Category Archives: Business

4 Tips To Effectively Build a Business Brand

Tips To Effectively Build a Business Brand

The importance of building a business brand can not be overemphasized, it really can be considered just as important as setting up the business itself. Jumia Travel, the leading online travel agency, shares 4 tips to help effectively build a business brand.

Define Your Brand

To build a great brand, you need to first define that brand, know what it means, what it stands for and what concept or idea you want to equate it with. To define your brand, you can start by writing down all characteristics that describe what you want the brand to be or represent, and the exact way you would like the brand to be perceived. Once you have the list, you can progressively fine-tune it to enhance your brand and make it stand out from competitors. In the end, the list should give a clear understanding of what your business is capable of doing, what it should be known for and how it should sell products and/or services without compromising its values.

4 Encourage Your Employees To Be Brand Ambassadors

There is no better way to build a brand than to have your employees as brand ambassadors. It is important for your employees to understand the business brand, know what it stands for and embody what the brand stands for. This is because your employees are likely going to be the ones having direct interactions with the customers or clients, and if these employees don’t fully grasp what your business brand is about or what it represents, the customers or clients are unlikely to do so as well. As a business, be sure to keep your employees ‘engaged and informed’ about your business brand, train them to understand the business brand and encourage them to support the brand message in their interactions with customers or clients, and even in their interactions with each other. You can them reward them for acting in the brand’s best interests by way of incentives.

Think of Your Brand as a Person

This will help significantly in brand communications and positioning. Thinking of your brand as a person will help to guide the methods and manner you communicate your brand to the general public, especially target customers. This is because seeing your brand as a person helps to give it a personality, and this personality will determine how your brand will behave in different situations. It also determines, based on that personality, how best to communicate with the general public, and helps develop beliefs, values and purposes that further define that brand and how it relates with the public and target customers.

Be Consistent

Consistency helps to reinforce the character of your brand. It makes your brand seem focused and less clumsy to the public, and further helps to clarify your offerings so customers know or have an idea of what exactly to expect from your business. Additionally, it helps to establish the authenticity of your brand and build trust in your brand. Creating a brand guide can help with brand consistency. A brand guide will help to establish guidelines for your brand and ultimately keep your entire business on the same page.

Five Key Things Investors Are Looking For In A Startup

It is a known fact that entrepreneurs bootstrap when starting out because of limited finance. This is one of the main reasons why less than 50% of them survive the first five years in the market. To take your startup to the next level, entrepreneurs are regularly searching for venture capitalist and investors to invest in their businesses. Of course, startup investors desire innovative companies to invest their monies. However, they won’t drop a dime if they do not see the following things highlighted by Jumia Travel, the leading online travel agency, in your startup.

Strong leadership teams

To secure startup investor funding, show that you have smart, strategic, and successful leaders. You must show the competency of both your company founders and leadership team. So, endeavour to leverage your leadership team’s professional experience for increased investor interest in your startup.

Clear ROI

Return on investment (ROI) is the time needed to recoup the initial expenses invested in a business. Most startups aim to achieve this within the first one year of operations, but in certain sectors, it takes considerably longer due to high entry costs and low-profit margins. Would-be investors are aware that quite a number of startups that receive venture funding are unable to immediately make returns. As such, they want to see some real evidence that within a particular period, they will begin to get these returns.

Consumer interest in your product

Investors want to know that your product has a future in the marketplace. So, the onus is on you to show them proof that it has a market niche of its own and consumers are interested in your product.

Transparency

Transparency is important to increase investor trust in your business. No startup investor wants to enter a deal when they do not feel like they have all the facts. Be open and honest about the state of your business, the challenges you are facing and how you plan to surmount them.

Growth potentials

Investors do not want a company that will be stagnant. They want to invest in startups that will thrive and eventually provide a return on their investment. Therefore, your business should be built with scalability and growth in mind.

Four shortlisted for NAFDAC top job – see list

Four candidates are on the radar of the Presidency for consideration as the director general of the National Agency for Food and Drug Administration and Control, NAFDAC.

Sources at the Presidency said yesterday that among the twelve candidates who indicated interest in the job, four have been shortlisted for screening.

Top on the list is the acting Director General, Mrs Yetunde Oni, who has been in the saddle since February, last year.

