Question: I need guidance on how to introduce my audio product (inspirational talks) into the Nigerian market. I recently completed its studio recording. Translation to CD and packaging will commence shortly. What should be the appropriate approach to market it, and derive benefits from my hard work? – Johnson A.
Hopefully, you must have considered these before proceeding to the studio: Its rendition in ‘every day’ English language; likely acceptance or appreciation of your “inspirational talks” (maybe based on psychology, spiritual ‘pep ups’ hinged on any of Nigeria’s major religions, natural or esoteric laws), to guide prospective listeners towards opportunities of achieving whatever they desire in life (during these times of economic crunch).
Furthermore, what about segmentation of the market for compact disk (CD)? For inspirational talks, who comprise the target market? For packaging, are you likely to come out with something sufficiently attractive to arouse demand, even at first glance? Do you have a brand name, registered as a trade mark? Moreover is your name well known within the circle of inspirational speakers that your reputation will help boost demand for your audio product?
Johnson, since you seem to waver on conviction that it would be acceptable in the market, an appropriate approach is to first have a Marketing Plan. See the following as a guide towards vital components of this plan:
a) Situation Analysis – Bear in mind that this market has more of ‘church based’ audio recorded messages, with related places of worship as sales outlets, as street vendors (both mobile and fixed) sometimes have some of these ‘grass roots targeted’ messages on sale. Other typical philosophical and motivational audio items (targeted at specific audience) are also available in same market.
Note who make up your target market, and marketing through various vehicles of communication that appeal to this group; parts of the country that would comprise areas of marketing activities for this product in the short term; the place of other recorded works competing with yours in the market for audio products. The same holds for various related web sites on motivation; that a significant percentage of Nigerians tend to appreciate materials that help ease emotional stress (fertile ground for ameliorating the wellbeing of the people).
b) Opportunities and issue analysis – The stated unfavourable socio-economic situation in Nigeria make for any material on motivation being a ‘hot sale’; an attractive packaging of the audio material, bearing a brand name, creates a tremendous opportunity for it to strive; its affordable pricing and easily accessible mode of distribution comprise another plus; if this audio product has double-fold and matchbook-type cover, rigid cover designed to protect it from scratches and other types of exposure damage, what else will be more comforting to consumers?
On threats, there will likely be some expression of apathy towards the product initially (typical of new products); the advent and fast increasing consumption of music CDs and DVDs will certainly make for clamour for shelf-spaces both at retail outlets and consumers’ storage facilities; the perceived tendency in Nigerian businesses of being ‘copy cats’ makes for likelihood of similar products being introduced into this same market; piracy is a well organized and thriving industry in Nigeria, if there is high demand for your product, it will be targeted for this purpose.
c) Marketing objectives – Work out the number of CDs that you intend to sell within a defined period from product launch (sales turnover of x naira at this period); the percent of the market share for CDs on motivation captured during a defined period; anticipated profit at the time.
Due to lack of space here, and in no particular order, other components of the marketing plan are: (d) Environmental influence (e) Financial projection and budget; (f) Control and evaluation, while Marketing Strategy (g), applicable here, should include:
i) Target market: This falls within the medium to high income bracket. Though I don’t know where you’re based, please note that Lagos (this country’s chief commercial centre, with significant number of enlightened populace) should constitute a major focus for marketing activities in the short term.
ii) Marketing mix: Product – Your product comes in your recorded teachings, with CD as medium. It should be reflective of a “crisp-clear’ presentation in the English language, which the typical Nigerian is likely to understand, assimilate, and identify with. Secondly, it is presented in standard CD, of 120 mm in diameter and can hold up to 80 minutes (playing time) of audio (700 MB of data). Thirdly, packaging should be of a cover-fold matchbook, to facilitate double-fold which creates a two-part cover, an outer cover and an internal segment that contains the sleeve.
Endeavour to print the CD’s visual materials or designs on a single large sheet, folded and compressed, to be secured within the package between the bottom flap and rear cover. Finally, note also that every track of the CD should bear a different topic or subject on your teachings, with casing measuring 142 mm × 125 mm × 5 mm (made of translucent or transparent polystyrene).
Price – Mr. A., I believe you can easily work out the unit cost of producing your CD; that to an intermediary (middleman); and what the shelf (retail) price should be. With these you could make out an anticipated range for your likely profit per unit (with provision for volume discount for large buyers).
Distribution (Place) – For this purpose, I suggest you carry out this mainly through designated retail outlets, subscriptions by end-users, and efforts of sales force at direct marketing.
Promotion – Perceiving a tight budget, within the short term, I suggest using these tools: Public Relations [Involving press relations (embodying well selected members of the press)].
Advertising [Affordable number of insertions and sizes in newspapers (Please make sure you include this paper that affords you opportunity of reading this piece); fliers (design and printing of affordable quantity); hype (in a few radio stations)].
Point-of-Sales [Design and production of table cardboard stands].
Sales force activities [Engage sales personnel on any affordable basis].
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