By Adedapo Adesanya
Banking institutions in Nigeria favoured radio as their preferred medium for adverts in 2019, an analysis carried out by P+ Measurement Services, a media intelligence and audit agency and MediaTrak has shown.
The analysis titled Nigerian Banking Industry Advertisement Spend and Placement for the Year 2019 surveyed 21 commercial banks in Nigeria and found out that the majority of adverts were disseminated through radio stations due to their low cost.
It was noted that out of the total 95,182 media advert placements analysed, 65,448 of them were placed on radio stations across the country. Others included television, which aired a total of 24,823 adverts, while newspapers published 4,911 adverts.
It was analysed that a total of N5.5 billion was the total amount of money spent on adverts by the banks, with radio being the most cost effective medium of choice by banks. It was noted that a total of N388.7 million was paid for the radio adverts, lower than N1.96 billion expended on television adverts. In addition, the sum of N3.16 billion was used to place adverts in newspapers.
In terms of preference, the analysis showed that Cable Network News (CNN) was the most preferred outlet for media adverts by banks; Wazobia 95.1 FM in Lagos was the most selected platform for radio; while ThisDay Newspapers had the largest share of media adverts placed in newspapers.
Aduragbemi Omiyale