Business

How to market your business online for maximum impact

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There are Two key ingredients important for a successful business. They are good product and good marketing.
Good marketing involves doing both offline and online marketing.
In this post I will be sharing some of the secrets of online marketing with you.

  1. Online retail platform
    You can promote your product online by listing it on online retail stores.
    The popular online retail stores we have in Nigeria are Jumia, Konga and jiji.
    All online retail shops have terms and conditions you will need to respect and obey.
    And All you’ll need to do is upload your product, they list your product on their store and people will begin to see your product which will lead to sales.
  2. Facebook ads
    Promote your business on Facebook, it is very effective but you also need to follow their terms and conditions because if you go against it, your account can be banned.
    Facebook allows you to use videos, animation, images, slides and text for your ads.
    You should try different combinations to see the one that works for you and you can then stick to it.
  3. Instagram ads
    You can decide to do Instagram ads only and the different types of placement we have are newsfeed and story.
    You can also do both Instagram and Facebook ads together. Both platforms have several tools that can help your online marketing.
  4. Search Engine Marketing
    The 2 popular search engine sites we have in Nigeria are Google and Bing.
    These two allow customers to advertise on their search engine by making their posts visible to clients searching for keywords related to the post.
    The reason you are appearing at the top of the page is because you’ve paid for ads with the search engine company.
    Most people use Google ads You can decide to use both Google ads and Bing ads or you can just use Google ads only
  5. SEO
    You can also do SEO marketing which is almost similar to the search engine marketing.
    In this case your posts will appear during keyword search based on how relevant your site is to the keyword and not because you paid for ads.
    SEO also takes more time when compared to search engine marketing.
    SEO has to do with popularity and credibility of your website (how other sites are linking to you), this will help the search engines determine how relevant your website is.
  6. Sponsored ads on Blogs and forums
    You can also promote your business online by doing sponsored ads on popular blogs and forum
    When doing sponsored ads on blogs or forums you should try and get their details because it wouldn’t make sense for you to invest your money in a blog or forum with low or no traffic.
  7. Blogging
    Blogging is something every business should try, if you are not blogging yet then you are missing something.
    A blog portrays you as an authority in your field and it will attract customers to you. It will give you that leverage of becoming a consultant to your audience.
    A blog can be used to share your own opinion about issues and that is why it is so cool because you don’t have to post on topics based on everyone’s opinion, you can actually come up with your opinion about a topic and share it with your audience.
    When you use blogging as a marketing strategy then you should try to post on your blog regularly because the mistake a lot of people make is that they publish a post and wait for another 3 months beforee they publish another post.
  8. Twitter
    You can use twitter to promote your business online
    Twitter also works for businesses as well because tweets also get indexed on Google, so that means if you have a trending tweet, it can appear on Google.
    Twitter also allows to promote your account and your tweets, so it is also a good platform to promote your business online.
  9. Digital marketing agency
    Digital marketing agencies are around and they can help you manage your online marketing relieving you of the stress of trying different online marketing strategy.
    These agencies can help you get the results you need because they have experience doing online marketing and they know what works and what doesn’t work and they can guide you to getting the right result.
    Don’t just choose any marketing agency to help you promote your business, you should make sure they have the interest of your business at heart and are willing to help your business grow.

Prosperous business (es) has as its strength MARKETING. Marketing is the heartbeat of every business. For you to grow your business you need to market-advertise it and be consistent.

Business

Kylie Jenner, a big name in the cosmetic world.

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According to Forbes, Kylie Jenner was named the world youngest self made billionaire in the world until lateron when controversies began to surface on the internet about her net worth. No doubt, Kylie Jenner is still very wealthy. She is a celebrity and business mogul.

Kylie is an American business woman in the cosmetic world. She started out in a reality tv series with her family titled, “Keeping up with the Kardashians” . Her siblings are; kourtney Kardashian, Kimberley Kardashian, Khloe Kardashian, Rob Kardashian and Kendal Jenner. Her mother a business woman, Kris Jenner never missed a moment to show her utmost support for the brand, Kylie cosmetics .

The young billionaire however did not conclude her high school before launching her cosmetic company, “Kylie cosmetics”.

Today, her net worth is about $900million as the demand of her products is really huge.

Business

Exchange rate weakens as dollar supply continues its decline.

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Forex turnover dropped by 37% as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N386/$1 during intraday trading on Wednesday, September 30.

In contrast, the naira appreciated against the dollar, closing at N465/$1 at the parallel market on Wednesday, September 30, 2020, as the pressure on the forex market dropped due to independence day activities.

Parallel market: At the black market where forex is traded unofficially, the Naira appreciated against the dollar to close at N465/$1 on Wednesday, according to information from Abokifx, a prominent FX tracking website. This represents a N5 gain when compared to the N470 that it was exchanged for on Tuesday, September 29.

Currency developments

  • The local currency has strengthened by about 7.8% within the last one week at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $250 million to BDCs since the resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has failed to sustain the initial gains made, after the CBN announced plans to provide liquidity.
  • BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
  • We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market.
  • There has been a drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure, and creates a volatile situation in the foreign exchange market.

NAFEX: The Naira depreciated against the  dollar at the Investors and  Exporters (I&E) window on Wednesday, closing at N386/$1.

  • This represents a 25 kobo drop when compared to the N385.75 that it exchanged for on Tuesday, September 29.
  • The  opening indicative rate was N386.59 to a dollar on Wednesday. This represents a 9 kobo drop when compared to the N386.50 that was recorded on Tuesday.
  • The N386 to a dollar is the highest rate during intraday trading. It also sold for as low as N380/$1 during intraday trading

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window, declined by 37%  on Wednesday, September 30, 2020 .

