Steve Babaeko says the industry wants a redesign
Over the past decade, advertising has taken several unprecedented turns. The disruptions caused by digitization, generation, and unnatural incidents in practice as we knew it have been immense. effect on the way advertising is practised on a global scale.
We continue to witness how ever-changing virtual inventions are driving the world’s largest advertising corporations to struggle to adapt and adopt new methods to succeed in consumers. and socialize in virtual spaces.
Nor can we forget how much the Covid-19 pandemic has added to the dynamics of our practice. Digital streaming reigned ideally as consumers stayed at home and committed to watching more videos and other media consumption bureaucracies, which require moves to meet them where you feel most comfortable.
It deserves to be transparent now that advertising has become more complex than ever, as it’s not unusual to expect that we haven’t yet noticed the newest of those types of disruptions, virtual or otherwise. These signs explain why this is a special time. in the history of advertising to forge and introduce strategic adaptations that will keep us one step ahead and mitigate the effect of possible interruptions in the future.
One exceptional thing we want to keep in mind when devising viable methods to deal with the specific demanding situations presented through those radical changes in our industry is how the customer market in Africa continues to develop.
Africa, with a market of 1700 million people, is one of the fastest developing customer markets in the world. Consumer spending on the continent has grown at a compound annual rate of 3. 9% since 2010 and reached $1. 4 trillion in 2015. This figure, for eco McKinsey
Of this market size, the young population in Africa constitutes a significant number. Young people make up 60% of the continent’s population according to UNESCO. By 2030, there are expected to be 350 million young people between the ages of 15 and 24 on the continent.
Due to its nature, finding methods to satisfy this demographic is a more complicated task year after year. Compared to ten years ago, the younger generation, which has access to the newest technological equipment and data at lightning speed, reacts and consumes differently. The call and association of young consumers with brands that care about their tricks means that you have even more application to get to know them, know their interests and desires and constantly expand methods that fit their needs.
Therefore, serving a network of consumers in a multichannel world requires the adoption of wise virtual tools, the adaptation of informed social data and verifiable data, as well as deeper psychology.
These rapidly becoming market dynamics explain why the way we promote it wants to evolve. Companies like Apple, Dunkin’, Tupperware and Domino’s that until now expected the need for the evolution of advertising have done so either by making new changes or by converting brands altogether. .
However, it should be noted that, by adopting new advertising tactics to meet customer demands, companies want to get it right.
The global will that, in its attempt to reorganize its service for consumers in 2013, Yahoo!it has come under intense public scrutiny and sharp complaints for failing miserably in its attempt to rebrand itself with poor quality replacement of its logo. The failure of the rebrand in the end resulted in the loss of burdens of millions of dollars a year in advertising revenue.
For X3M Ideas, our knowledge of the existing truth of the advertising industry in relation to the young customer base in Africa ignites our preference for delivering answers that meet the demands of brands and customers as we move on to the next chapter.
After 10 years of being a comprehensive marketing communications company, one hundred percent driven by ideas and built on partnerships that, subsidized through a forged strategy and exclusive thinking, seek to deliver maximum effective results, we are adopting a new proposal called ‘Find X’.
Our adoption of this unprecedented actionable framework aims to provide unique responses to the changing demands and behavior of consumers in the advertising landscape. By design, our new Finding X framework, categorized into an adaptable formula A, B and C, will place products and needs to provide existing and long-term consumers with competitive merit and advanced global advertising practices.
With Finding X, our purpose of redefining the way advertising is practiced and perceived in Nigeria and Africa remains. Except this time, we will push our strategy of reading and consumer understanding. We will further expand our success through virtual and interactive media. the media, and measure the effect of each of the crusades for further improvements.
Strategically, the importance of the Finding X frame is what inspires a new brand of our website, with the X in the X3M emblem now more pronounced than ever.
So, what is our X?What logo values do we intend to communicate?And what is our modus operandi for the next decade?The answers are there.
The X in X3M represents many things. The Unknown: X files; the hidden treasure – X marks; the position and; the magic ingredient: the X factor. We can use it in all those ways. And locating X is equivalent to locating gold; the gold of customer engagement. The discovery tool will allow us to place the X for our existing and long-term customers in the representation of their brands, products and thus give them a merit over their competitors. This is a logical step, supported through studies and wisdom of human behavior, to reach spaces of concepts expressed to each brand.
This framework will also become a unique style for advertisers in Africa and beyond to maximize the prospects of the continent’s customer market over the next decade.
In 2020, the COVID-19 pandemic caused the African advertising market to contract by about a quarter according to market research data. Africa was also the world’s smallest regional advertising market in the era with an investment of $5 billion after ad spending on the continent fell. more than 23 percent, up from $6. 52 billion a year earlier. Projections point to positive but low expansion rates on the continent in the coming years, and the decline is unlikely to be replaced anytime soon.
Understanding the dynamics of the conversion market with respect to customer engagement and satisfaction and designing methods tailored to their wishes will provide a sustainable path to buck the trend in a short period of time.
Babaeko, Director of Advertising and Music, is the founder of X3M Ideas
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