Africa’s funding winter means smaller budgets for marketing campaigns
The article explores how startups and tech companies in Africa approach marketing, especially in an economic downturn. Marketing has been a critical part of the startup boom in Africa, and many companies invest heavily in marketing and advertising to deepen market penetration. However, the decline in startup funding across the continent has led to startups being more prudent with resources, including marketing budgets. Companies are now utilising more creative, cost-effective ways to reach potential users and drive growth, such as exploring digital and content marketing, using employees as ambassadors, and telling stories on social media. Fintechs need to build trust and credibility with users to encourage them to trust them with their money, making it crucial to pay extra attention to the kind of ads they are putting out and their reputation. Although bigger budgets are not always markers of success for campaigns, companies with larger budgets typically have more reach, and as funding for the Nigerian tech ecosystem falls, smaller companies will have to find ways to make up for smaller budgets.
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