Market Research and Business Plan – Nigeria Creative Industries

  • Market research nigeria creative industries

Market Research and Business Plan – Nigeria Creative Industries

A management consulting agency needed help with the creation of a baseline for all Nigeria creative industries. This included specifically TV, radio, advertising, film production, music, and festivals & concerts.

First stage – Market Research

We conducted a thorough screening of the Nigeria creative industries by reviewing the industry landscape. We found the target audience, industry economics and an industry benchmark with one developed country. By the same token, a final output was a 100+ pages baseline report. Arguably, this was a starting point for follow-up interviews with the relevant parties.

Second stage – recommendations

Subsequently, in the second stage, we created recommendations for the Nigerian government on how to improve their creative industries. This involved 1) Problem identification – identify all the problems that the creative industries are facing, 2) Problem elaboration – examination of the problems in more details and recognizing the sources responsible for the appearance of the problem, 3) Benchmark from other countries – review how other countries that were facing the same problems, managed to address them and 4) Conclusion – a specific list of recommendations applicable to the Nigerian creative industries.

Third stage – business planning

Further, as the third stage, because of the fact that the client was impressed with the achieved results, the client requested a Business Plan for the purpose of capturing the opportunities of the creative industries in Nigeria. Arguably, the proposed business plan consisted of large area resort (including hotels) for high-quality video and audio content production, post-production, and distribution and promotion services, including touristic attraction scheme.

To conclude, we researched the market for this type of application and accordingly, we created a list of 25 mobile applications that matched the criteria.

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