Importance of Advertising in Nigeria will be discussed in this article. This is to help bring to mind the indispensability of advertising.
Economic Importance of Advertising in Nigeria
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Adverts are an integral part of marketing in businesses. Large, medium and even small businesses are placing adverts these days because of the need to promote businesses and increase the degree of their profitability.
Advertising is that medium or those media through which business owners and businesses get information to their existing customers and potential customers.
Adverts can be like bait to lure people into patronage, which in time transcends into the sort of loyalty which is found in die-hard customers and consumers of a particular product or product.
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With the widespread promotion of entrepreneurship and the consequent increase in the number of entrepreneurs in the country, advertising is becoming more and more important.
If you are a business owner and you have not been able to make head or tail of the need to do strong rippling advertisements, this article is for you. Grab a chair and sit through this expository article, which highlights the importance of advertising in Nigeria.
Importance of Advertising in Nigeria
Below are the Importance of Advertising in Nigeria:
1. Adverts sensitize the public about a new product
When a new product enters the market, there is a need to create awareness about the product, and introduce the product to the people who are potential consumers, rather than letting things lie low.
It is in a bid to introduce a product to the public that most producers use the strategy of large discounts on their products when they first enter the market.
At that point, profit is not the goal, the goal is to show the people what they have to offer and bait them into long-time patronage which will, in turn, bring a higher profit in subsequent years.
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2. Adverts are also used to inform the public about modifications in what a product has to offer
As the years go by, producers are keen on improving their products. These improvements bring about modifications to products and these modifications sometimes, such as altering what the good has to offer. In this case, there is a need to inform the public about the changes and the new benefits they will bring to them.
3. Adverts are more often than not, a precursor to exponential business growth and breakthrough
The number of customers increases geometrically when a business owner invests in a spellbinding advertisement on several adverts media such as radio, television, social media, etc.
Not only is the money spent on adverts recovered, but higher profits are also made, and the business booms and flourishes.
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4. Adverts have a way of delineating businesses, one from the other
In advertising a product, the brand of a particular product is made to stand out and its recognizability stands out. During adverts, especially with audio-visual adverts, the brand name, colors, signature tune, and tagline are not only heard.
They are also seen and this creates nearly (if not) permanent pictures in the minds of the people. With mental pictures, it becomes a lot easier to differentiate one product from the other while shopping. This is one potent way adverts increase the ability of a product to compete favorably in the market.