Others in contention are a Professor of Pharmacy, Mr Suleiman Abubakar; Mallam Umar Musa and Mr Shaba Mohammed, director, and deputy director respectively at the agency.

“Of the lot the odds are in favour of Mrs Oni, who trained as a chemist at first and master’s degree levels,” the source said.”

“In any case, the mood of the President is that the incumbent, who is also a foundation staff at the agency, must be allowed to continue after she ensured the turn-around of NAFDAC since last year,” the source argued.

There are indications that the Minister of Health, Prof Isaac Adewole, may be favourably disposed to the confirmation of Mrs Oni as the substantive director general on account of her strings of achievements since last year.

NNPC increases prices of Diesel, LPFO

The management of the Nigerian National petroleum Corporation (NNPC) has approved increase in the ex-depot price of Automated Gasoline Oil popularly known as Diesel and Low Pour Fuel Oil (LPFO) from Wednesday.
A circular released by the corporation yesterday, obtained by Daily Trust titled Notice of Change of Price of Petroleum Products, signed by Engineer Parker E.W informed stakeholders that the ex-depot price of AGO is now N142 from the N137.87/ litre, while the LPFO price is now N84.07 from N80.94/litre. The new prices take effect from 4th October, 2017.

Other products such as Petrol, Kerosene and Cooking Gas or LPG were not affected in the change. The Price of Petrol remains N133.28/litre, DPK or Kerosene N135/ litre and the LPG or Cooking Gas N82.27/litre.
The two products have since been deregulated. However the NNPC has been the major supplier of the products in the market.

PayTv:DSTv,Startimes Panic as TSTV Unpacks PaSC, Data Bundle

PayTv: DSTv,Startimes Panic as TSTV Unpacks PaSC, Data Bundle As the commercial launch of TStv, Telcom Satellite TV, in Nigeria beckons, DStv/GOtv and StarTimes, and other pay TV providers, are believed to be troubled.

Their anxiety may have arisen from the new operator’s introduction of the Pay-as-You-Consume (PaSC) model and data bundle.
Other pay TV providers had consistently argued that the model was not possible to implement in Nigeria on the grounds that they bought the contents they relay as a whole and not in bits.TStv will roll out its Pay-As-You-Consume plan on October 1, 2017, and industry watchers predict that it would win over a lot of customers from its competitors.

Analysts have expressed the hope that TStv would, indeed, redeem its promise of offering unique services, and thus break the MultiChoice’s monopoly in the business in Nigeria.The move by the incoming operator is aimed at attracting more subscribers to their service, which is considered to have been tailored along the yearning of Nigerian pay TV customers.

When the new plan begins, it is expected to replicate the revolutionary feat Globacom made in the telecoms industry through the introduction of per second billing (PSB).Prior to the implementation of PSB by Glo, MTN and Econet (now Airtel) had insisted that it was not possible to operate the PSB until after seven years, but Glo made it possible immediately it hit the market in 2003.

TSTV Releases FULL LIST Of Channels Available On Its Decoder

The following are the full list of channels available on the recently launched TSTV Africa decoder.

TSTV SPORTS CHANNELS

Star Sports
Fox Sports
Euro Sports News
Euro Sports 2
Kwese Sports 1
Kwese Free Sports
Kwese ESPN
MS Extreme
bein Sports MAX 4HD
bein Sports 3HD
bein Sports Global
bein Sports MAX (bein Sports 1-10)
TS Sports 4 HD
TS Sports 2
TS Sports 3
Yolo Sports HD

TSTV MUSIC CHANNELS:

Trace Urban/Africa
HITS TV
MTV Base
TLC (HD)

TSTV NEWS CHANNEL:

BBC America
CNBC
Aljazeera
BBC Radio 2
TVC News
Sky News
Arewa24
AIT
Core TV News
France 24 (English)
CCTV News
Channels TV
Bloomberg Television
DW
Fox News
TRT World
Press TV
NTA
Arise News
TV360 Nigeria

TSTV KIDDIES CHANNELS:

Nickelodeon
CN Carton Network
Disney Channel
Boing
JimJam
Baby TV
TS Junior Kids HD
Fix Fox
Panda Biggs

TSTV MOVIE CHANNELS:

