Marketing and Advertising Agencies want to work with you. Don't sleep on this opportunity.
Now more than ever, lead your competitors by example. Create a strategy and write it down. Take advantage of the coming wave 🚀
Greetings!
In this week's edition:
The Nigerian government banned the use of foreign models and voice-over artists for local marketing
The dark side of being a content creator
Female-only ride-hailing app HerRyde launches In Abuja
Bolt scales down its operations in Tanzania
Visa to expand its digital payments to the DRC
The Nigerian government through ARCON - The Advertising Regulatory Council of Nigeria, has banned the use of foreign voice-over artists and models starting from October 1.
Zooming In. This is in line with the government's plans to develop local talent and inclusive economic growth for sectors in the country, including the creators' economy. The creators' economy, which advertising a part of, contributes over 6.1% to global gross domestic product (GDP), averaging between 2% and 7% of national GDPs around the world. According to the International Monetary Fund (IMF), the entertainment industry now accounts for 1.45% of Nigeria's GDP. (Source)
In the words of ARCON DG - Olalekan Fadolapo; "ARCON, being the apex advertising, advertisement and marketing communications’ regulatory agency of the Federal Government, has in accordance with its statutory mandates, responsibilities and powers as conveyed by the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 bans the use of foreign models and voice-over artists on any advertisement targeted of exposed on the Nigerian advertising space with effect from Ist October 2022”.
The crux of the matter is that all advertisements and marketing communications materials are to make use of only Nigerian artists and models. And that's some good news for all local creators, especially those in Nigeria.
Zooming Out. A survey by the Nigeria Influencer Marketing Report (NIMReport) revealed that over 30% of advertisers now value influencer marketing as part of their marketing strategy. What does this mean? The competition just got started. Pareto's efficiency principle will apply whether you intended it to or not. is a very good time. According to Investopedia; "Pareto efficiency implies that resources are allocated in the most economically efficient manner, but does not imply equality or fairness." This gives credence to Pareto's 80/20 rule, which states that for many phenomena 80% of the result comes from 20% of the effort.
Some stats about Nigeria's advertising market: (source)
+ Between 2018 and 2020 the majority of advertising dollars in Nigeria will be devoted to TV and video promotion
+ In 2017 Nigerian ad revenue reached 425 million U.S. dollars.
Bringing it home. 20% of creators will create the 80% value in the coming days. You should plan to be among the 20% that will always have a job when the advertising and marketing agencies have a project or campaign. Don't assume you're good. And this is a good time to go back to our "Creators Business Series" and catch up on how you can position and win in the marketplace.
Some recommendations on how to take advantage of this:
+ To learn how to get your distribution right. [READ]
+ How to leverage partnership and collaboration with other creators. [READ]
+ How to position your brand to win the market. [READ]
Always, remember the price will go to the prepared man. Not the most talented.
What we are reading:
About The Africa Tech Memo (Moor)
Get smarter, especially as a creator, about the most important stories in tech, media and the creators' economy by following Africa's most-read creators newsletter.
Read the Archive | Follow us on Twitter
See you at the top.
Cheers!
Samson
Photo by Craig Adderley