Unity Bank Plc has urged women to start their own innovative business enterprise despite the economic recession in Nigeria.
The Head, SME Banking, Unity Bank, Opeyemi Ojesina, emphasized that Nigeria is in dire need of entrepreneurs who will help the country get out of recession with their innovative products and services.
Ojesina said the role of women in nation building cannot be overemphasize, he therefore enjoined women to shift from mere buying and selling to creating businesses that adds value on a longer term.
He disclosed this while speaking at the ‘Lagos and The Woman Conference’ held in Lagos recently. In his presentation titled ‘The place of the women entrepreneur’, he stated that good business ideas are as important as finance for budding entrepreneurs.
According to him, “Believe that you can start small and shelve the idea that you must have all the money or materials to take off. Existing businesses attract funding easier than yet-to-take-off ones.”
He charged women to clearly understand their business, start no matter how small it is and strive to make the business a success with their innovative ideas.He explained further that banks are always attracted to businesses that have great vision and they are willing to support with funds.
He added that Unity Bank is committed to helping SMEs with all its banking solutions. The bank has a strategic interest in the development of Small & Medium Scale Enterprises (SME’S) in Nigeria. It offers SMEs mobile, card and internet banking services, target savings, Beta and Double Edge Accounts and SMEs funding.
Companies cannot merely watch and wait to see what happens, and then plan a course of action. Businesses need to pay attention to market trends and try to capitalize on the most likely turn of events before it happens; like the man who buys umbrellas on an overcast day and then sells them to passersby when it begins to rain. 5W Public Relations shares tips that would help brands stay ahead of competition.
But how does a company do this? Check out our recommendations below.
Research the Competition
Brands like to believe they are already doing everything right and the best way possible. However, there is much to learn from the competition. After all, how can anyone compete with another entity without knowing what they offer and what is different about them?
Brands should look at how competitors market their products, and what their compensation packages are like. But most importantly, brands should pay attention to everything the competition does wrong, or not well enough, and try to improve upon that. Customers will notice.
Know your Customers
Some successful businesses began with products that initially had no customers and no demand, like Bill Gates and his computers. He merely assumed that one day people would buy his product, and they did. This is the way of innovation.
However, even in this scenario, Bill Gates knew his potential customers and what to expect. That’s how he was able to create demand. Blackberry was not as in tune with customer desires after they made it to the top of their industry, and lost its lead position in the market.
Brands should do their best to understand customers. Learn about their demographics, their preferences, and where they might end up a few years from now. Prepare to meet them with products they want at that time. Know how to interact with them on social media, how to encourage engagement, and how to resolve problems as soon as possible.
Invest and Reinvest
Many companies are hindered by the need to pay profits to shareholders, reducing the amount of money left over for reinvesting. For companies who have the opportunity, they should reinvest profits in bonuses for employees and other perks, like an onsite clinic, or onsite gym.
Companies should also invest in marketing, public relations, research and development, and hiring influencers who take the business to the next level.
Use Data Analytics
Many companies have some idea of goals they wish to achieve. However, no company can truly measure future success if it remains ignorant to current failures. The business must study and analyze areas like sales, customer satisfaction, and online engagement, before moving forward with any goals.
To do this, successful brands use data analytics covering sales and inventory, expenditures, revenues, employee productivity, online reputation, and other key symbols of success.
Staying ahead of the competition is a tricky task since they are also trying to stay ahead of you. However, companies who take proactive approaches to business, and do their homework, are far more poised to leave their competitors behind in the dust.
The Outlook presents annual historical data for 2011 – 2015 and provides annual forecasts for 2016 – 2020 in 11 entertainment and media segments for South Africa, Nigeria, and Kenya
The Internet, video games, television, and filmed entertainment segments of sub-Saharan Africa’s entertainment and media industry are projected to continue to grow in the following years but the publishing industry is having to work very hard to make any headway, according to PwC’s (PwC.com) Entertainment and media outlook: 2016 – 2020 report (South Africa – Nigeria – Kenya) released. Despite a relative slower growth projection for the industry, the Outlook forecasts that South Africa’s entertainment and media industry is expected to grow from R125.7 billion in 2015 to R173.3 billion in 2020, at a compound annual growth rate (CAGR) of 6.6%.
