Digital Marketing Strategy and its Effects on Sales – Business Post Nigeria

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Businesses that implement a digital marketing strategy into their company strategies, according to Google, have a 2.8x greater revenue growth expectation and a 3.3x higher possibility of expanding their business and, as a result, their staff.
In other words, if you’re not using digital marketing, you’re missing out on a significant chance for lead generation, conversion, and sales growth.
Lead generation and digital marketing are inextricably linked, and unlike traditional marketing, every lead created by this activity can be traced back to the digital marketing channel from which it originated.
Digital marketing is also less expensive than traditional marketing, lowering your company’s cost per lead and emphasizing the need of having a well-defined digital plan.
In this article, we provide you with numerous digital marketing strategies you can employ to increase sales in your business
Personalize it
You may tailor your marketing efforts to meet where your target audience is in the purchase cycle by preserving lead data and keeping an eye on each lead and their engagement with your company. This allows you to personalize your message for each customer based on their buying intent, resulting in a more personalized experience with your company.
This allows you to personalize your message for each customer based on their buying intent, resulting in a more personalized experience with your company.
You may customize your shopping experience in a number of ways, including:
    Email campaigns that are both automated and personalized
    Adapting your business message in emails or remarketing efforts to the stage of the buyer’s journey
    Create useful, high-quality material that is tailored to their individual needs and interests.
You can make your audience feel valued and understood by personalizing the customer journey, which will help you engage with them on a deeper level.
Keeping your company top-of-mind, as well as cultivating loyal customers and an active online community.
Pay-Per-Click (PPC) Advertising
Paid advertising is an effective technique to create leads rapidly because it allows you to target people who are actively looking for your specific services, guaranteeing that you are focused on leads with the best conversion potential.
PPC can also be used to capture leads that are interested in knowing more about your product or service but are farther down the sales funnel. You may then capture their information through forms on your landing page and nurture those leads with tailored email marketing and targeted social media efforts.
Social Media Marketing
Marketers may use social media platforms like Facebook, Instagram, and LinkedIn to reach a highly focused audience while gathering data and gaining lead information at the same time. These advertisements are known as lead generation campaigns, and when done correctly, they may help you not only develop your online community but also significantly raise your sales.
Because you can target a specific group with social media marketing, your leads are more likely to turn into paying customers. You can reach the right audience with the right message at the right moment-using demographics, likes, and dislikes.
Chatbots
Chatbots play a vital role in assisting your sales and marketing teams in communicating with customers and prospects. Salespeople and customer service teams are often busy, which means they aren’t always available right away-a problems that Chatbots solve. Chatbots on your website allow you to interact with your visitors in real-time.
This means customers won’t have to wait to speak with a representative from your firm to receive the answers they need. A chatbot will appear on your website and allow visitors to ask any questions they might have. With this option, you may automatically respond to inquiries through intelligent automation, moving the lead farther down the sales funnel which in turn leads to more sales
Local Search Engine Optimization
The process of getting your website to rank in the search engine results pages is known as SEO, and it is something that all businesses should invest in if they want to reach their target audience when they are actively looking for your services. Local SEO is also an important aspect of optimization, and in 2021, it will provide a wonderful potential to increase sales.
Users will see your listing at the top of the search engine results, and they typically utilize this search tool to find local businesses.
By claiming your space online, you will help your business appear in local search results, resulting in more quality leads and increased sales.
Digital Sales and Marketing Walking Hand in Hand
Every possible digital marketing plan is very simple to manage and monitor, allowing you to track your actual sales outcomes. With this kind of data, you can generate a steady stream of high-quality traffic that can be converted into leads.
This article was written by Lead Web Praxis Media Limited and can be reached via +2349039983860 or info@leadwebpraxis.com
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By Lere Ojedokun
On October 19, 2022, the Nigerian technology and innovation space, and in particular the tech-enabled startup environment, received a major boost when President Muhammadu Buhari signed the Nigeria Startup Bill (NSB) into law.
