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Tekedia Capital Syndicate Hits Big Numbers

By
Ndubuisi Ekekwe
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0

This is to thank members of Tekedia Capital Syndicate. Since we opened the window, we have received a commitment of close to $1.5 million. We have 36 hours to conclude this deal round. I want to thank you all for demonstrating that despite the paralyses in Abuja and Addis Ababa that Nigerians and Africans continue to #believe to build this nation, and this continent.

Innovators and Entrepreneurs: the bar is now very high but there is capital for those who have really great playbooks. Think how you can create a new basis of competition by doing something in new ways. Fix market frictions and solve problems which accelerate returns.  Believe in #Nigeria #Africa #yourself.

Firms: you run a mortgage business, pensions, microfinance, real estate, etc with an old age industrial business model where marginal cost suffers diminishing returns. At Tekedia, we provide a new path to reinvent traditional companies, turning them into companies with new genes.

Let me tell you one thing: there is a reason why Microsoft moved from a $336 billion market cap to $1.9 trillion in 6 years. There is a reason why Paystack was valued more than FCMB, Wema & Unity banks combined in 4 years. It is not just hardwork; it is ….

Tekedia Capital >> funding the NEXT Africa. This is our playbook.

Registration Ends Today For Tekedia Mini-MBA Edition 5 (Jun 7 – Sept 1, 2021)

By
Ndubuisi Ekekwe
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0

Registration for the 5th edition of Tekedia Mini-MBA ends today: Monday, June 21. Program is online, self-paced, and costs $140 (or N50,000 naira). Tekedia Mini-MBA is 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. Our programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

Click here and register.

Real Estate Marketing in an Era of Big Conversation Analytics: The Missing Links in Nigeria’s Market

By
Mutiu Iyanda
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Zenvus Boundary real estate

Day by day, it is obvious that businesses need to interact with existing and prospective customers using strategies. In the last two decades, new concepts, constructs and practices have evolved around sustainable communication of products and services.

This is clear when one looks at how the demographics and psychographics of prospective buyers and investors change every day. Fundamentally, the way real estate products are bought have changed. Our checks reveal that customers prefer message-based conversational communication channels. They want to engage marketers and brand managers in real time through live chat, Twitter and other social networking sites that make the inherent benefits associated with real estate products more conversational.

From the academia to industry, the submission is that real estate players need to key into conversational communication channels, which could help in generating big conversation data towards more value creation. Our analyst engaged Olusesan Ogunyooye, the Head of Marketing and Corporate Communications at Alpha Mead Group, a total real estate solution company in Lagos, on communicating and marketing real estate products in Nigeria in line with our recent research outcomes

What does it take Nigerian businesses to advertise real estate products and services in the digital space as the world continues to explore inherent benefits in emerging technologies and the new media?

The truth is that real estate products in Nigeria or any other country, like every other brand in the world, deserves and have a place in marketing communication. So I wouldn’t say it takes anything special for real estate products in Nigeria to explore any advertising space. The choice to advertise anywhere in the world is a function of the marketing strategy.  Having said that, we can talk about the general nuance of the digital space in Nigeria and the culture that drives the use and interaction with real estate advertisement there. What we have seen is an increase in real estate advertising, particularly as more people begin to use the digital environment. However, there are only few exceptional use of the digital space by real estate products or brands. What is largely obtainable are push advertising. Only few real estate products are using the digital space to tell their stories or build their brands. It’s always “come and buy” “come and buy”. And  the USP is largely on price.

For me, I’ll say what it will take for real estate products to harness the benefits of the digital space is to rethink our strategy. Tell our stories as brands, humanize our communication and create personality for our brand that the market can relate to.  There are still a lot of opportunities for the real estate marketing space to evolve and digital will definitely play a huge role in that space. Real estate companies must continue to improve their product-market fit both from a pricing and new product development point of view to help harness the market’s interests into effective demand.

Exhibit 1: Real Estate Market Composite Interest Index

Source: Google Trends, 2021; Infoprations Analysis, 2021

In our analysis of Nigerians and brands’ conversation on Twitter on real estate products and services in 8 days, we discovered that a significant number of the conversation focused on locations where individuals can build their homes and investors can invest in than selling homes, lands and companies’ capacity to deliver the promised value? What can you attribute as influencing factors and implications for real estate marketing?

