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Digitizing the Nigerian Radio Broadcasting Industry As We Celebrate World Radio Day

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Today February 13, the world is commemorating World Radio Day. The day was proclaimed on 3rd November 2011 during the 36th General Conference of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

It was originally proposed by the Spanish Kingdom. The first procedure was in January 2008 by the President of the Spanish Radio Academy, Mr. Jorge Alvarez. The day, 13th February was chosen in recognition of the day the United Nations Radio was established in the year 1946.

Afterwards, in December 2012 precisely, the General Assembly of the United Nations (UN) endorsed the Proclamation of World Radio Day, thereby enabling it to become a day to be celebrated by all the UN Member States, agencies, as well as their partners.

Various radio industry bodies around the world have hitherto been supporting the initiative by encouraging radio stations in developed countries to assist those in the developing world.

Presently, the radio set seems to be the easiest and most affordable means of telecommunication. Until the invention of social media, it was widely regarded as the only handy medium for information dissemination.

It is the easiest, in the sense that most current electronic devices such as GSM among others have access to radio signals. Most affordable, in the sense that anyone regardless of his/her status can boast of an access to radio communication.

For instance, a portable radio set can currently be obtained at the rate of two thousand naira (N4000) in any local market in Nigeria, and the Direct Current (DC) battery, which could be used to power the said device, can be purchased at about two hundred naira (N200).

But a GSM, which could guarantee access to a certain social media such as Facebook, can never be obtained at less than five thousand naira (N10,000).

In most cases, it takes only Symbian phones such as Android, Phantom, iPod, iPhone and Blackberry for one to gain access to most recent social media like Whatsapp, Telegram, Twitter, Instagram, BBM and what have you, and such phones cannot be obtained at less than twenty thousand naira (N25,000) or thereabouts.

The television communication system is not left out in this analysis or comparison. In an average electronics market in Nigeria, a 14-inch television set is sold at about thirty thousand naira or above.

After purchasing the TV Set, the consumer still needs to obtain an outdoor antenna to enable him to boast of absolute clarity while using the device. Sometimes, he may still need to buy a Power Generating Set to aid power supply since there is no assurance for steady power supply anywhere in Nigeria.

This implies that another remarkable phenomenon to be considered while comparing a radio communication system with other means of telecommunication is that due to instability of power supply in most developing nations like Nigeria, acquiring information through the communication system in question (radio) has remained the only reliable means of telecom in existence.

On the other hand, considering other means of communications such as the print media, how many Nigerians can afford a  two hundred and fifty naira (N250) newspaper or a two hundred naira (N200) tabloid, as the case may be, on a daily basis, or even a five hundred naira (N500) newsmagazine weekly?

It’s needless to say that the print media is not just expensive to an average Nigerian but no doubt an exorbitant means of communication, compared to radio broadcasting service.

As the global society celebrates the annual World Radio Day, there is need for the totality of the Nigerian Radio Broadcasting industry to be overhauled. In this regard, the concerned bodies should as a matter of urgency, be mandated to switch over from the ongoing analogue broadcasting to digital broadcasting.

In view of this, the recent mandate of the Nigerian Communication Commission (NCC) in collaboration with the National Broadcasting Commission (NBC) in line with the directive of the International Telecommunication Union (ITU) regarding migration from analogue to digital broadcasting by all the broadcasting firms in the country, ought to be taken very seriously by the concerned authorities.

On their part, the members of the National Assembly are expected to enact a formidable law that would mandate the closure of any media firm that fails to meet the stipulated deadline as well as sanction anyone that attempts to return to analogue broadcasting in future.

The proposed law should also mandate NBC and other relevant authorities to ensure that provision of digital broadcasting equipment by any upcoming or intending media firm is a prerequisite to issuance of license to the company in question.

In addition, the Broadcasting Organization of Nigeria (BON) ought to in its capacity assist the government in conscientizing their members on the significance of digital broadcasting. Thus, they should at all times maintain a cordial relationship with the NBC with the aim of actualizing a totally digitized broadcasting industry in Nigeria.

The generality of the civil society is as well expected to follow suit in this sensitization crusade. Every relevant body needs to be holistically intimated on the innumerable benefits attached to digital broadcasting.

Yes, radio broadcasting service remains the most reliable and affordable means of communication in the world, but it is worthy to note that its reliability or affordability is liable to become a thing of the past if abused or if adequate attention is not given to the sector.

Why Do Nigerians Outperform Outside the Nation?

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President George Weah of Liberia has conferred the award of “Distinguished Service Order of the Republic of Liberia” on some Army officers from Nigeria. According to Mr. Weah, the officers were instrumental in developing the Armed Forces of Liberia.

You can scale this to Police, Law and other disciplines. In Gambia, everyone hailed the Nigerian who crafted their Constitution which seemed really great during one of their transition phases, after a president who lost an election decided not to leave office.

