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Home Blog Page 5329

The Need For Social Media In Business

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We live in a rapidly evolving world where things are constantly evolving, and it would be wise for one to move with the flow. Failure to move with these trends often leads to redundancy, stagnation, and loss of opportunities.

In this 21st century, the world of social media has extremely evolved with almost everything happening in there. Doing business in this era has become easy through the help of social media. Every business person/brand who is not utilizing social media for their business is selling themselves short. There is a need to take full advantage of social media for business because it is very helpful and has a  lot of advantages.

For businesses, Social media has created a way to send brand messaging to the right audience. Once a content is interesting enough to get people interested, it can traffic, massive sales, and long-term loyal customers. This is one reason why brands have to leverage the use of social media for business without dilly-dallying.

There are lots of benefits of using Social Media for Business;

  1. Faster and easier communication: One beautiful thing about putting a business on social media is that it brings about faster and easier communication. Customers can easily contact a customer service representative either to make a purchase or an inquiry. Business owners also get to respond to customers’ complaints faster than ever. Social media has made it easy for people to use social media platforms to keep in touch with those that matter most to their business.
  2. Great For Promoting Content And Creating Brand Awareness: With social media, promoting content for business has become so easy. Brands and businesses that always ensure to share valuable content with the right audience, will always stand out from those that don’t do it at all. Social media makes it easy for brands to show what makes their business unique. User-generated content is great for the reasons it engages the audience and creates brand awareness. The content created communicates a message and also persuades people to purchase products and services and stand out over their competitors. Creating high-quality content is very important to attract clients and create interest in the brand.
  3. Increase Website Traffic: Social media is very effective in driving traffic to a brand’s website of which all brands ought to have a website where they direct potential buyers. According to stats social media now drives 31% of all referral traffic. If people are interested in the type of content a brand dishes out on social media, they will likely be interested in knowing more about brands and their products thereby visiting the website.
  4. Tracking Of Competitors: The beauty of social media channels is that it enables brands to keep tabs of their competitors and also deploy the same tactics they have used that has generated so much sales. Trust me, there is so much to learn from the competition. Brands need to monitor how they are doing compared to their competitors. By doing so, they will know areas to improve and work on. Knowing how a brand stacks up against its competitors can provide insight into how each brand is perceived and who has the highest reach and share of voice on social media.

Conclusion

There is a need for every brand/business to have a social media presence because social media is the easiest and fastest way for a business to get through to its potential customers, get feedback and build customer loyalty.

Failure to do so will only lead to redundancy and stagnation of the business. Through social media, existing as well as potential customers, will have direct access to information about all of the critical updates and additions of the business.

Tekedia Capital Is Beginning The Next Investment Cycle; Join The Syndicate Today

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Tekedia Capital Syndicate is beginning the next investment cycle. We have amazing startups coming, covering most industrial sectors. We invite citizens, companies, investment clubs, etc to join – and co-invest in the empires of the future. We’re seeding the foundations of the next African economies through entrepreneurial capitalism. Startups in our portfolios have gone to Techstars, YCombinator, etc.

To join our Syndicate, membership (or four investment cycles) is $1,000 or N550,000 . You do not need to invest in all cycles.

Visit Tekedia Capital and join dozens of other members to own a piece of the great companies of tomorrow which are seeded today. Begin here and let’s join the rocket ship.

Huge Partnership with UNIZIK, Beat Early Bird Deadline for Tekedia Mini-MBA

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In case you missed it: Tekedia Institute and Nnamdi Azikiwe University Nigeria have signed a big strategic partnership. Read more here 

Also, Tekedia Mini-MBA continues registration for the edition beginning Feb 7. The 12-week program costs $170 or N90,000. Beat the early bird and unlock many early benefits including my books, Facyber course, and more. Register here.

Tekedia Institute offers Tekedia Mini-MBA, an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc by a global faculty coordinated by Prof Ndubuisi Ekekwe. It will run from Feb 7, 2022 to end May 7, 2022.

Great Service Will Unlock New Basis of Competition for Neobanks in Nigeria

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Ndubuisi Ekekwe Kampala Fintech award
Ndubuisi Ekekwe receiving award in Kampala . Uganda

The Nigerian banking sector seems extremely competitive. But that competition may not be deep if you see how banking is done in America. In other words, despite the competition for commercial banks in our land to get the next deposit, there is indeed a great opportunity for a neobank to deliver a new basis of competition on service delivery. This service delivery is not just responding to emails or complaints, but going beyond customer needs, expectations to perceptions.

Why am I writing this? Last week, I received an email where my US company bank was blasting introductions to companies, telling them that it has a great customer they need to assist on global shipping. I did not make that request but I did tell them when we spoke on Tuesday that I hate delays on our goods to Peru, Canada, Romania and other places where we ship things.

The delay was not their fault; it was custom related but the bank is doing all it can to fix that problem for us. In all the emails, it began thus: “Business sells farming electronic equipment to customers outside of the USA.”  

Now, think of it: can your bank help you fix the Apapa dreadlock? If not, can a neobank go ahead, identify some critical customer issues, and use its capabilities to help customers solve those issues? We’re an engineering company. We like designs. Logistics and delays at customs should not be our problems. I am happy the bank is helping to fix those for us.

Banking for the future will go beyond managing customers’ deposits: you need to vertically integrate into how the customers generate the cash.

A neobank that can deliver those other intangibles will win opportunities in Nigeria. Yes, structure the supply chain, assist on warehousing, etc, in addition to what banks do. And you do those things by making it clear that you know this customer. Our banks in Nigeria do not know us: they never demonstrate that because they have never offered any credit even though we have never asked. But the US bank uses algorithms to offer credits, adding a button on the dashboard in the app. If you click the link, the money will drop in 24 hours.

Essentially, they use the knowledge of your business to entice you to take credit without you even asking for it. They have memory and they simplify your frictions at scale. Doing those in Nigeria will open opportunities for neobanks.

Beyond Customer Need and Expectation, Perception is King of Market