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5 Ways Small Businesses In Nigeria Can Build Positive Online Reputation

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With the current economic situation in Nigeria, small businesses are finding it extra hard to survive or at least stay relevant. There are a million and one things they have to worry about now as well as strategies they have to consider if they want to keep shop. One of such strategies is “online reputation management”.

It is no secret that everything is literally done online now and so, if you want your business to succeed, you need to put it online. Basically, a business’ online presence can make or break its actuality. Aside from having an online presence however, it is essential for any business to know how to protect its online reputation.

Do you own a small business and you are wondering how you can do this? Jumia Travel shares 5 tips that can help you protect and manage your business’ reputation online.

Join and remain active on Social Networks

Social media platforms, when used in the right way, can be an effective way to shape a business’ reputation. The results may not be instant, but with a genuine profile and consistent original content that resonates with your target market, you gain real connections. Start with Facebook or Twitter accounts and ensure you constantly send posts on the platforms. Delays in responding to Tweets, posts, comments and questions can have a negative impact on your reputation. Think about reciprocation and engage your customers rather than constantly adopting a direct sales approach.

Seek publicity

Aside from being on the social media, seek other ways for self-promotion. Try web advertising and if you cannot afford to do that, an alternative way to seek publicity online would be to write articles for other sites and blogs and ensure you write on topics that will establish yourself as an expert in your field and essentially spread your good company name.

Get in directory listings and business profile sites

Anyone who wants to check the authenticity of a business, would usually check to see its inclusion on official listings and directories. Just the act of registering on these sites sets a positive reputation. Listing and online directories are essential as they help customers with searches and they eventually drive traffic to your site where you can adopt reputation management tools to keep your visitors interested and active on your pages.

Encourage reviews

Most businesses tend to shy away from reviews as they are afraid they may eventually get damaged by a negative review. It is important however that these business owners keep in mind that feedback is valuable as it gives essential insights into the reputation of the business. If you don’t know what people are saying about your business, you do not know what your reputation is, much less what must be done to manage it. In the case you get a negative review, see it as an opportunity to correct an issue or satisfy a dissatisfied customer. Take the time to respond both publicly on the review and privately with the customer through email to make it right. Do not be lured by the temptation of paying for good reviews either, as this breaks the terms of service of many directories and can result in long term harm to your visibility on their site.

Manage your offline reputation

Do not be deceived, your offline reputation is as important as your online reputation. Your online reputation is essentially built upon the offline experiences of your customers with your business and as such, they heavily influence how your small business in perceived online. Do all you can to ensure your customer has a positive experience with your services, products or facilities. Ensure you have a system in place that allows dissatisfied customers to express their concerns and also allows you to answer questions and make decisions that address and resolve issues before they become online complaints.

Nkem Ndem is a PR Associate at Jumia Travel.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

NBA Demands Suspension of Controversial Tax Laws

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four tax reform bills

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

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Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

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MRS Oil voluntary delisting

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

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Economy

NGX All-Share Index Soars to 153,354.13 points

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All-Share Index NGX

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.

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