By Adedapo Adesanya
Social media marketing is expected to weather the impending downturn just as economists around the world are warning that a recession is looming.
According to marketing expert and CEO of the AMD Consulting group, Mr Assil Dayri, as the world moves toward more significant economic uncertainty, influencer marketing will remain a key differentiator for brands.
The latest social trends reports predict that social media will top marketing budgets in 2023 as marketers turn to new strategies. Business plans already consider the imminent recession, and the marketing and social media sectors would be the first to see reduced resources, although work carried out by influencers through these channels is still on the rise. With this financial uncertainty, marketing investments will probably decrease, but brands will have to be smart since a total cut is not a viable option.
According to the specialist, influencer marketing is essential for the consumer, who will also feel the impacts of this economic instability.
“After all, as these difficulties settle in, the public turns to content producers they trust to seek references on where to safely put their money. Collaborating with key personalities to promote your brand will become even more essential based on the trust and credibility they have.
“In tough economic times, you don’t want to make any mistakes when selecting the influencers you work with. One of the great advantages of working with influencers is that regardless of the size of the brand or the audience you want to reach, there are nano, micro or macro influencers who are skilled at reaching that target market and can work within your budget,” he said.
Recent research shows that more brands are finding success with smaller influencers, thanks to their hyper-focused audience with very specific interests. Since smaller influencers are seen as more genuine and trustworthy, their followers tend to put more faith in the products or services they promote.
Consumers also begin to have less confidence in macro influencers, as they understand how many of them think more about the financial aspect and not the value that the brands they promote bring to the public.
It was noted that Instagram still leads the influencer marketing space in terms of professionals using the platform, as well as the amount of budget they invest. However, with the significant growth that TikTok is seeing, the specialist warned that we could see a shift soon as more brands are now entering the TikTok space.
To prepare for these changes, influencers need to find ways to make their content relevant and genuine. Considering the cut in marketing budgets, we could see in the next year, Influencers need to be consistent and creative to be chosen to collaborate with brands in these uncertain times.
“Being faithful to your niche and producing quality content to have a solid, strong, and influential image becomes essential because companies will start being even more selective,” Mr Dayri added.
On the positive side, this line of work is still on the rise. Even with the recession, the world still needs influencers. Mr Dayri predicts that brands will continue to invest in influencer marketing in 2023 despite the economic downturn and revised marketing budgets. Influencer partnerships help reduce overall marketing costs and allow businesses to build more brand awareness.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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By Modupe Gbadeyanka
A student of the Federal University, Dutse, Jigawa State, Mr Aminu Adamu, has been remanded in prison for allegedly ‘insulting’ the wife of President Muhammadu Buhari, Mrs Aisha Buhari.
A few days ago, news filtered in that Mr Adamu was kidnapped by some security officials to Aso Rock, Abuja, over his post on Twitter that the President’s wife was feeding fat on the taxes paid by the poor masses.
This did not go down well with the First Lady, and the student, who is reportedly due to write his final year exams next week, was taken away from his campus and allegedly tortured.
This action angered many Nigerians, who asked Mrs Buhari to release the man or charge him in court.
On Tuesday, the student was charged to court by the police, and he was remanded in the Suleja correctional facility in Niger State, pending when his bail application would be heard next Wednesday.
According to his lawyer, Mr C.K. Agu, the student was arraigned before a court sitting in Abuja, but he pleaded not guilty to the charges levelled against him.
“Even in the court session yesterday, we notified the judge about the efforts made to have him released on bail, but we did not receive any reply from the police.
“We applied to the court to release the student on bail on health grounds and the fact that he will sit for the exam on December 5.
“The court has ordered the police to provide the bail application before it for consideration between Tuesday and Wednesday,” Mr Agu informed BBC Hausa Service.
On June 9, 2022, Mr Adamu posted a picture of Mrs Aisha Buhari at the presidential primary of the ruling All Progressives Congress (APC) in Abuja held two days earlier and wrote in the Hausa language, “Su mama anchi kudin talkawa ankoshi,” which loosely means “Mama is feeding fat on poor people’s money.”
