At the wake of 2004 the advertising sector became one of the most lucrative sectors powering the Nigerian economy after oil and gas, telecoms, banking and insurance came the days of the 25billion naira consolidation era so all banks had to advertise or die. Which means that some of them had to evolve strategies or just provide the 25 billion, depending on how strong the banks were?
Stale news you may say, but I tell you the outcome of the 25billion consolidation era till date still determines which agency is relevant in the scheme of things till date, it was a good time to use for banks to come to the stock market and enlighten the would be public on why their offer was strategic for them but most importantly the advertising and public relations sector became relevant so much that it was an opportunity for them to sell creativity, concept and ideas to get the favours of more banks on their side.
Today despite the recession, a few agencies and brand stand firm and remain unshakable, this is as a result of a good understanding of knowing the best time to stop the advert campaign, you may see a whole lot of complications in this but basic regardless of how much advertising dollars you might have invested on your advert campaign must be brought to a halt first, if you can’t meet up with the increased volumes sales you do not have a business advertising, obviously advertising got you there but there is no point showing off your brilliant advert campaigns no matter how brilliant and through the lines advert copy when you can’t meet up with demands in the market, this actually diminishes your efficiency as a brand and brand trust is on the decline.
Another issue to consider is pricing, it not a bad idea to crave a premium brand that breaks your brand away from competition but above other things all your advertising spending will amount to a waste if the price is not right, the psychology of pricing must be well understood because your competition is watching they want to move up the competitive ladder and as a matter of strategy leverage on your mistakes. One key favourable fact the price must be right else stop your advert campaign.
More importantly, there must be a unique beneficial differentiation for your brand, this is one distinguishing quality that positions your brand above all other, Econet wireless pioneered GSM telephony in Nigeria but has been inconsistent because of name change over time, at one point the brands name was changed from Vodacom to Vmobile, the brand Vmobile was very peculiar for something , in all categories the brand was peculiar for its consumer-centric attitude on all front, which added a lot to its client base tremendously despite its inconsistency in brand name.
Added to the fact that the brand must be good and meet a perceived standard else your high profile advert campaign must be brought to a halt, the potential market for the brand must warrant the cost of advertising, which draws us back to the issue of pricing, it is totally off point too because of the fact that your advertising spending are high, now increase the standard cost of the brands value in the market, when this is the situation the advertising campaign is totally unwarranted.
Adverting campaigns are massive in Nigeria especially where major sectors such as telecoms and banking are concerned, the hawks that dominate in the telecoms sector are MTN, ETISALAT, GLO, and AIRTEL, the competition is so intense so much so that even MTN that is leading in that category is still on the fore front with a lot of money being pumped into campaigns , sponsorships and advertisement, this is because even at the retentive stage you still have to continue to maintain an indefatigable premium brand despite the general inefficiencies of the brand.
Worst of all is the MTN magic number stuff that allows you to call one special number by dialing a special code, a lot of money went into publicity, and commercials on all media platforms, this projected the brand as a youth friendly, relationship enhancing brand, but of course there arose a lot of complications and criticism which put the campaign off air.
The Etisalat brand had a quantum leap in the telecoms sector, they moved from 500,000 subscribers in 2009 to above 6million at the first quarter of this year, but you would agree with me that their management plus innovative ideas and strategy were out to create an aggressive brand which has worked for them and pushed them into the heat of the competition, but in a bid to gain ground they take on campaigns that amount to brain washing and extortion of the general public, but it works so fine right?