It is 2023, yet several startups and small and medium-sized enterprises (SMEs) still struggle with media use and marketing spend on their agenda.
Every business needs to invest in and partner with media firms to attract and convert customers. This was reiterated during a panel session at StartupSouth 8 in Port Harcourt.
The panel which was moderated by Diekola Omolaja, the business lead at Techeconomy featured industry experts including Ebere Ogwumoyi, the general manager of RedCloud; Ndume Green, journalist and founder of CapitalTV; Peter Oluka, Founder and editor-in-chief of Techaeconomy; and Victor Siokwu, managing director of Shimol Services.
With shifting priorities and additional projects, budgets tend to evolve. A more recent focus on thought leadership and content marketing has increased the expenses in these areas, forcing the traditional press release to decline in effectiveness.
The panelists advised that startups must decide on what message to send, and choose from the various social media platforms in order to reach a bigger audience.
Particularly, Mr. Oluka advised that startups and SMEs must “not continue to wink in the dark” as it will inhibit their growth. He further asserts that founders and entrepreneurs must be willing to create a budget for media and PR for their products and services.
The media has become very crucial to startup growth in Nigeria, particularly in the South-South and South-Eastern regions. Without adopting media strategies, target customers and even investors may not even realize a startup exists.
There are several ways to market your product or service, including:
- Social media
- Digital ads
- Search engine marketing
- Search engine optimization
- Direct mail
- Print advertisements
However, it is very important to know how to reach your customers. The panelists further spoke on the need to understand cultural differences while adopting marketing channels.
Ebere Ogwumoyi, noted that businesses must consider their target audience, who they are, and how to make them stop to look at or listen to ads.
The competitive environment is the same for all businesses, regardless of their size. In a digital world, small and mid-size businesses have equal opportunities. The media can be leveraged by startups and SMEs to level the marketing playing field and strategically scale their products and services.
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