29 November 2017

Nigeria: 'Brands Spend Less Than 2 Percent On Digital Marketing'

With the evolution and multifunction of digital devices and media leading to changes in consumer behaviour, businesses need to update their market strategies to be relevant in the global community.However brands in Nigeria are yet to have a significant space in the digital world due to their low investment in the global space.

In Nigeria, compared to other Western climes, brands spend less than two per cent on digital marketing. This is evident in their pay-books and media space, when compared to their counterparts in Western climes," said Digital Lead, Red Media, Olayemi Moses, at the Lagos Digital Summit (LDS).

In a keynote address at the summit, Media expert/activist, Kayode Ogundamisi, said Digital media is about negotiation and social inclusion, "digital media has taken the power from the mainstream media to the mainstream media. However, media experts should not limit their reach to their area of concentration alone."

The Summit tagged, 'Digital for All', focused on how digital media is leveraged the private and public sectors to drive growth.Admonishing youths on the power of social media, Kayode said: "social media should not be used for activities alone. It should be used to lend your voice and demand for a better government."

Speaking on Corporate Brands and Digital Communication, CEO, Auracool Digital Media, Paul Ezeudoh, said: "with social media, there has been a transition in the ownership of the media. People have the power over the media now and not the brand. Brands should realise that digital communication plays a vital role in brand communication. Also, brands should use contents that will engage the audience to keep themselves in the mind of their customers."

For Digital Lead, Red Media, Olayemi Moses, firms should understand the demographics of their customers and use the appropriate digital platforms to reach their target audience.

Speaking on Content Marketing, the role of Digital Agencies, Digital Marketing Executive, Olusoji Festus, said content marketing should be judged based on the followings: goal, target, audience, social media influence, strategy, creativity and production.

The initiative of the LDS was borne out of the need for a platform to facilitate the convergence of great minds and coalescence of ground-breaking ideas that will shape the nation's digital landscape through engaging discourse and empowerment that push the frontiers of innovation across various spheres of life in Nigeria. It was established to harness the constant innovations in a fast-paced digital world for the advancement of the society and the enrichment of its burgeoning population, especially the millennials.

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