“In spite of widespread disruption in the entertainment and media industry, as well as intense competition for consumer attention, there are growth opportunities aplenty for companies to capitalise from in the new media landscape,” says Vicki Myburgh, Entertainment & Media Industry Leader for PwC Southern Africa.
Digital spend is expected to drive the overall growth. South Africa’s Internet access market will rise from R39.4 billion in 2015 to R68.5 billion in 2020, as broadband – both fixed and mobile – becomes an essential utility. “Although the forecast CAGR of 11.7% is lower than previously predicted, this still makes Internet access by far the largest contributor to total E&M spend,” adds Myburgh.
The Outlook presents annual historical data for 2011 – 2015 and provides annual forecasts for 2016 – 2020 in 11 entertainment and media segments for South Africa, Nigeria, and Kenya: the Internet, television, filmed entertainment, video games, business-to-business publishing, recorded music, newspaper publishing, recorded music, magazine publishing, book publishing, out-of-home-advertising and radio.
Aside from the Internet, the Outlook predicts that growth will also be seen in the video game market, filmed entertainment and television segments. “As Internet revenue continue to rise, the forecast for newspaper and magazine circulation is on the decline as consumers migrate from print copies to free online alternatives – and aren’t as yet moving to paid digital formats in great numbers,” says Myburgh.
South Africa has the largest TV market in Africa and continues to grow strongly, with pay-TV subscription revenues expected to expand by a 5.0% CAGR to reach R25.2 billion in 2020. The video game market is also performing well and revenue is forecast to grow at a CAGR of 5.6% to reach R3.7 billion in 2020, up from R2.8 billion in 2015. Social/casual gaming revenue overtook traditional game revenue for the first time in 2015 and is expected to be the key growth area over the next five years, exceeding R2 billion by 2020.
Alongside video providers, the B2B market will be a strong source of revenue for South Africa’s entertainment and media industry over the next five years. The amount of data that businesses are using for decision-making is increasing, and the tools used to access the information are increasingly cloud-based with more and more users gaining access via mobile handsets. The market is forecast to grow at a 4% CAGR to reach just under R11.6 billion in 2020.
By contrast, the newspaper market in South Africa is expected to be R1 billion smaller than in 2015. In 2015 total newspaper revenue was worth R9.1 billion, but this figure will drop to R8.1 billion in 2020. Circulation figures are also forecast to start declining, as price rises are unable to compensate for the declining numbers of copies sold.
By the same note, South Africa’s consumer’s magazine market is also forecast to see a decline in later years. A growing number of South Africans are accessing magazine content and websites via their smart devices, but the boom in smartphone and tablet ownership will be the biggest driver for digital magazine revenue growth over the forecast period.
Although physical music continues on its downward trajectory, it is streaming revenue that will be responsible for keeping recorded music revenue from large falls. Digital music streaming revenue is forecast to rise from R74 million in 2015 to R437 million in 2020.
The report shows that South Africa’s total entertainment and media advertising revenue is expected to rise from R43.4 billion in 2015 to R53 billion in 2020, a CAGR of 4.1%, with only newspaper advertising revenue forecast to take a downward turn. TV advertising continues to dominate the market, but Internet advertising is combining scale with a great pace of expansion, and will become the second-largest contributor to revenue by 2020.
Myburgh says: “Entertainment and media companies are facing an ever more challenging and complex environment. Companies need a more detailed understanding than ever before of the various forces at play at a local level. Armed with such insights, both established and emerging players are well-positioned to capitalise on the industry shifts and lead the next phase of growth.”
In a world where Netflix can launch in 130 new countries in a single day, it’s easy to assume that content is becoming more globally homogeneous
Nigeria has one of the fastest-growing markets in the entertainment and media industry. In 2015 it saw 15.7% growth to reach US$3.8 billion, and with all segments forecast to rise over the forecast period, an 11% CAGR is anticipated. Internet advertising will see the fastest growth over the forecast period, and will come predominantly in formats designed for mobiles, in keeping with the prevailing method of Internet access in the country. TV advertising is also benefitting from strong economic growth and an emerging middle class with a higher disposable income.
Kenya’s total entertainment and media industry was worth US$2.2 billion in 2015 and is expected to be worth US$3.3 billion by 2020. Internet access again will be the main contributor, if not as dominant in Kenya as in Nigeria, accounting for 43% of the total market in 2020.
