How to Survive the Present Economy Challenges

Economically, the chances of survival are very low compared to before when the price of things was normal.

Nowadays,

So to survive the present challenges, you have to do these things:


• Plan yourself ahead of time: With the rapid increase in the prices of goods and services, planning yourself on the way to spend your money is very important. For example, planning how to carry out your spending as a person will help you a lot.


• Have an order of priority: Spend money on things based on your pressing needs. Weigh your needs from top to bottom, and give interest to the ones you can't do without. This will help you to avoid spending money unnecessarily.


• Have a budget: Based on the amount of money you have at hand, write a list of what you want daily, weekly or, sub-weekly and allocate money to each of them. Then, spend the money in line with the prices on the list to avoid unnecessary spending.


• Save up: Learn to save even if you don't have much. Bringing out a certain amount of money for saving will save you every time, most especially when you are in dire need of money in the future. There are many ways to save money (local or modern means). If you always find it very difficult to save, source for legit banking apps that would allow and remind you to save the little or more you have.


• Increase your earnings: If you've always been earning lower before the drastic rise, look out for means of increasing your income. As the prices of commodities rise, your income too should rise. Strive diligently to increase your earnings.

You can always seek professional help on saving. Always review your progress as time goes on to see the areas where you will improve. This will help you to keep track of your spending and how to manage your life as an individual. Ensure that you show up to your line of duty and save more.

In January 2024, Jumia, a leading African e-commerce platform, initiated layoffs in Kenya and other African markets. This move followed the company's exit from its food delivery venture, Jumia Food, a month prior. The exact number of employees impacted by this decision remains undisclosed.

An anonymous Jumia employee voiced their concerns on Glassdoor, stating that while the layoffs were announced, no specifics were given regarding who would be affected.

This round of layoffs follows a previous downsizing in 2023, where Jumia let go of 900 employees in a bid to reduce costs and steer the company towards profitability. Some employees were reassigned within the company, as reported by TechCabal.

Jumia, in an email to TechCabal, explained that the layoffs were part of a strategic refocus on activities and projects that support their path to profitability. The company remains optimistic about the future of e-commerce in Kenya and Africa.

In 2023, Jumia began phasing out its food delivery business, ceasing operations in Ghana, Senegal, and Egypt. By the end of the year, the company had completely exited the business, citing unsustainable competition with more aggressive players.

Under the stewardship of Francis Dufay, Jumia has prioritized cost discipline and operational cost reduction. The company's Q4 2023 report revealed a decrease in operational losses to $4.5 million for the quarter, along with a reduction in advertising expenses. Despite challenges such as inflation and currency devaluation in key markets, Jumia remains hopeful that cost discipline and positive trends in other markets will lead to profitability.

Performance Marketing Tips for African Startups

Startups in Africa are growing daily, and to survive the heavy competition, you might want to try a different approach to marketing strategy, known as performance marketing.

Performance marketing focuses on measurable outcomes and the impact of marketing efforts on key performance indicators (KPIs) such as customer acquisition, conversion rates, and revenue generation.

Unlike traditional marketing approaches, which emphasize brand awareness and visibility, performance marketing is inherently data-driven, enabling you to optimize your campaigns and allocate resources more effectively.

In this article, I will explain in detail what performance marketing is all about and how to mine the treasure in it.

Key Performance Marketing Channels for African Startups

1 . Search Engine Marketing (SEM) and Search Engine Optimization (SEO)

What are SEM AND SEO?

SEM (search engine marketing) involves paid strategies to increase a website's visibility in search engine results, using methods like paid advertising.

SEO (Search Engine Optimization) focuses on organic, non-paid methods to enhance a website's visibility in search engine results, improving its ranking through content and technical optimizations.

• With most consumers turning to search engines to discover products and services, startups can harness the power of SEM and SEO to enhance their online visibility.
• By targeting relevant keywords and optimizing website content, African startups can improve their organic search rankings and drive qualified traffic to their digital properties.

2. Social media advertising.

Social media advertising is the use of paid promotional content on social platforms to reach a specific audience. It involves creating and targeting

Growth Marketing vs Performance Marketing

Marketing, in its myriad forms, has always been the lifeblood of business development and sustainability.

However, as the digital age continues to metamorphose how consumers interact with brands, the strategies that businesses employ to capture attention, build relationships, and drive sales have also evolved.

Two of such strategic paradigms that have grown in popularity are growth marketing and performance marketing.

marketing and performance marketing is all about.

Defining Growth Marketing and Performance Marketing

Before delving into the nuances separating growth marketing from performance marketing, it’s crucial to understand what each term embodies.

Growth marketing is an integrated approach that focuses on expanding a company’s customer base and increasing its revenue by experimenting with a variety of channels and strategies.

It not only aims to attract new customers but also to activate, retain, and ultimately turn them into champions of the brand, fostering organic growth.

Growth marketers are data-driven, yet they equally prioritize creativity and customer experience throughout the funnel stages.

Performance marketing, on the other hand, is directly tied to specific actions and results.

It’s a blanket term that covers online marketing and advertising programs where advertisers pay only when a specific action such as a click, sale, or lead is completed.

Performance marketing is highly metrics-oriented, focusing on quantifiable results that can be tied back to specific marketing efforts and campaigns.

The Philosophical Distinctions

Beyond definitions, understanding the philosophical differences between growth marketing and performance marketing is essential.

Growth marketing views the user’s journey as a cohesive na

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• Embracing Crypto Payments in Africa.
  
  A cryptocurrency payment gateway is a payment processor for digital currencies, similar to payment processors gateways and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments,and receive fiat currency immediately in exchange.
  
  Crypto payments are faster and cheaper than traditional international money transfers, which means Africans can keep more of their money instead of paying large currency exchange rates, transfer rates, or other fees. With cryptocurrencies like BTC, there is no need for third-party intermediaries; you can send money directly from one person or company to another, without paying extravagant fees or waiting days on end for transactions to clear through traditional financial institutions.
  
  This is a huge boon to small businesses and startups looking to grow their customer base without needing more resources or access to traditional banking systems. Peer-to-peer exchanges keep more money in African pockets.
  
  This makes crypto ideal when speed and cost savings matter most. Still, it also has applications outside those realms. Businesses can use crypto as an alternative payment method when traveling abroad or sending funds abroad via remittance services like Western Union or MoneyGram.
  
  For some Africans, cryptocurrency is seen as a vital tool to preserve and build wealth. Blockchain is helping African diasporas send money to families cheaply and securely. Crypto is increasingly seen in shops and markets. With countries like Nigeria becoming hotbeds for crypto adoption, it's no wonder we're seeing more African businesses adopting crypto payments.
  
  Africa’s cryptocurrency adoption is silently on the rise. Tech-savvy Ghanans, Nigerians, and South Africans are leading the crypto movement, adopting Bitcoin, stablecoins, and other cryptocurrencies to instead of tradit