Simply, across all dimensions, Nigerians do great things outside Nigeria but when at home, it seems …. You see ENDSARS and the pains from the Police, yet the UN keeps giving the Police awards for exemplary service around the world. We see the military sometimes as not playing fair (cases in point: Odi, Orlu, etc) and yet Liberia is honouring them. We have a Constitution which everyone agrees is not working, yet a Nigerian crafted a really good one outside.

In a southern African country, a Nigerian is responsible for the stability of their currency. I met this guy in Kenya a few years ago (he goes with a local name of this country even though he is from Abia state). He has kept that damn currency stable, even when Naira keeps obeying unnecessary gravity.

What is the problem?

President George Weah of Liberia has conferred award of “Distinguished Service Order of the Republic of Liberia” on some Nigerian Army senior officers at the nation’s 65th Armed Forces Celebration.

The Director, Army Public Relations Officer, Onyema Nwachukwu, a brigadier general, in a statement on Saturday, said the award was in recognition of their outstanding contribution to the growth and development of the Liberian Armed Forces.

Mr Nwachukwu said that the Liberian President made the presentation during the 65th Armed Forces of Liberia Day Celebration held on Friday at the Barclay Training Centre, Camp Johnson Road, Monrovia, Liberia.

He quoted President Weah as saying that the Liberian government gave the awards annually to individuals whose outstanding contribution had significantly impacted the growth and development of Liberia, its armed forces and humanity.

Comment on LinkedIn Feed

Comment 1: The starting point is, if we deploy the same people doing all the exploits in other places here, will they be able to replicate same? It’s a difficult question to answer, because our terrain is different.

The second point is, can they get the level of support they get in those places here? A difficult question, because the level of distrust among various tribes is very dizzying, forget the noise and sophistry across social media, we can be a handful when special interests get into the mix.

As for writing a constitution, almost all the constitutions since 1960 had Ben Nwabueze’s fingerprints in them, how many legal luminaries out of continental Africa is finer than Nwabueze? So, give and take, we could easily get Africa’s finest to help us with workable constitution, but again, we are a handful…

The funny thing is that, all the people angling to lead Nigeria can’t really fix the land, because they are already compromised, that ethical blindness always weighs heavily when it comes to making a call that could transform a generation, meaning that they will chicken out.

Nigeria is not at the level where you tout ‘strong institutions’ as the solution, no, you need STRONG human, in character and moral excellence, not mean face.

Our Apologies – And An Accidental Marketing Lesson from A Broken Process

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Greetings. I sent an email to our members last night. If for any reason you did not receive it, please click, read and watch  the video. We apologize for the noisy session on Zoom yesterday. It was all my fault; I shielded myself from it as I spoke (my laptop was muted). I have made a new video, and merged with the portion where we recovered.

But interestingly, just making that mistake and releasing the Week 1  live session video to the public have resulted in a jump in registration! Possibly, some people have watched it and decided to join Tekedia Mini-MBA. So, there is a positive to this!

Indeed, we have picked a potential way to market our product: explore making all Week 1 public, including the courseware, cases, etc. The number of new registrations per 12 hours skyrocketed when we sent that apology email to global Tekedia Institute database.

Again, I apologize for the rowdy session last night.. We run many Zoom sessions here, and Eyitayo, Arinze and our team members have always delivered. But yesterday, I blew it. That will not repeat again.

 

https://youtu.be/fTxRR7fclik

 

Managing Startup Valuation At Pre-Revenue

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A key part of valuation is explaining your revenue model and potential financial growth, to bring in investors and partners to walk the journey with you. Part of this also includes your annual revenue at that point (even if you are not yet profitable). Now, what happens if you do not have revenue yet? How do you do a proper valuation of your business and present it in your pitch in the best way possible?

For pre-revenue startups, here are some things you can consider and maybe leverage when reaching a valuation for your business.

Leverage your management team

It is worth noting that the strength of your management team can reflect in your business valuation whether or not you have revenue yet. For instance, the presence of a COO that is known to have taken two or three startups from seed stage to IPO, on your team can carry the same weight as a healthy financial record. Remember that investors inject their money into your startup, not just because of how far it has come, but because of how far they think it will go and grow.
And if you have some individuals with strong antecedents on your team, the investors will see the business as having good potential. Keep in mind that valuation only gives a good estimate (by weighing several factors), not necessarily the exact value or worth of the business.
Data on Market trends and surveys

Even if you don’t have a product in the market yet, if you can get sufficient data on market trends that show your solution could be highly needed, then you have something. This is an indicator as to the market potential of your product or solution and can do a lot for you especially when you don’t have all the revenue numbers to crunch. Remember that investors do not only invest based on the milestones achieved but on the potential of what your product could become.