Five Key Shifts Emerge Amid the Continuing Disruption
As these high-level trends play out, our research has pinpointed key shifts occurring in each of five dimensions of the entertainment and media landscape: demography, competition, consumption, geography, and business models. Simultaneous and interrelated, these five shifts influence and play off one another. They should serve as a serious call to action for both industry incumbents and new entrants to seek out growth opportunities in markets worldwide.
Shift 1. Demography: Youth will be served
Our analysis of national entertainment and media markets globally reveals an almost perfect correlation between the relative size of the under-35 population and growth in entertainment and media spending—confirming that younger consumers are now the primary drivers of global growth. Our analysis of total entertainment and media revenue growth in the world’s 10 youngest and 10 oldest markets in demographic terms reveals that, on average, entertainment and media spending in the 10 youngest markets is growing three times as rapidly as in the 10 oldest markets.
Shift 2. Competition: Content is still king
In a world where Netflix can launch in 130 new countries in a single day, it’s easy to assume that content is becoming more globally homogeneous. But the reality is that content is being redefined by forces of globalisation and localisation simultaneously—and that while much of the industry is growing more global, content tastes and cultures remain steadfastly local.
Shift 3. Consumption: The joy of bundles
The ability for consumers to design and curate their own media diet has been one of the most powerful trends to emerge in the industry. But the bundle is far from dead, with video and cable incumbents—which were initially slow off the mark—now fighting back by offering their content on an integrated omnichannel basis, on TV, laptop, tablet, and smartphone. As take-up of these new-style bundles grows, we believe the bulk of digital OTT mass-market services will gradually be reabsorbed into aggregated offerings that will echo the traditional analogue-style bundle, but that will be more flexibly priced and available on a full range of devices. When this happens, the competitive battle may move up a notch, as cable, technology, and telecom players fight over gaining access to distribution.
Shift 4. Geography: Growth Markets
Generally, entertainment and media companies had one set of expectations about developed markets (slow growth, low regulation, easier to access) and another about developing markets (rapid growth, high regulation, harder to access). But the dynamics are shifting rapidly as disruption pushes markets to develop in different ways, meaning “opportunity” economies—even within the same region—can display significantly varied growth patterns.
Shift 5. Business models: Transforming with trust
Today’s entertainment and media market includes technology companies racing to become hybrid content companies, and traditional publishers evolving the other way to emerge as hybrid technology companies. This underlines how the growth of technology and digitisation is acting as a centrifugal force—breaking up existing relationships; pushing large, generalist entities to give way to smaller specialists; and allowing smaller, nimble competitors to beat out incumbents. For incumbent advertising agencies, this opens up an opportunity to reorient themselves to become invaluable to markets, by bringing together programmatic capabilities, analytics, data aggregation, and native content to create the new “super” agency.
Lagos State Chapter, the flagship branch of the Nigerian Institute of Public Relations (NIPR) is set to host Digital PR Summit for communication and media practitioners aimed at deepen their skill-set in the new media.
The Lagos Digital PR Summit is in partnership with Microsoft, Google, Trend Watching, Red Media Africa and other leading corporate and digital marketing communication firms in Nigeria. The summit will hold at the Nigerian Institute of Management, Lagos on Wednesday 19th and Thursday 20th, October 2016 with the theme: New Media: Public Relations Practice in Networked Communities.
The Summit is targeted at Generation X and Millennials from diverse sectors. These individuals will converge to learn new insights about digital public relations in a technologically driven world. Presenters at the Summit will share practical knowledge on deploying, integrating and using social media Apps and tools to connect, inform, engage and evaluate campaigns in line with specific business goals.
Speaking on the Summit, Chairman, Lagos State Chapter, Nigerian Institute of Public Relations, Olusegun McMedal said, “The Lagos Digital PR Summit is focused on achieving collective intelligence with a view to sharpen the skill set of communicators with high-level digital media strategies, tactics and how-to’s so they can do their jobs better, train their teammates, and lift their campaign results on social media”.
He added that the Summit aims to familiarise communication practitioners with ever changing Social media landscape and preparing them to change with it, exploring and expanding their reach and tie digital communications efforts back to the bottom line. According to him, Social media, when used correctly, can be an executive marketing tool, a global media for PR practice and a resource to garner consumer and competitor intelligence.
The Nigerian Institute of Public Relations (NIPR) is the umbrella body of professional Public Relations practitioners chartered to regulate as well as direct its development and the practice. It has Chapters in the 36 States of the Federation including the Federal Capital Territory.