Star Movies
MBC Action
MBC 2
Star Movies
African Movie Channel Series (African Magic)
Liberty TV
MBC Bollywood
Wazobia TV
WAP TV
Viasat Life
Fine Living
FOX
FOX Life
Investigation Discovery
MBC 4
MBox HD
PCTV
Star Gold HD
Nollywood TV
Z Cinema
E Entertainment
BEN Bridging The Gap
BET
TS Novella
TS Movies HD
TS Series

TSTV SCIENCE CHANNELS:

Discovery Channel
Nat Geo Gold
AD
National Geographic
Discovery Health TV
TSTV FASHION CHANNELS

Fashion One
AHTV

TSTV RELIGION CHANNELS:

Dove Television
Emmanuel TV
Sunna TV
Mountain Of Fire And Miracles Ministries
EWTN – Global Catholic Network
TBN Network

TSTV AFRICA CHANNELS:

Riwa Ndu TV
TS Hausa
TS Igbo
TS Yoruba
TS Sports 1 HD

“However, the important thing, with respect to your enquiry, is that I have not sighted the letter.”

Nigeria Government Grants Tax Reliefs To TStv Africa

Nigeria Government grants tax reliefs to TStv Africa. The Federal Government of Nigeria has granted a three-year tax relief to the newly inaugurated Pay TV operator in the country, TStv Africa, as well as tax free dividends to all investors in the company.
The Minister of Information and Culture, Alhaji Lai Mohammed, announced this on Sunday night in Abuja at a dinner to mark the official unveiling of the new company.
He told the News Agency of Nigeria (NAN), that TStv Africa is a wholly owned Nigerian Pay TV operator with refined offerings of novel Unclassified Pay Per View subscription and complimentary internet services.
Mohammed, who unveiled the new company and its products, said the tax reliefs were in line with the Pioneer Status recently granted to the Creative Industry by the federal government.
He congratulated the Chief Executive Officer (CEO) of the company, Dr Bright Echefu, and his team for liberalising and breaking the monopoly of Pay TV in the country.
“The important thing about what Echefu has done today, is that he has redefined the pay- per view television industry and from today that industry will never remain the same again.
“What he has done is to democratise the media and entertainment industry, making it possible for even a peasant farmer to have access to the best entertainment and news channel in the world.
“It is a great opportunity for me to be the one to unveil TStv because just like a Nigerian made history by crashing the cost of telephony, I am glad that another Nigerian is now coming forward to crash the cost of Pay TV,” he said.
Mohammed commended the courage of the investor for coming from the Diaspora to invest in his country and for believing in the government’s seriousness about diversifying the economy.
He said the company has also demonstrated that government alone could not do all things, but needed the participation and synergy of the private sector.
“I want to assure that this administration will continue to assist you and other investors in creating the enabling environment for businesses to grow,” he said, adding the government is aware of the huge contributions of the creative industry to the nation’s economy and would continue to support the sector.
He identified contents and the lack of objective audience measurement, as major challenges that have retarded the growth of TV and advertising industries in the country.
“With the liberalisation of the industry, content has become very key because content determines which channels are being watched and which are not.
“Another major challenge is how to get an accurate measurement of which channel is being watched and which is not.
“Kenya and South Africa are about one third of our population but they do much better in TV and radio advertisement than us because of their robust audience measurement,” he said.
The minister announced that the National Broadcasting Commission and his ministry would organise a workshop on Nov. 28 to address the challenge of audience measurement.
“Dr. (Bright) Echefu (TSTV Managing Director), you have come at a very good time because this government only recently granted a pioneer status to the Creative Industry and what this means is that you will be entitled to a three-year tax relief and all your investors will not pay any tax dividends,” he said.
Alhaji Mohammed said the unveiling of TSTV has totally redefined the PayTV platform and, by extension, the TV industry, through the provision of access to people in all segments of society to enjoy high quality entertainment.
“What Dr. Echefu has done is to democratize the media and entertainment industry and make it possible for all to have access to the best entertainment in the world. Just like a Nigerian also made history by crashing the cost of telephony in Nigeria, I am glad that another Nigerian is now coming forward also to crash the price of PayTV,” he said.
The Minister said the advent of Digital Switch Over in broadcasting in Nigeria has created a paradigm shift in the television industry, where compelling contents will now attract viewership.
He identified lack of objective audience measurement mechanism as a key factor against investment in content production, but disclosed that his ministry is planning a workshop to address the challenge.
Alhaji Mohammed said the Creative Industry played a critical role, along with other non-oil sector players, in pulling Nigeria’s economy out of recession, and that the government plans to develop the industry to contribute 5% to the GDP, as against its current contribution of 1.36% by 2020.
Echefu said that TStv Africa, which had gone through a lot of challenges, was birth to liberalise PayTV in the country, make it affordable to every Nigerian with added values.
He said for the first time, Nigerians could now enjoy Pay Per View because with TStv, “subscription runs as you watch and it has the facility to pause your subscription when you travel”.
Echefu said that TStv for a start has 70 premium channels model with the cheapest pay-TV in Africa with maximum subscription fee of N3,000 only.
He said as a fully Nigerian brand with consideration for the masses, TStv is not classified and it has a model that accommodates subscription as low as N200 as N500 for a period of time.
The CEO said TStv came with PVR (Personal Video Recorder) Decoder which allowed viewers greater control over their viewing experience with functions like pause, rewind, forward, save and record of programmes of interest.
Echefu said that once you subscribe to TStv, you will also get complimentary internet service, enabled Wi-Fi, as well as video calls and video conferencing services.
“It has an array of amazing TV channels with premium entertainment, educative programmes that cut across all genres.
“The genres included news, music, general entertainment, documentary, movies, religious, sports, health, kids, fashion and lifestyle that better define the uniqueness of Nigeria’s diverse culture and traditional values,” he said.
The CEO said TStv which was modelled for Nigerians had come to stay, assuring that it would not fail and they would deliver on their promises.
NAN reports that the guests at the ceremony were entertained with live performances by musicians and comedians.
Among the dignitaries at the event were Gov. Akinwumi Ambode of Lagos represented by the Permanent Secretary, Lagos State Ministry of Information and Strategy, Mr Fola Adeyemi, and the Permanent Secretary, Federal Ministry of Information and Culture, MS Grace Gekpe.
Others were the Director-General of National Orientation Agency, Dr Garba Abari; former Minister of Aviation, Femi Fani-Kayode; Nollywood actors including Emeka Ike. Adigwe Okafor, Zack Amata, Dr Opa Williams and Afeez Oyetoro aka Saka.