For instance, if you have sufficient data showing that there is a huge gap or challenge in a specific sector, that is costing them lots of money; and you also show how your product can solve that problem at a fee that they would be willing to pay, it will suffice in place of established revenue streams. This is more so for early-stage startups.

Realistic Financial projections

That you do not have revenue already should not be a reason to walk into any pitch without solid financial projections, preferably done by experts. If you have a solid solution and business, then experts should be able to come up with financial projections that can be both real and impressive. There is no need to exaggerate facts to impress investors. Keep in mind that those that are aligned with your business goals will not be afraid to put their money into it.

The point is that you can leverage on other things you have to make up for what you don’t. A proper combination of your management team, systems, realistic financial projections based on market trends, and so on, will do the trick for you. If you need to bend a little to accommodate that investor you want, without necessarily compromising your structure or overdiluting ownership, do it.

How To Make Your Potential Customers Buy More Of Your Product

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CUPERTINO, CALIFORNIA - SEPTEMBER 12: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)

Business is not a walk in the park, it demands you put in the required effort to ensure you get desired results. Aside from the desire to ensure that your products reach the hands of potential buyers, you must still put in the necessary efforts to ensure that your customers will always want to patronize you and buy more of your products. You need to give them a reason to always come back. You should note that the market is highly competitive and you must devise every means possible to ensure that your business gets patronized so that you can stay on top. You must give potential customers reasons why they should overlook the products of others and always come back for yours.

Here are five (5) ways on how to make your potential customers buy more of your product:

Target them before anyone else does: This is why you must always be on the lookout for those that need your products. This is one of the initial tricks to convince your customers to buy more. For instance, when you go to a marketplace in search of a product, you will often encounter sellers who rush to you to inquire about what you want. If what you are in search of is what they sell, they will hurriedly carry you to their spot before anyone does. 

Most customers these days show immense loyalty to a brand they found in the early stage. Therefore, if you give them a product or service they desire before your competitors, you will become their favorite and they will often like to patronize you. You must keep your market research constantly on, to stock products or services that your potential customers will want.

Create push notifications that will give your customers an alert every time you have something new in store. As stated by the experts behind clevertap, marketers can and should utilize push notifications to encourage engagement and retention. Push notifications help remind customers about discounts, sales, or any other offers that you may have available for them.

Create interpersonal relationships with them: If you do not know how to create interpersonal relationships with people who patronize you, I am not a harbinger of bad news, but you will struggle in business. Business is more than buying and selling, you need to create a relationship. I will give a personal example. I once went to cut my hair at a salon. The barber in charge just kept a stern look while he carried out his job. After he was done, I decided I wasn’t going to patronize him again because I felt uncomfortable in that atmosphere. A few days later, I located another barber. This one got his interpersonal relationship skills on the check. 

He always asked about my work and family. Often, we engage in topics concerning sports, football, politics, etc. I felt connected to him. I always patronize him because of the relationship he created. Having a deep personal relationship with your customers is one of the key factors that drive them to buy more and patronize you. It could just be you passing a simple compliment. Show them that you are not just interested in making sales, but you care about them. 

A report on Forbes suggests that brands that form a deep interpersonal connection with customers are 80% more likely to lead. If I want to break it down, I will say treat your customers like your friend and you will always have them coming back to patronize you. Giving your customers an interpersonal connection with your brand will convince them to always buy more from you. As trivial as it looks, it works.

Do Free Giveaways and Bonus: When you often do giveaways and bonuses to your customers, you will always have them patronizing you because they will feel the more they buy your products the more they stand a chance for more giveaways or bonuses. Giveaways drive one of the highest conversions for brands. If you tell a customer that if they buy 2 of your products they will be given one free. Trust me they will always want to buy more from you. 

A business that offers giveaways and bonuses is more likely to retain customers than those that do not. The point is giveaways drive conversion. The thought of getting something for free with just a little more investment convinces customers to buy more.

Share customer reviews/ testimonials: As far as your products are top quality, and your customers enjoy the experience they derive in using them, don’t do yourself a disservice by withholding the testimonials. According to a report, 95% of the customers read testimonials/ reviews before buying a product. Another report suggests that for every one-star increase in the brand’s review yelp, a brand gets a 9-5% increase in their revenue. 

Therefore, sharing customer reviews will definitely convince your customers to buy more from you. If it is an offline business, don’t fail to tell testimonies of how your products have been helpful to others. Share it with them by uploading screenshots of the testimonials.

Offer Extended Warranties: A warranty is a guarantee, issued to a purchaser by the seller, promising to repair or replace a product within a specified period. As a professional tool, warranties assure consumers against defective products that fail to perform satisfactorily over the warranty period. When you offer warranties to customers, this will instill in them a sense of trust and loyalty to your brand and they will always want to buy more from you.