First, we must recognize that real estate at the heart of it is a commodity. And location is everything. Also, there are loads of real estate companies, but only few have the capacity to  invest in defining their market and brand. So, what drive the market now is not where the investment is – which is location; it is how does the investment make me look.  For example, people who live in VGC hardly say they live in Ajah. People who live in Sangotedo will say they live at Lekki Pearl Estate.

While it is true that Real Estate (shelter) is essentially in the Maslow’s Hierarchy, it doesn’t have to be owned shelter. So in the real sense, buying Real Estate falls within the unrecognized need quadrant of the Maslow’s hierarchy. This explains to you why people are buying real estate product for the design, features and the pedigree of the developer than because of the locations.

Real estate is about location, but location is not the major driver of demand, particularly when it comes to buying. Location is just one of the things. The market has emerged. People like to talk about themselves and where they live, what kind of cars they drive, what school their kids attend or religion denomination they belong and where they go for holidays are all things, they talk about to give them that feeling of fulfillment or accomplishment.

So, it’s unfortunate that most real estate companies are still talking about location alone on social media. The market has moved from there, investors are now smarter and brand now plays a big role in the overall transaction mix.

Exhibit 2: Real Estate Components Conversation on Twitter by State

Source: Nigerian Twitter Community, 2021; Infoprations Analysis, 2021

During the days, the Internet Users had significant interest in knowing Commercial & Investment Real Property, Apartments & Residential Rentals, Property Inspections & Appraisals and Real Property Listing more than Property Management and Property Development. Do you believe that low content publication and conversation on social networking sites could be attributed to the insignificant interest the Users had in Property Management and Development? What would you suggest as solutions to the low representation of the areas in the digital space?

The issue you refer here is the general low level of knowledge about the real estate sector in Nigeria. So, we can’t attribute it to low content publication alone. There is a deliberate work that real estate organisations must do to bridge the knowledge gap in the space.  It just happens that content development and social media conversation are easy and low hanging fruits to address the challenge.

But the general issue is that real estate is not essentially as interesting or trendy as other asset classes such as bond, stock, et. Cryptocurrency is probably more complicated than real estate.But it’s tech. It’s trendy. In fact, you’re considered cool or savvy when you tell people you invest in crypto than real estate. Therefore, it’s a cultural shift in knowledge and the way the knowledge of each of the asset classes make people feel.

The way to address this is for real estate companies to appreciate that they are not competing against themselves. They are competing against alternative assets classes. When last did Real Estate trend on Twitter? But crypto trends almost every month.

So social media conversation and content publication are the place to start from. But there is the big question of how do we make the conversation trendy and drive interest of the digital natives. I’ll saying attention should be paid to content, not structure. How should we present the information about real estate, rather than what information should we present about real estate?

Our analysis also shows that the more people and businesses tweet messages that promote or market location, real estate companies and land the more people also seek information about them through the Internet. We found low interest in seeking information about price and investing in the market. What could you adduce for this disparity? What are the implications for the market growth?

I think the major disparity is what I describe as “willingness to pay” and the “ability to pay”. A lot of people want to own real estate. But very few have the ability to pay for it. So, the willingness is what drive people to find out more about the company, location, product and so on. But the size of pocket is what’s responsible for why the interest doesn’t translate to enquiries. There are a lot of factors responsible for the inability to pay. Chief of them is the economic situation and competing asset classes.

Exhibit 3: Share of Tweets in Share of Interest in Real Estate Components by State

Source: Nigerian Twitter Community, 2021; Google Trends, 2021; Infoprations Analysis, 2021

When you look out what you have to invest, even when you are sure that real estate is a more secure investment option, you ask yourself if what you have is enough to invest in real estate, and where it is, how liquid is the asset when you need quick cash. This is the major reason where there seem to be a lot of motion without movement in real estate demands.

NFTs Will Die Prematurely, Coinbase Cofounder Warns

By
Samuel Nwite
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0

Non-Fungible Tokens (NFT) has helped to buoy the blockchain frenzy, incorporating the art industry, giving artists a robust chance to increase their earnings with their crafts while protecting their patent.

Since March 11, when Christie’s auctioned off a digital collage of images, “Everyday’s—The First 5,000 Days,” created by Mike Winklemann (Beeple) for $69.3 million, a horde of artists, including Snoop Dogg and Paris Hilton, have jumped on the new market that has become another segment of the everyday crypto talks.

While the frenzy entices and welcomes more artists, concern has been emerging over its sustainability even with massive support of Silicon Valley elites. The concern stems not far from the cryptocurrency volatility, and now some experts think the NFT frenzy will be short-lived.

