A media company is essentially an agency of mass communication.
It’s a means via which information is made available to the public. In some sense, it’s an information bank. Traditional media as we know it in Nigeria is fast being disrupted.
The days of starting a media company in Nigeria with a 7 digit budget and an array of A-class human resource personnel are past tense now.
Nigerian entrepreneurs are already playing in this space and most of them started with a truckload of passion and consistency without necessarily having a bullish bank account.
” Starting a media company may be one of the hardest things to do in business right now but it’s worth doing”- Jeff Bezos, Founder of Amazon.
Successful media companies in Nigeria that started from the ground up to include RED media, iROKO, LIB to mention a few. Those at the helm of affairs in these brands have shown that you don’t have to be ‘big ‘to start a reputable media entity.
This article seeks to guide intending media entrepreneurs on business fundamentals that will help them start and groom top-notch media brands.
Please, read on!
How to Start a Media Company In Nigeria
1) Start with contents
Content is the DNA of every media company. What cash is to banks is what content is to media companies. This is where it all begins.
To start a media company online in Nigeria, you need to demonstrate your expertise via your content delivery. Your content needs to be one that people see as valuable.
“What you call remarkable isn’t so till the customer says it is.”
It’s not about claiming number 1 in authority status. That’s the exclusive preserve of those that consume your content. Hence, the show doesn’t tell. Social Media has leveled the playing field.
Now a brand with a huge YouTube following can morph into a media brand that gives established brands a run for their money.
My advice is to start from a platform that you have considerable expertise in.
It could be your blog or a combination of your Facebook and Twitter handles. Your basic concern is to build a reliable content base that will catalyze greater opportunities.
LIB is what it is today because of its mountain size of gossip content. You are sure to get your full serving of the latest gist on that platform. Such perception is what has made it a home for juicy gists.
2) Let your content empower
It’s one thing to have content and another ball game to have content that empowers. As a media brand starting from scratch, putting out content isn’t going to give you authority status. Your content has to empower your audience. Essentially, you are providing them with content that helps them not only to know stuff but also to rock at what they know.
BN is one online brand that has mastered this art. From their wedding to lifestyle offerings, audience empowerment is at the heart of what they do. Again, it’s important to state that it’s not about throwing content at your audience.
Know that they are constantly being bombarded by content every day to the extent that they are content phobic with a fleeting attention span.
However, there is always ample space for content that is engaging and empowering.
“So if you set out to create a media brand with emphasis on SMEs, make sure your content (articles, videos, e-resources) empowers them to become better entrepreneurs.”
3) Promote and collaborate
No media brand succeeds as a one-man army. Never! In this industry, you need allies. Starting can be pretty challenging but such challenges are buffered with the right partnerships and collaborations.
The Future Awards was the flagship offering that brought RED media to the forefront. Co-founders Adebola Williams and Chude Jideonwo understood in great depth, the power of collaboration.
This was what stood them out from the rest of the pack.
In collaborating, promotion is inevitable. What will help build your audience base fast and help you create a successful business is a promotion. Successful media brands leverage hype to grow their brands. There are no rules as regards promoting your platform.
That said, aligning with credible and like-minded brands and organizations will profit you a great deal.
After successfully building content and empowering your audience, promotion is usually a walk in the park. This is because your body of work does the speaking for you.
The promotion comes in different shades like :
- Sponsoring key industry events
- Providing freemium products and services to your existing audience.
- Being at the forefront of newsworthy happenings in your niche
- Partnering with industry influencers on relevant projects.
Doing a combination of these within your means will go a long way in creating a media brand worthy of mention.
4) Your media company is a business
Most guys start their media companies as passion projects. They start it on the side usually to relieve the stress their 9-5 heap on them. Others start them as boredom vaccines.
These mindsets should die a natural death once content and audience appeal are on a high. It’s time to go professional. If you don’t prolifically approach your media brand, it risks the inevitable.
Let’s face it. A media company in Nigeria or other parts of Africa that don’t bring in revenue is awaiting a financial death sentence. The 3 points stated above are aided in functionality by this point.
How do you create awesome content that empowers and collaborate effectively without revenue? It’s simple, you can’t. Primarily, your media company should have a revenue generation plan from day one.
Even if you need to build authority over time, know that nothing sustains authority status like money in the bank.
Your media business( yes it’s a business) would have grown to the point where it needs business vitals such as good staff, a decent and engaging website, regular power supply, and so on.
Your audience should be able to pay for your content or other brands should be able to pay for the content your audience consumes.
A couple of ways to convert effectively include:
- Sponsored ads.
- Tickets to themed events.
- Training and conferences.
- Consulting services.
- Launch of lifestyle products.
These basic steps will surely help you get over the fear of starting and get started on a good note.
Your awesome feedback is duly appreciated as always