By Modupe Gbadeyanka
The House of Representatives has condemned the incessant attacks on the offices of the Independent National Electoral Commission (INEC).
At the plenary on Wednesday, the green chamber of the National Assembly said the actions of the arsonists could put the nation’s democracy under threat.
On November 10, 2022, an INEC building in the Abeokuta South Local Government Area of Ogun State was burned, with over 65,000 uncollected PVCs destroyed by the arsonists. A similar incident happened in Osun State and a few days ago, the office of the electoral body was attacked in Ebonyi State.
It was gathered that since 2019, about 42 attacks have been carried out on INEC offices in 14 states and to the House of Reps, this is worrisome.
In order to curb this, the parliament has set up an ad-hoc committee to investigate the incessant razing of the offices of INEC within three weeks and produce a report of its findings.
At the plenary presided over by the Speaker, Mr Femi Gbajabiamila, the House urged the Nigeria Police Force, the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies to liaise with the Office of the Attorney-General of the Federation and Minster of Justice in bringing the perpetrators to book.
The decision to probe the matter followed a motion on notice moved by a lawmaker, Mr Olarewaju Ibrahim Kunle.
According to him, the attackers destroyed the main building of INEC in Ogun State earlier this month and other facilities such as 904 ballot boxes, 29 voting cubicles, 30 megaphones, 57 election bags, eight electric power generators and 65,699 uncollected Permanent Voters Cards (PVCs).
The lawmaker said on the same day, arsonists and thugs set ablaze the INEC building at Oke Iresi, Ede South Local Government of Osun State.
He warned that if these systematically orchestrated attacks on personnel and facilities of the agency are not checked, the 2023 general elections could be disrupted.
Mr Kunle appealed to his colleagues to take urgent action to protect democracy in Nigeria.
His appeal was welcomed, with the parliament calling on “politicians and stakeholders to admonish their supporters to refrain from attacks and violence before or during the 2023 elections.”
By Modupe Gbadeyanka
An initiative to give an opportunity to youth in the country to explore their creativity and business prowess has been introduced by Stanbic IBTC Pension Managers Limited.
The platform known as FUZE talent hunt will employ a holistic approach to youth empowerment and feature four categories across music, dance, fashion and technology, a statement from the leading pension fund administrator (based on assets under management) said.
According to the subsidiary of Stanbic IBTC Holdings, the first-of-its-kind talent hunt aims to promote indigenous talents.
The chief executive of Stanbic IBTC Pension Managers, Mr Olumide Oyetan, explained that the project was to the benefit of Nigerian society, adding that as a future-ready organisation, Stanbic IBTC valued talent, creativity and innovation and created the platform to shine the spotlight on youngsters and provide the necessary support they require to succeed, regardless of their chosen sphere of influence or industry.
He stated that youth empowerment had become increasingly essential with the heightened unemployment rate declared by the Nigerian Bureau of Statistics (NBS) at over 33 per cent.
On her part, an Executive Director at Stanbic IBTC Pension Managers, Ms Nike Bajomo, disclosed that the “primary goal of the FUZE Talent hunt is to create a platform for Nigeria’s talented youth to engage and learn from other youths while also gaining access to funds and best-in-class mentoring to support the actualisation of their dreams.”
She urged young Nigerians to participate in the event, stating that the audition application is free, and the public would be relied upon to vote for their preferred candidate, who would be showcased at the grand finale in December 2022.
“FUZE is open to all Nigerians between the ages 18 and 35 years. To participate, you can download the Stanbic IBTC Events App on either the android or iOS store, register and upload an audition video,” she said.
It was disclosed that the winners of the FUZE Talent Hunt would be unveiled at the FUZE Festival slated for December 21, 2022, and in addition to the chance to win N32 million, contestants will gain recognition in the industry and winners will receive mentorship to support their careers.
“Around the world today, young Nigerians are making a statement on the global scene, putting their names and communities on the roadmap to greatness.
“The average young Nigerian is bursting with talent and potential waiting to be harnessed, and we are here to give them the support they need to soar high. After all, Nigeria is our home, and we drive her growth,” the chief executive of Stanbic IBTC Holdings, Mr Demola Sogunle, said.
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