In an interview on Bloomberg TV this week, Coinbase cofounder Fred Ehrsam drew parallels between the rise of cryptocurrencies and the dotcom boom of the 1990s.

“I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years,” Ehrsam said. “You could say the same thing about early internet companies in the late ’90s.”

‘Ehrsam left his position as a Goldman Sachs trader in 2012 to combine his passions of computer science with gaming – and help set up Coinbase, the largest cryptocurrency exchange in the U.S. with Brian Armstrong. In 2017, he left the day-to-day operations at Coinbase to launch his own investment firm called Paradigm, also focused on blockchain.’

Now he thinks NFTs are no different than any other crypto project born out of the hype overnight, even though he believes, despite the recent crash in the crypto market, that cryptocurrency is truly “the next internet-sized opportunity for the United States.”

“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto assets, just like there were millions and millions of websites. Most of them won’t work,” Ehrsam explained.

While he believes the NFT craze will die prematurely, Ehrsam said the blockchain system is here to stay, and will command a future of global financial system powered by DeFi.

“The world doesn’t change overnight, but you can see the seeds of exponential growth occurring already,” he said in the Bloomberg interview. “I do think we will live in a future where for us to coordinate, we won’t need these centralized platforms today. That’s already true of financial services, in that you can be your own bank. You don’t need a central institution to hold your money anymore.”

Coinbase went public earlier this year at a colossal valuation of $100 billion. But like other exchanges and the entire crypto market, its market cap has since shrunk by half as crypto trading declines amid concerns about the impact of mining energy on the environment and governmental crackdown in China, cryptocurrency’s biggest mining hub.

The Negative Impacts of Social Media

By
Ozioma Okey-Kalu
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1

There is an adage in Igbo culture that says “ife na-ato uto na-egbu egbu”, literally meaning that sweet things can kill. But figuratively, the adage is implying that too much of everything is bad. The adage is used to call on people to apply caution while consuming things that give them pleasure. It calls for moderation, regulation, and restrictions. It also reminds us that everything that has an advantage also has a disadvantage. Though that saying is ancient, it can still be applied to today’s world.

If you check the perspective of this adage, you will agree that there is truly a bad side to everything. For instance, we are warned daily to consume less sugar because it can harm us. People are also advised to be moderate with their alcohol consumption because taking too much of the substance can damage some vital organs. We have been advised to balance our social and career lives because, if the scale tilts to one corner, we will not have a happy life. We should also show moderation and restraint with the food we consume, how we dress, the length of time we sit before television, and so many other things. We should be moderate with everything we do because, even if we enjoy they are the things we value, too much of them can affect us negatively. This is also the same thing with how we use social media.

One thing many people have not realized is that social media, like alcohol and tobacco, can be addictive. You can spend hours before your phone, jumping from one social media platform to another, doing all sorts of things. Some people spend these hours scouting for customers while others use it to collect data for their research works. There are those that search for employers through social media as well as those that use it to search for employees. Some people use social media to build relationships while many others destroy theirs through the same medium. Knowledge can also be acquired from social media because there are many people that use the medium to coach others. You can sharpen your skills, especially argumentative and story-telling skills, build your career, and develop a sense of belonging through social media. However, despite all the good sides of social media, the bad effects of social media cannot be ignored.

When social media was developed, it was meant for the good alone. It turned the world into one global village because, through it, people from different parts of the world come together to interact with one another. However, this technology has been turned into a monster that is capable of causing conflicts between individuals, groups, and nations. Somehow, social media has been turned from being the perfect hub for connections to that of disconnection. It has moved from building relationships to destroying them. It has turned into a place for spewing and propagating hatred, disunity, distrust, intolerance, lies, and half-truths. Like someone rightly said, if another war should start in countries such as Nigeria, it will be caused by whatever was cooked and served through social media. Today, social media has taken the status of the sweet thing that can kill its user.

Like the Igbo adage that calls for moderation in everything a person does, this essay is calling for moderation in the use of social media. You don’t need to let your blood pressure shoot up because you use social media. You don’t have to entertain people that want to destroy your happiness and peace of mind through social media, irrespective of who they are. You don’t need to allow rumour mongers and fake news peddlers to destabilize you because they utilize social media to market their wares and “recruit” the services of ignorant persons.

Learn to build a life outside social media. Maintain good offline relationships with your friends, neighbours, and relatives. Utilise social media as a tool and nothing more. Decide what that tool is and ensure that you don’t get distracted. Remember, before social media you were. Don’t let it destroy what you cherish.

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