  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $120.51 million  on Tuesday, September 29, 2020, to  $75.83  million  on Wednesday, September 30, 2020.
  • The CBN had in the past few weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The drop in forex supply reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • According to Reuters, the naira could weaken at the black market this week following the cut of interest rate by the CBN after the MPC meeting to boost credit as it works to stimulate the Nigerian economy that is heading towards a recession.

Business

10 possible lucrative business ideas

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  1. Food Vending.
    Food business is relatively lucrative. Believe me, everyone needs food to survive. Even the poor need food to survive. It is observed that one of the reasons some states did not encourage/support total lockdown during the heat of the pandemic was for people to have access to food and food items either in the market or in the farm.
    As interesting and as seemingly simple this business sounds, there are important steps to take before going into this line of business.
    a. Choose an area of specialization: You need to consider your food base business or your specialisation. It could be catering services, small chops, baking, restaurant, Ice cream production, fruit juice , parfait and mock tails etc.
    b. Conduct thorough research on your niche in your environment. This is equally important. You don’t want to own a restaurant where there is a scarce population. You don’t want to bake in areas where it won’t be appreciated.
    c. Ensure all your meals are irresistibly tasty. You shouldn’t trade this for anything. Everyone likes tasty meals.
    d. Package your service in a unique and trendy way. OMG!!! Packaging is very important.
    e. Make sure you always improve your service and you’re up to date on the current trends in your industry.
    Above all, retain your clients/customers, engage technologies and don’t stop improving your service delivery.
  2. Training Services
    Training services have been gaining ground over the years. You can start online classes for business coaching, soft skills, digital marketing, photography, product and services training.
    Before you start you have to do an inventory of the skill sets you do have and create a brand around it. Register your business legally and have the professional certifications for your fields.
  3. Blogging
    If you like writing you can start a blog. Currently, blogging is one of the most popular ways to make money. Blogging is the act of creating content for the web. You have to keep providing relevant content.
    There are different ways you can earn from your blog like: google ad sense, affiliate marketing, sponsored post, banner ads, etc.
    There are some important steps to take before going into this business:
    a. Choose a name that reflects the niche you want to consistently blog on.
    b. Get a domain name and web host for your blog or join a blogging platform
    c. Launch your blog and start publishing.
  4. Poultry Farmer
    Poultry farming has over the years become one of the most lucrative businesses to start . You can rear different kinds of domesticated birds like chicken, ducks, and turkey for the purpose of producing meat, eggs, and feathers.
    You will need to choose the type of poultry farming to engage in.
  5. Make-Up Artist
    Make up artistry has become one of the most lucrative businesses in this time and age. If you can create magic with make-up kits, then this could be the best business for you. This is the best time to start your own cosmetic brand as there are always parties to attend and there are no shortage of people seeking good make up artists and make up products.
    To successfully build your business you need to build relationships with this kind of people. You can also partner with wedding oriented businesses like bridal shops, caterers, wedding consultants, and the likes.
  6. Fashion design
    The fashion design business has become a goldmine. So if you have a talent for designing clothes or knowing the next trendy outfit this business is definitely for you. To succeed in this business you need to find a niche study who your clients are going to be, set the right prices and make yourself visible both offline and online.
  7. Photography
    Photography has become more popular in recent years. If you’re good at taking pictures and want to get paid to do so this business is for you. There are lots of weddings, birthdays, pregnancies and social events going on and a lot of people want to keep these memories alive and pictures help them do that. There are important steps to take when venturing into this business:
    a. Decide what type of photography you want to go into
    b. Develop a business plan.
    c. Buy your necessary equipments
    d. Register your business legally
    e. Star taking pictures.
  8. Wig making
    The hair business has been around for quite a while now. And is one of the lucrative businesses. Nowadays, you can hardly find a woman who does not own a wig or two. To get into the wig business, whether as the producer or reseller, you should at least have a little experience with hair. Most hair businesses who buy from the real suppliers get a 100% profit. This makes the hair business a very lucrative one to venture into.
  9. Beauty services
    As the pressure on women, especially women in Nigeria, to look perfect keeps mounting, beauty service is a good business to venture. The beauty industry is also a very large and varied one so you can pick a particular niche you are experienced in. Some of these niches are as follows :
  • Manicure and Pedicure business
  • Cosmetic Store
  • Spa business
  • Skin Clinic
  • Beauty blog
  • Tatoo business
  • Eyelashes and nail studio
  • Beauty consultant
  • Perfume production

10. Thrift Store or thrift clothes
This is another name for “second hand wears”. In this country, there is a popular belief that used materials last longer than new ones.
Although government policy does not favor most importation businesses any longer, you are sure of recouping your investment from this fast-growing business within a short time. Sales of “Okrika” wears is a lucrative business idea in Nigeria with small capital.

More to come…

Business

Nigerian Electricity Regulatory Commission Suspends Electricity Tariff Hike

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The Nigerian Electricity Regulatory Commission has finally issued an order suspending the September 1, 2020 hike in electricity tariff for two weeks.

The commission’s suspension order of the Multi Year Tariff Order 2020 signed by NERC’s Chairman, Prof James Momoh, was released on its website on Wednesday.The suspension is in line with the agreement reached with the organised labour on the suspension of strike over the hike in electricity tariff and increase in pump price of petrol on Sunday night.

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