (Beer dei eno ara  ne club ) and good old Graphic for all newspapers

 

The benefit of being first in an industry or with a product bestows on a firm immediate undeniable benefits (Financially and for the Brand).

 

This however isn’t promised at all times and for all industries and circumstances. Just take a good look around for some of the early entrants and you will find that some of them don’t even exist anymore. Some have dropped so low in the league for late entrants (movers) from other markets or unrelated industries taking over.

 

Our Mobile Telephony and Mineral (bottled) water and my beloved Banking sector are perfect examples.

Although first-mover status brings important competitive advantages, the concept has fallen flat on its face in the face of time (pun intended),

Changing customer needs, Service and Consumer experience, Changes in tastes and preferences, Technology and the need for continuous investment in R& D.

All of the above are the conditions that provide a good incentive to late joiners and industry followers.

Their Learning curves are shorter, they escape the teething problems of their trailblazers, their costs are lower and they have loads of years of intel to guide them.

So yes! Late entrants, Followers, and even Copycats can compete and get ahead.

 

So let’s keep dreaming, let’s keep doing, and lets not be afraid if the idea is not novel.

Writer : Sylvia Inkoom (DMD, UBA Ghana Ltd.)

 

Posted in News, Press Releases.
Share
←  NewerAfrica to the World: Elumelu Moderates as President Kagame, Okonjo-Iweala, Tedros, Diop, Convene at UBA Africa Conversations 2021
Older  →Allianz Insurance and UBA Ghana forge bancassurance partnership

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related Posts

  • February 22, 2024

    UBA leads in promoting reading culture among the youth

    The UBA Foundation through its Read Africa Initiative has made a significant contribution to Three Town SHS in the Volta Region by donating African literature books on Valentine’s Day, which also coincided with International Book Giving Day. This initiative aims to address the declining reading habits among African youths, particularly in secondary schools, by promoting a culture of reading through …

  • March 3, 2022

    CHRIS OFIKULU ASSUMES OFFICE AS NEW MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER OF UBA GHANA

    The Board of Directors of United Bank for Africa (Ghana) Limited (UBA Ghana) is pleased to announce the appointment of Mr. Chris Ofikulu as the new Managing Director / Chief Executive Officer of the UBA Ghana. Mr. Ofikulu replaces Mr. Olalekan Balogun, who had been the Managing Director / Chief Executive Officer of the Bank …

  • May 24, 2021

    Board Chairman of UBA Ghana Kweku Awotwi is Lifetime Business Builder Achiever

    Board Chairman of the United Bank for Africa (Ghana) Ltd, Mr. Kweku Andoh Awotwi, has been honoured with the Lifetime Business Builder and Achiever award for Corporate Governance at the just-ended Ghana CEO’s Network Summit held at the Kempinski Hotel, Accra. The award is in recognition of his remarkable contribution to organisational success and corporate …

  • September 25, 2023

    UBA Foundation Pioneers Commitment to Environmental Sustainability, Launches Tree Planting Initiative

    UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has once again taken a remarkable step towards promoting sustainability and fostering Africa’s green revolution. Following the footsteps of the Chairman of UBA Plc, the foundation has reaffirmed its commitment to environmental preservation in line with global efforts to mitigate climate change and …

  • Helpful Information
    • Savings Account
    • Current Account Classic
    • Cards
    • Trade Services
    • Contact Us
    • Legal
  • Banking With Us
    • Personal Banking
    • Wholesale Banking
    • Digital Solutions
    • Chat Banking
    • Sanctions For The Issuance of Dud Cheques
  • About UBA
    • Business Focus
    • UBA History
    • Board of Directors
    • Achievements
    • Strength & Ratings
    • Branch Locations
  • Resources
    • Shareholders Information
    • CEO's Overview
    • Analyst's Reports
    • GDPC Rules
    • Bank of Ghana
  • Connect
    Download on the App Store Get it on Google Play


UBA Ghana is licensed and regulated by the Central Bank of Ghana.
  • United Bank for Africa. All Rights Reserved.
    • Site Map
    • Terms & Conditions
    • Privacy Policy
  • Internet Banking
    • Personal
    • Business
  • Home
  • Chat with LEO
  • Personal
    • UBA Business School
    • Personal
    • Accounts
      • UBA Savings Account
      • UBA Kiddies Account
      • UBA Teens Account
      • UBA Target Account
      • UBA Next Gen Account
      • UBA Bumper
      • Employee Savings Account
      • Ruby Current Account Premium
      • Ruby Current Account Classic
      • Domiciliary Advantage Account
      • Lion Prime Individual Account
      • Lion Prime Corporate Account
      • Dormant Accounts
    • Diaspora Banking
    • Digital Banking
      • Mobile Banking
      • Internet Banking
      • Magic Banking
      • Instant Bills Pay
      • Notification Services
      • Integrity Statement
    • Loans & Payments
    • Money Transfer
      • AfriCash
      • UBA PAPSS
      • Moneygram and Western Union
      • Ria and Wari
    • Cards
    • UBA Connect
  • Wholesale
    • Wholesale
    • SME Banking
    • UBA POS
    • Cash Management Services
      • Information Management
      • Liquidity Management
      • Payment Services
      • Foreign Exchange
      • Collections
    • Other Financial Products
    • Trade Services
  • Investor Relations
    • Investor Relations
    • Rates
    • Tariff Guide
  • Media
    • Media
    • Photo & Video Gallery
    • News & Events
    • Press Releases
    • Adesa Newsletter
    • National Essay Competition
  • About Us
    • About UBA (Ghana)
    • History
    • Leadership
    • Moving to Ghana
    • Branch Locations
    • ATM Locations
  • Help
    • Help
    • Download Centre
    • Frequently Asked Questions
    • Contact Us
  • Personal
  • Business