What Cenoa's Growth Story Teaches Us
[FREE COMPETITOR RESEARCH TEMPLATE INSIDE] Stop duplicating or replicating strategies; reverse-engineer them instead (+ 3 more lessons).
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ICYMI: In my last issue, I wrote about how a positioning shift led to Cenoa’s viral competitive strategy
In today’s issue, I outline insights from Cenoa’s growth story that you can implement right away.
Let's dive in!
Insights From Cenoa’s Story
#1. Reverse-engineer before replicating or duplicating.
One of the best ways to improve your marketing is by studying what has worked for others. When I worked as a copywriter, I spent hours on sites like Ads of the World, AdForum, and The Drum—just like Feranmi Ajetomobi, Cenoa’s former Country Manager.
But taking inspiration doesn’t mean copying. Duplicating is copying exactly, while replicating means tweaking it slightly to fit your context. Most people know that duplication is risky, but replication can be just as flawed.
Why? Because replication is still imitation. Even if you adjust a strategy, it might fail if you don’t account for the hidden factors that made it work—things like pre-existing brand trust, company size, or audience behavior. If you copy the surface-level tactics without the same foundation, it might not work out.
When Cenoa’s comparison ad went viral, another brand tried to replicate the approach. But they skipped the months of competitor research and direct differentiators that made Cenoa’s ad so compelling. Without that foundation, their ad fell flat.
That’s why reverse-engineering is the better approach. Instead of just copying, break down the mechanics behind a strategy—what made it successful, why it worked for that brand, and whether those same conditions exist for you.
In some cases, the conditions might not exist for you, but there might still be lessons that you can apply in other ways. Either way, with reverse-engineering, you’re not just imitating tactics. You adapt principles (not strategies) in a way that gives you a real chance at success.
TL;DR: Don’t just replicate what works for others—reverse-engineer it. Break down the mechanics behind their success, understand the hidden factors at play, and adapt the principles instead of copying the tactics.
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#2. Treat micro/niche influencers as a trust channel.
Some see influencers as a conversion channel; others argue they’re just for awareness. But Feranmi Ajetomobi also sees them as a trust channel; especially niche influencers.
Mass influencers, like celebrities and skitmakers, will often return high awareness numbers. But micro influencers turn attention into trust.
When Cenoa entered the Nigerian market, they leveraged micro influencers who had strong, engaged followings with relevant audiences. These influencers acted as trust brokers whom people listened to.
If you’re in a low-trust industry (like fintech), niche influencers can be more effective than big-budget celebrity endorsements.
TL;DR: Mass influencers get attention, but micro-influencers build trust—and when you’re entering low-trust industries like fintech, trust often matters more than reach.
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#3. Do extensive competitor research to find your differentiator.
The importance of competitor research can never be understated, especially if you’re in a saturated market.
You can’t figure out your key differentiator if you don’t have a deep understanding of your competitors, what customers love or hate about them, and where you win. You need to know what you’re up against.
Cenoa spent months studying competitors—using their products, tracking their rates month-on-month, and analyzing their positioning. When Cenoa compared itself to other dollar savings products in the market, they realised they couldn’t stand out. So they moved to an adjacent market where they could. And this shift changed everything.
If you’re not sure where to start, here’s my free competitor research template to help.
🔗Get competitor research template.
TL;DR: You can’t stand out if you don’t know what you’re up against. Deep competitor research helps you spot gaps, find your edge, and pivot if needed.
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#4. Virality requires conviction & persistence.
Cenoa’s growth story proves that virality can be engineered—but it takes consistent effort. It’s frustrating to create great content that doesn’t immediately take off, but that’s where conviction comes in.
If you don’t truly believe in your angle, you’ll give up too soon. And conviction isn’t just blind confidence. It comes from having proof to back your bets. For Cenoa, that proof came from the extensive research they’d done.
They didn’t go viral on the first try. They tested multiple versions of their comparison ad before one finally took off. Instead of relying on luck, they relied on a process of iteration, refining, and staying persistent.
TL;DR: Virality doesn’t have to be by luck alone; you can engineer it by holding a conviction, iterating on it, and being persistent.
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What I’m Reading
When Competition Isn't What You Think — Great read about considering alternatives, rather than direct competitors alone.
DoorDash's v1 was 8 PDF menus on a static HTML website — The problems (and strengths) with the traditional MVP model
20 Fundamental B2B marketing rules for higher revenue — Great read for anyone working in B2B marketing
Jobs
Product Marketing Associate at Revwit — Remote, Nigeria
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