Adedapo Adesanya
By Adedapo Adesanya
Banks in Nigeria saw an increase of N20.97 million in the total amount expended on adverts in the traditional media for the month of October 2019.
Data from P+ Measurement showed that the lenders spent N697.5 million to advertise their products and services to customers last month, higher than the N676.5 million used for the same purposes in September 2019.
In the infographics made available to Business Post, it was disclosed that N697.5 million was used to place a total of 8,783 adverts on television, radio and print media platforms in the period under review.
In the analysis by a collaboration between P+ Measurement Services, a media intelligence and audit agency; and MediaTrak, it was discovered that a total of 4,367 bank adverts were placed on television, representing an increase of N25.0 million spent in October at N328.4 million compared with N303.4 million recorded in the previous month of September.
According to the report, most of these television adverts were shown on Ebony Life, AM Family, and Sound City on DSTV.
On the other hand, a total of 3,627 bank adverts were put on radio and the amount used for this, N26.2 million, was lower than the N48.5 million spent for same purpose in September, indicating a decline of N22.3 million. Most of the radio adverts by banks were aired on Soundcity 98.5 FM, Classic 97.3 FM, and Max 102.3 FM, which are all situated in Lagos.
However, the number of adverts placed on print media publications were higher (589 adverts) in October valued at N342.9 million, more than N324.6 million expended in September, representing indicating a N18.3 million rise.
It was stated that these financial institutions preferred print platforms like Thisday, Business Day, and the Punch Newspapers for the adverts.