International Committee of the All Africa Music Awards (AFRIMA) has signed a partnership agreement with Felabration 2016; the aim of the partnership is to bring more excitement to the yearly event met to celebrate the late music maestro and Afrobeat creator, Fela Anikulapo Kuti.
The Associate Producer, AFRIMA, Ms. Adenrele Niyi stated that AFRIMA will fully partake in the event which theme is “Everybody Say Yeah Yeah”. The participation includes the first event, the Senior Secondary Schools Debate, which holds on Wednesday, October 5, and from Monday, October 10 when the week-long festivities commence with music and other side attractions. Winners at the school debate would benefit from the Educate-A-Child endowment, the organization’s Corporate Social Responsibility (CSR) drive to raise the standard of education in Africa.
“We are set to replicate this commitment to education in Nigeria by donating prizes in the form of educational materials and equipment to both participating schools and winners at the Felabration 2016 Schools Debate. Our goal is to encourage young people that education is rewarding and to show that learning will help them understand and take pride in their cultural heritage. Remember Fela won the 2014 AFRIMA Legend Award which tells you that we are proud of Fela Kuti’s achievements and legacy as a music composer and artiste. Naturally, we are excited to be associated with a brand that celebrates artistic excellence as AFRIMA does.” Niyi disclosed.
Founder of Felabration and daughter of the late music legend, Yeni Kuti thanked AFRIMA for the gesture and urged more organizations to emulate AFRIMA.
“We are delighted that AFRIMA will be participating in Felabration 2016 starting with the school debate; it’s been a challenge hosting this school debate and to have AFRIMA come in through the Educate-A-Child CSR is a relief. Each year, the debate has been very interesting and the schools and students benefit greatly in terms of exposure to new knowledge and the opportunity to increase the educational materials available for learning.” Ms. Kuti added that the topic for this year’s debate, “Reparation: Yes or No?” will challenge the students to delve into African history and learn new things about their heritage. “We want to keep Fela’s love of culture and learning alive among young people,” she said.
Guinness Nigeria has received a $95 million loan from its parent company, Diageo to help it cope with dollar shortages caused by a slump in crude prices in the international market and the effect of economic recession in Nigeria after it declared N2bn loss after tax.
The company announced its first set of results early this week, the results combined sales from both beer as well as International Premium Spirits (IPS) like Johnnie Walker and Baileys, following its acquisition of distribution rights from its parent company, Diageo in January this year. The company reported revenues of N102bn in its financial results for the period ended June 30 2016 resulting in an overall Loss After Tax of N2bn when compared to the same period last year.
Speaking on the results, Peter Ndegwa, Managing Director/Chief Executive Officer, Guinness Nigeria Plc said that the combination of a tough economic environment and challenges with naira devaluation had a significant impact on Guinness Nigeria’s overall performance. “Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the effect of FX policy and the devaluation of the Naira. When you take out the impact of the latter, our underlying performance for the year was broadly in line with the prior year in spite of the pressure on the top line.”
Babatunde Savage, Chairman, Guinness Nigeria Plc, said: “Despite the continuing deterioration in the operating environment, the Board is pleased to note that our core brands of Guinness FES and Malta Guinness are in growth and we now have a strong participation in the growing value segment of the market through Satzenbrau and Dubic. We have also started to see early signs that our decisions to acquire the distribution rights in Nigeria to the International Premium Spirits brands of Diageo and to invest in local capacity for spirits manufacturing are the right ones for the business.”
In January 2016, Guinness Nigeria acquired the distribution rights for Diageo, its parent company’s International Premium Spirits (IPS) like Johnnie Walker, Ciroc and Baileys in Nigeria. Also in the course of the financial year, the company acquired the rights to distribute brands from India’s United Spirits Ltd (USL) for brands like McDowell’s whisky. Guinness has also announced an investment of GBP12m into its Benin plant for the manufacture of mainstream spirits, locally produced spirits that are offered at a lower price point when compared to imported spirits.
Ndegwa continued: “Following the acquisition of distribution rights for IPS and USL brands, we are the first and only total beverage alcohol (TBA) business in Nigeria offering the widest range of drinks – from adult premium non-alcoholic drinks (APNADS) to lager, stout, mainstream spirits and IPS. This puts us in a great position to continue to offer consumers quality brands, giving them a choice at every category and price point.