With the presidential assent, the Nigeria Startup Act (NSA 2022) came into effect, the principal objective of which is to further grow the country’s ICT sector which, according to the Minister of Communications and Digital Economy, Prof. Isa Pantami, contributes 40 per cent to the Gross Domestic Product (GDP) annually, with 18.42 per cent already recorded in 2022 alone.
He added that the new act – a joint initiative by Nigeria’s tech startup ecosystem and the Presidency, was aimed at harnessing the potential of Nigeria’s digital economy through co-created regulations and to emplace well-laid laws and regulations that work for all stakeholders in the tech ecosystem.
Pantami also said the act provides the legal and strategic framework for innovators to make their contributions to the country, stating that out of the seven unicorns in Africa, five are from Nigeria and that the market value of each unicorn is worth $1 billion.
In a nutshell, the intention of the Nigerian Startup Act 2022 includes recognition of legally incorporated tech startups 10 years downward, whose activities support the creation and incubation of innovations and tech solutions. It further seeks to provide an enabling environment for the establishment, development, and operation of startups; provide for the development and growth of technology-related talent; and position Nigeria’s startup ecosystem as the leading digital technology centre in Africa.
To achieve the intended objectives, the act makes provisions for the establishment of a startup seed fund; tax incentives for startup businesses, new employees and angel investors, accelerators, and venture capitalists; training and capacity building support; as well as facilitating smooth working relationships between startups and relevant government agencies.
Startups under the Nigerian Startup Act 2022 are defined as any company in existence for not more than 10 years, with its objectives being the creation, innovation, production, development, or adoption of a unique digital technology innovative product, service, or process. This definition connotes that the Act will apply to tech-enabled startups, that is, companies like Alerzo, Kuda, Bamboo, etc that leverage innovations and technological advancements to solve operational issues or improve customer experience.
The new act, indeed, is a huge step towards addressing the yearnings of players and stakeholders for a more enabling operating environment. This is more so because, despite the huge socio-economic potential and benefits that digital innovations, products and services can offer Nigeria’s economic recovery and growth, the space is fraught with certain challenges.
For instance, McKinsey & Company in a report, Harnessing Nigeria’s Fintech Potential (September 2020), stated that Nigeria is home to over 200 fintech standalone companies offering fintech solutions, plus fintech solutions offered by banks and mobile network operators. The report added that the Nigerian fintechs raised more than $600 million in funding between 2014 and 2019.
Quartz Africa, however, lamented the high failure rate of Nigerian startups. It said a 61 per cent startup failure rate was recorded from 2010-2018 due to various factors, including poor infrastructure such as roads, inefficient electric power, inconsistent government policies, regulatory bottlenecks, over-saturation of startups in select locations, dearth of talent, high operating cost, funding challenges, etcetera.
It is gratifying also that tech-backed B2C and B2B e-commerce startups like Alerzo (AlerzoShop), TradeDepot, Omnibiz, Njalo etcetera are also among the principal beneficiaries of the new act. As an important driver of the digital economy, they also face similar challenges of policy inconsistency, lack of access to funding, exclusion from official foreign exchange window, high lending rate by commercial banks, high operating cost, poor supporting infrastructure, overlap in regulation by government agencies, multiple taxations and insecurity, amongst others.
The new act offers the much-sought political will towards addressing the challenges of tech startups. It is also an acknowledgement of the significance of tech-enabled startup businesses as enablers of national socio-economic growth, which e-commerce platforms are a part of.
Despite the challenges in the emerging B2B e-commerce ecosystem, the resilience of the segment as a significant contributor to the manufacturing and distribution value chain is never in doubt. Over the past years, operators have consistently invested in ICT infrastructure and human capital to impact the entire value chain – manufacturers, distributors and retailers – by enabling Factory-to-Retail distribution for consumer goods companies.
Nigeria’s informal retail market is estimated to worth $100 billion, yet faces peculiar challenges, including limited inventory, lack of access to finance for expansion, unregulated and clustered market, distance to market or supply source and high transportation cost, all of which increase the cost of operation.
