Is Experiential Marketing Crafting the Narrative of Brands and Businesses?

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Introduction

 In a world driven by experience, consumers have become more critical about commercials and advertisements. This has made brands rethink their strategy of simply using traditional marketing communications to reach the hearts and minds of their consumers. Especially in this digital age, brands have to create long lasting impressions that engage, educate, intrigue and compel consumers through experiential marketing. But why exactly should brands include experiential marketing in their marketing strategy goals if they already have not?

 

Better Interaction with Consumers 

In today’s competitive marketplace, grabbing the attention of consumers has become more important than ever. Infact, research cited by The Telegraph points out that the average attention span for people has “fallen from 12 seconds in year 2000 to 8 seconds around the time the mobile revolution began”. This means that brand marketers have to focus on making lasting memories for consumers as much as possible. This can be done through live demonstrations, roadshows, festivals, creative sampling and so much more.  In 2015, MTN Nigeria broke new frontiers when they hosted the first ever “noiseless party” in Nigeria to re-launch its Music+ App digital music service. By giving attendees special headphones to explore the array of music on the all, the event turned out to be a one of a kind experience.

Just like MTN, more and more brands realise the importance experiential marketing. Locally, brands are reaching and connecting with their customers through a variety of events and activations.  One of such brands is Bournvita. Earlier on this year, the beverage brand held a sampling activation for their new formula product. Imagine offering customers very chilled cups of the cocoa beverage on a hot day? That relaxed feeling from the drink is one they would not forget. The engagement with the brand … Read More...

A snap shot of Banks’ Q1 profit

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Banks have recorded an uptick in profit, but the restriction the Central Bank of Nigeria (CBN) is about to place on government securities could cast a pall on future earnings.

Fees and commission income, reduction in impairment charge, and foreign exchange gains help compensate for a slow growth in gross earnings.

The cumulative net income of 12 largest lenders that have released first quarter results increased by 16.50 percent to N223.96 billion from N192.24 billion as at March 2017.

Drilling down the figures shows Access Bank recorded the fastest increases in profit, but Stanbic IBTC Holdings and Union Bank fell of the cliff as bottom lines shrank.

Lenders future earnings could be under threat as CBN moves to restrict their appetite for Federal Government Securities.

The Abuja based bank is set to roll out a comprehensive framework that would discourage the current high appetite by commercial lenders for government securities and encourage increased credit flow to the poorly-served productive sectors of the economy.

“The truth is that according to our own regulation, there is a particular minimum percentage of government securities that the banks must invest in to remain liquid, but again, we have observed unfortunately increasingly that banks rather than focusing on granting credit to the private sector tend to direct their focus mainly in buying government securities,” Emefiele said.

“The Monetary Policy Committee has frowned on that, and has directed the management of the CBN to put in place policies or regulations that will restrict the banks from unlimited access to government securities,” he said.

The first quarter financial statement of Nigerian banks shows profit has been growing at a slow pace while interest income on loans and advances and treasury bills shrank.

Analysts say it is practically difficult to turn on the … Read More...