“Additionally, innovation continues to be a strong platform for us, we have a highly successful track record with about 60% of our beer and non-alcoholic business now comprised of innovation products launched in the past four years. So innovation continues to be one of our competitive advantages in this market and we have a strong innovation pipeline into F18”
“This is testament to our intention to continue to invest behind growing the Nigerian market for both beer and spirits. Despite the economic headwinds, we continue to be deeply committed to doing business the right way being guided by our Code of Business Conduct ensuring that we engage, in the right way, with everyone that comes into contact with our company.”
Toshiba Global Commerce Solutions has incorporated the latest 6th Generation Intel® Core™ processors, including the i5-6300U processor with Intel® vPro™ technology into its TCxWave™ point of sale (POS) systems. A new preloaded option includes Windows 10 Internet of Things (IoT) innovation.
Incorporating Intel and Microsoft technology into the next generation of Toshiba devices allows the retail store to stay ahead in providing an amazing customer experience with the latest features and security updates.
The award-winning TCxWave family adds standard format 14C, E4C, 145 and E45 models and wide screen 15C, E5C, 155, E55 models to harness the power of Intel’s leading 14nm processors, M.2 solid state drives (SSD), and DDR4 for performance up to 40 percent better than previous solutions. Storage options in all models include a standard 64gb SSD that can be upgraded to 128gb or 256gb.
Toshiba’s new TCxWave models, along with select existing TCxWave models and the TCx™ 300 and TCx™ 700 POS systems will offer a pre-loaded option with Windows 10 IoT to unlock new experiences for retailers including:
- Easy integration of retail peripherals with shorter rollout time
- Multi-language capability built-in to better support all geographical regions
- Features that help enable PCI compliance to better protect transactions and shopper data
- Latest operating system version that allows for agile technology
POS systems with the Windows 10 IoT pre-load will begin shipping during Q4 2016.
“With the Windows 10 pre-load on our new Toshiba POS models, along with Intel processor innovation, our customers have the latest operating system and processor options to choose from across the retail industry,” said Gregg Margosian, Senior Vice President, R&D and Portfolio, Toshiba Global Commerce Solutions.
The Intel® vPro™ technology, designed to increase productivity and provide enhanced security protection, is available in select models across Toshiba’s portfolio of POS systems that include the Intel® Core™ i5 processor. Both traditional POS systems and kiosks with Intel® vPro™ technology can significantly reduce IT costs and complexities for retailers, while supporting the “what they want, when they want it” experiences that today’s consumers seek.
Walmart announced completion of its acquisition of Jet.com, Inc. The deal builds on Walmart’s strong e-commerce foundation and is intended to help accelerate growth and deliver a seamless shopping experience for its customers.
Walmart acquired Jet.com for approximately $3 billion in cash, a portion of which will be paid over time, and $300 million of Walmart shares, all of which will be paid over time. Walmart.com and Jet.com will operate as separate brands, while leveraging technology and talent across both entities.
“We’re thrilled to welcome the Jet.com team to the Walmart family and excited to expand the ways we serve our current customers and reach new customers online,” McMillon said. “Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save.”
With the close of the deal, Marc Lore, founder and CEO of Jet.com, now joins Walmart’s leadership team, serving as executive vice president at Walmart and president and CEO of Walmart eCommerce in the U.S. He will lead both Walmart.com and Jet.com, reporting to McMillon.
“I can’t wait to jump in and get started,” Lore said. “I’ll be spending a lot of time with the team in the coming weeks and months focused on scaling Walmart.com and Jet.com, building on our solid foundations. Together we will be stronger and move even faster to reimagine the future of shopping.”
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 260 million customers and members visit its 11,527 stores under 63 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2016 revenue of $482 billion, Walmart employs more than 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
Jet is among the fastest growing and most innovative e-commerce companies in the U.S. With best-in-class technology that rewards customers in real time with savings on items that are bought and shipped together, Jet reached $1 billion in run-rate Gross Merchandise Value (GMV) and offered 15 million SKUs in its first year, relying on a select group of more than 2,400 retailer and brand partners tailored to create an attractive and distinctive assortment for consumers. Jet has a growing customer base of urban and millennial customers with more than 400,000 new shoppers added monthly and an average of 25,000 daily processed orders.