Despite the lingering political instability over the last few years, foreign investors, including big South African companies, continue to charge ahead with their aggressive expansion strategies into Nigeria. This because, Nigeria is getting a lot right ahead of its African neighbours: • Last year, Nigeria's economy superseded South Africa’s to become the largest in Africa. It became the world's 21st largest economy worth $500 billion! By 2050, it’s expected to become one of the world’s top twenty economies. • Nigeria’s debt-to-GDP ratio is only 11%. To put things into perspective, South Africa’s is 46.1%! • It has well-developed transport, communications, legal and financial industry sectors. Plus, it has one of the fastest growing telecommunications markets in the world. • It’s rich in natural resources, including oil and largely underexploited mineral reserves! AND, cognisant of its value, Nigeria has introduced policies regulating imports to encourage local manufacturing. “It’s reassuring to see an African country prosper so significantly in the treacherous economic conditions the world has faced since the crash of 2008.” Says Andrea Kraushaar, Research and Insights Director at Youth Dynamix (YDx), a leading youth and family specialist research, and marketing agency. Nigeria’s youth have an incredible drive and foundation for success… The country’s populace of over 174 million accounts for 18% of Africa’s total population. And a massive percentage of Nigerians – almost half – are under the age of 14! Educating children is regarded as a community responsibility in some ethnic groups in Nigeria. Both boys and girls learn to be responsible and hard-working from the age five by contributing to routine tasks around the house and in the fields. The youth of Nigeria have been characterised as ambitious, enthusiastic, energetic and promising. For these reasons, YDx has seen a growing demand for insights and activations in the youth market – not …
Why you should be paying attention to the rise of the millennials
By Antoinette Pombo Millennials are commonly defined as those born between 1981 and 1996. That currently puts them at between 19 and 34 years of age. The youngest of this generation will be in the throes of finding their own feet in the big wide world of employment or tertiary education… Whilst many of their older counterparts will be settling down with their partners – some starting a family. But what does this really mean for South African marketers and brand managers? Individuality, independence and career growth are extremely important to this generation at this stage of their lives. And their unique spending habits seem to be shaking things up fast. The most significant contributing factors to this shake-up are the sheer size of this population segment as well as the rise of multimedia and networking. The millennials make up about 26% of the South African population. To put this into perspective, the rest of the entire working population under the official age of retirement only makes up about 28% of the population in South Africa. And although these percentages aren’t very different from 10 years ago, the actual numbers are significantly different. As marketers and brand managers, we have over one million “new” potential customers we can attract in this segment. But that’s not all! This new up-and-coming generation has an extremely powerful force behind them: Instant communication and HUGE networking capabilities. Consequently, as these millennials rise through the echelons of young adulthood, they’re shaping the future of brands, business and the economy – VERY fast! Here’s your three-point checklist to ensure your brand is in the running to gain from this incredibly powerful generation… * Take a little extra time to test the market to make sure your marketing touches the right emotional chords, otherwise, it could fall on deaf ears. * Mellennials will read up on products and services of interest and compare brands much …
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Are you missing a BIG part of the puzzle in the youth market with today’s modern marketing strategies?
On the dawn of Youth Dynamix’s 15th year anniversary next month, we reflect on how the youth market has transformed in this short space of time and how marketers have had to adapt to survive. There’s no doubt, the marketing of goods and services have undergone a profound transformation over the past 15 years. Regulatory advances, new technologies and increasingly open global markets have all played their part in changing how the youth react and interact with products and services. The information conundrum…. Children and young adults are more significant forces in the marketplace now. But, while new technologies offer more access to information overall, many young consumers today lack the necessary skills to cope with the increasingly complex, information-intensive marketplaces they’re faced with. With many companies struggling to differentiate themselves in a highly competitive open market, they’re forced to bundle related products and offerings, making it difficult for consumers to compare them. As a result, young consumers have had to learn more about markets in order to make good decisions. “Show me, don’t tell me” The youth’s ability and willingness to trade with a company depends on their level of confidence in it. That’s why it’s so important you don’t ignore brand activations. There are very few marketing activities as powerful as brand activations. This because they involve experiential, interactive, emotive and sustainable involvements with the brand. Overall, brand activations offer a more holistic view of the product and allow for an emotive connection with the brand – you cannot offer using new technologies alone. Be sure to get the most out of your budget… All engagement and communication campaigns developed by Youth Dynamix (YDx) include an element of measurability. This gives you the assurance that you’ve met your ROI and have made a relevant impact in the market. YDx is a youth & family specialist research and …