Jumia Records N22 Billion Loss in Six Months

The last six months has been turbulent for the parent company of African e-commerce firm, Jumia following the staggering loss recorded.

If there is anything Jumia is close to meeting, it is certainly not profit. Early yesterday morning, Rocket Internet, the parent company of Jumia said the company suffered a net loss of USD61 million loss in six months.

To understand the extent of the number, a conversion using the real-time exchange rate to Naira (NGN) shows that Jumia made a net loss of NGN22 billion.

In context, it is more than the net revenue of three of Nigeria’s commercial banks with over NGN3 trillion in assets.

A review of the company’s performance in the first six months in comparison to its last year period shows that the company’s fortune dwindled despite the easing in Nigeria’s economic hardship. Last year within the first six months, Jumia reported a net loss of EUR38 million compared to EUR52 million reported this year.

While Rocket Internet has reclassified Jumia as Jumia from the general merchandise grouping it carried in its portfolio. The parent company is also trying to recapitalise the local unit by putting more cash into its operations. As at last year, Jumia only had EUR4 million left in cash and cash equivalents. This year, about EUR24 million was said to be left in its books as cash.

As a rationale for the dwindling fortunes of the company, Rocket Internet has finally taken the bull by the horn. For the first time in a long while, Rocket Internet is now facing reality. The group said it recorded net impairments of EUR10 million on its Jumia operations.

their own words, “The impairments are attributable to the deteriorated business outlook for some regionally operated business models. Growing competition and increasing pressure on margins can be observed in the local markets. A prominent example of this development is the purchase of Souq.com (eCommerce platform based in Dubai) by Amazon in the first half of 2017”.

With its coterie of bluechip investors such as Orange, MTN, Millicom, AXA; it is safe to say Jumia has a strong backing from local and regional investors, but these investors are keeping mute with their pocket to save the company from imploding under the weight of debt.

The last raising achieved by Jumia was when CDC staked about GBP50 million to get a stake in the company. The cash from stake sale would soon dry up if the company does not go on an initial public offering in the next 12 months.

However, without reaching profitability, the IPO idea might be dead on arrival as investors would worry that Jumia has not developed a strong business model that can guarantee its sustainable existence.