As more businesses emerge in the competitive spaces, brands will need data from audience measurement to better target their markets, says Lanre Ashaolu, CEO of Four Pulley Ltd (FPL Media).
Ashaolu noted that marketing campaigns have always been based on data, but the landscape is changing very fast and so is the data. Speaking on the Nairametrics Business Half Hour, Ashaolu, who has almost two decades of experience in the sector, noted that people move around and so the demographics of audience reach continues to change.
However, the paucity of funds is not allowing for much investment into Audience Research. Advertising is backed up by data, and such research would enables advertisers to know how best to tailor their products and solutions. The secondary data available from some public institutions are no longer sufficient. The trend is shifting, and the audience demographics are changing too. Brands want to better tailor and target their messages in line with them.
“I have a background in research, and there is so much one would want to explore in the aspect of research and development. But there is need for serious funding to drive such research initiatives at the level that they should be handled. The government has done some part in this regard, but we need more private players to devote the necessary funds to audience measurement and management solutions because it will unlock a lot of deal dollars that people are not spending on.
“We know that qualitatively, Lagos is the most populous city in West Africa, but when we come down to audience dynamics like how many people pass a particular route on a daily basis, and how many people get to see these billboards, and so on, we need more so that we witness exponential growth beyond what we are seeing now. Nigeria has the capacity to be a market leader in advertising, but we need this data to get us there. Such data guides your spending decision and helps you balance your spending and direction,” he explained.
FPL Media, a marketing communication company based in Lagos state, has been offering brand management, media consultation, advertising and corporate branding solutions to various businesses since 2014. The company started out with shareholders’ fund and private equity, developing solutions and helping brands achieve their marketing targets.
Ashaolu also pointed out that infrastructural development on the part of the government continues to open up more locations, making it easier for players in the advertising industry to take their brand marketing campaigns to more areas and reach more people with their outdoor channels.
How the pandemic affected advertising
With the Coronavirus pandemic and the resulting lockdown, there was a decline in outdoor advertising as many brands were simply focused on keeping afloat and surviving. But as the pandemic recedes now, brands are trying to get their voices and messages out to the audience. There are also ‘pandemic-born’ businesses now also competing for the same market.
Explaining the current scenario, Ashaolu said, “now that the pandemic has subsided to some extent, brands are thirsty and eager to get their voice out to the market space, and make up for lost ground. There are also newer players that are competing for market share. There are so many new players now covering that gap, finance, hospitality, telcos and even the medical space that used to be quite conservative, are out there too. Everybody is out there now to get their market share”
Popularly known as FPL media within the industry, Four Pulley has focused on outdoor advertising since it started operations but is recently looking to venture into new digital platforms and help its clients reach the digital audience as well.