Alerzo is prominent among the tech-enabled e-commerce platforms that are empowering informal retailers in the suburban and rural areas with the faster distribution of consumer goods using first-party relationship platforms, enabling manufacturers and top-tier primary suppliers to clear their inventory faster while it absorbs the burden of last-mile supply and delivery to the retailers. The new Act could enable it to do more when the cost of doing business is low.
During COVID-19 and post-pandemic, Alerzo helped to bridge the demand-supply shortfalls by leveraging its ecosystem of digital solutions and logistics platforms to empower informal retailers to access a wide assortment of consumer products with ease and faster from FMCG companies such as Flour Mills, Unilever, Nestlé, Procter & Gamble, PZ Cussons and Dangote at zero delivery cost to the retailers.
More angel investors, accelerators and venture capitalists partnering with B2B e-commerce platforms like Alerzo and others in critical areas such as logistics and warehousing services would mean more goods will pass through the supply chains faster to the consumers. Businesses will reduce their operating cost and increase profitability; more jobs will be created, economic wealth will be distributed to more people; quality of life will improve, while the economy will be significantly impacted.
The act, by offering incentives, provides a buffer for startup businesses like Alerzo to achieve stability or withstand macroeconomic headwinds. Incentives like pioneer status for tech businesses aged zero to 10 years in critical industries like technology and agriculture and possible tax holiday, up to between three and five years, are highly commendable.
Also, allowing startups to employ entry-level talent with no more than three years of post-graduation experience and offering income tax relief of up to five per cent of profit generated and Personal Income Tax relief of 35 per cent for two years for such employees can help them attract the right talents. Enabling angel investors, accelerators, and venture capitalists to enjoy tax credits, up to 30 per cent of their investment in a startup, can attract more investors into the segment.
The future of tech startups in Nigeria is bright, no doubt. McKinsey & Company, in the report cited earlier, revealed that Nigeria’s fintech ecosystem attracted $122 million, representing 25 per cent of $491.6 million total funds raised by African tech startups in 2019 alone, coming second to Kenya, which attracted $149 million. It noted further that Nigerian startups retained $1.37 billion of Africa’s $4 billion funding in 2021, showing that Nigeria has the highest volume of startups in Africa. Quartz Africa further affirmed Nigeria as hosting the most startups in
Thus, Nigeria Startup Act 2022 can be a stimulus to accelerate the growth of Nigeria’s tech startups to an enviable height in the not-too-far foreseeable future.
Ojedokun, a policy analyst and development advocate, contributes this piece from Lagos
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By Nneka Okumazie
Human civilization may have crossed the misinformation Rubicon. The threats that people fear, nuclear weapons, diseases, natural disasters, etc. may not be comparable to the foundation of destruction that misinformation has going.
Information is what drives people to do things, but there have been several attacks and decisions by misinformation in recent years. Propaganda used to be contained, slower or by authorities but has become a tool in the hands of anyone in a digital age that was supposed to mean progress.
No country with the internet is exempt. No one who knows or discusses with others who use social media is out of range.
Misinformation is becoming the staple diet in many circles, where they continue to attract others because situations changes, and many seek out those.
Human civilization is in an age of progress, but the misinformation threat renders things useless beyond what can be measured.
There are places in the world said to have more advancement than others but are under the weight of enormous misinformation with no end in sight. Things may be crashing beyond what can be salvaged, and risks are real for some who may become casualties of this misinformation.
Misinformation has erected walls in many societies between people. There are misinformation grips that guarantee zero harmonies between many.
Misinformation is not just an existing or static risk but an accelerating risk. There are risks the world faces that are gradual, with options for diplomacy, but with misinformation, it aces.
Misinformation bears doubt, deception, lack of fairness, etc., against values that built human civilization.
[Job 28:2, Iron is taken out of the earth, and brass is molten out of the stone.]
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International trade, over the years, has been recognised as one of the major factors in building global economies. Involving the movement of goods and services across national boundaries facilitates globalisation. As a vital part of a nation’s economic activity, international trade also improves a nation’s economic scale as well as its gross domestic product (GDP).
