Online advertising in Africa is shaping up to become a billion-dollar industry. According to Statista, the value of online advertising in Nigeria will grow from $73 million dollars in 2018 to $133 million dollars in 2023. The research firm also reports that online advertising in South Africa is expected to account for 25 percent of the total ad market in the country, with a value of over $580 million by 2023.
So why the impressive growth? With South Africa and Nigeria being the backbone of Africa’s economy, we can say businesses on the continent have realised the value of online advertising, considering that more and more people are using the internet in Africa. Statista reports that as of December 2020, Nigeria had over 203 million internet users, followed by Egypt with 54.74 million users.
With more Africans online, businesses on the continent are increasingly turning to online advertising to gain the attention of customers and make sales. The online advertising industry is playing a huge role in this new channel for connecting with prospective customers. Let’s take a look at how online advertising is helping African businesses thrive.
It Helps New Businesses Break into the Market
A lot of new businesses have been able to break into the market via online advertising. It has proven to be a powerful tool for introducing a business to customers. This way, new businesses are able to quickly generate leads and drive consumer curiosity, which sparks interactions, conversions and sales. African businesses, Patricia – a digital currency payment wallet, Farmcrowdy – an agritech company and Piggyvest – an online saving and investment platform proved what it means to leveraged online ads when they were entering the market.
Drives Traffic to Business Websites
Once a business has built a befitting website, the next important step is to get people to visit the platform. Whether it’s a static website, web application or e-commerce platform, organic growth can only take you so far. Online advertising helps businesses to get a larger number of target customers to notice their website. It assists in the optimisation of a website and social media platforms such as Facebook, Instagram and Twitter.
Online ads work even better when driven by SEO keywords, enabling websites or blogs to rank on the first page of search results. The whole process of searching for and finding a website or blog associated with specific goods or services can be streamlined by online advertising.
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