Being able to trade on an international level allows nations to obtain products they cannot produce on their own, thus improving the macroeconomic status of the country.
Despite the benefits of international trade, several barriers exist that hinder trade among countries. A few of them include linguistic and communication difficulties, unfavourable terms of trade, international liquidity problems, and import and export restrictions, amongst others. These challenges have continued to mitigate the economic development of underdeveloped and developing countries.
For Nigerian businesses, these challenges are highly problematic, as they encounter regulatory barriers, currency, and logistic concerns, thus limiting their negotiating power and hindering economic development.
Furthermore, communication difficulties have made international trade cumbersome. A good example is the trade relationship between Nigeria and China, one of Nigeria’s closest trade partners. Relations between Nigeria and China have expanded on growing bilateral trade and strategic cooperation but have not been fully optimised. China is also considered one of Nigeria’s important trading and export partners.
Regardless, communication barriers, trade deficits and restrictions have hampered trade and hindered opportunities that could be harnessed between the two nations.
To mitigate the impact of these barriers, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, recently held an African Trade Expo focused on providing solutions to these issues. Themed: Synergy for Growth, the expo featured a panel session and a masterclass.
The masterclass, featuring Seun Ogundolapo, Head, Trade, Transactional Products and Services, Stanbic IBTC Bank, centred on the opportunities to be harnessed in Nigeria’s untapped non-oil exports and solutions that ease trade offered by Stanbic IBTC.
Analysis from the masterclass revealed that total trade between Nigeria and Asia in 2020 amounted to N14.12 trillion ($37.15 billion), while the total import trade resulted in N9.81trillion ($25.81billion). Export Trade stood at N4.31 trillion ($11.34 billion), and trade balance is N5.50 trillion ($14.48 billion).
The session also addressed the opportunities in the agro-allied and agricultural sectors, with the facilitator speaking about agricultural produce and the export potential Nigeria has.
“Nigeria has an arable land area of 34 million hectares: 6.5 million hectares for permanent crops and 28.6 million hectares on meadows and pastures. Agriculture accounts for about 24 per cent of Nigeria’s GDP and is key in driving Nigeria’s development,” Seun said.
“From the National Bureau of Statistics (NBS) data, apart from aluminium alloy and urea, market results have shown that most Nigerian exports to China and other parts of the world in 2021 remained raw, unprocessed products like crude oil, cocoa, and sesame seeds.”
“Lack of value addition to the nation’s agricultural products has resulted in significant losses in earnings accountable to the country over the years. Agriculture is a worthwhile investment that could generate higher returns, allow penetration of a new, potentially high-value market, and create employment.”
According to Seun, “Stanbic IBTC offers the Africa China Trade Solutions (ACTS). We connect individuals to a Chinese trade agent to negotiate the best prices and trade conditions for our clients. Dedicated translators are available to facilitate trade discussions where required. Our Chinese trade agent connects businesses to the right suppliers, and we make exports seamless.”
During the masterclass, the Central Bank of Nigeria’s (CBN) RT200 FX policy was addressed. Seun remarked that the road to the $200 billion policy promises to be a great strategy to shore up the nation’s exchange rate and boost the foreign exchange reserves.
Associated with Nigeria’s international trade relations is access to finance and credit. Leveraging its global network, the Stanbic IBTC Africa China Expo 2022 showcased the financial services structured payment system as well as providing access to an array of the credit system to African importers.
He said: “The RT200 is a non-oil export proceeds repatriation scheme that is part of the apex bank’s effort to reduce exposure to volatile sources of FX and to earn more stable and sustainable inflows of FX into the country. With the increasing call for an alternative source of government’s revenue from oil, we are at the forefront of advocating Nigeria’s diversification from crude oil to the non-oil sectors.”
As Nigeria continues to seek increased synergy with its international trade partners, such as China, for economic growth and development, the Stanbic IBTC Africa China Expo 2022 remains a verifiable avenue for enhancing trade synergy.
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