Women in Africa spend more time online reading romantic novels compared to men, according to research. Thus, marketers that include romantic messaging in their advertising can stand to increase purchase intentions from female consumers.
Romance is a powerful driver among female consumers and they tend to pay more attention to products that contain imagery or wordings of a romantic nature.
A report titled Reading in the Mobile Era released this month by Worldreader, a global nonprofit whose mission is to help the world read, shows that women readers spend 11.5 minutes reading while male readers spend 6.5 minutes per session making the former more frequent readers.
“Although the study did not specifically track genre preferences by gender, the overall usage monitoring data most likely reflects the reading preferences of females because they are far more active readers than males,” reported Worldreader.
“The strong fondness for romantic fiction supports this theory. Market research conducted in the USA indicates that 91 per cent of romance book buyers are female, and it is reasonable to assume this ratio holds true in other countries as well.”
The most read books were; Broken Promises, Forever my Love, The Girl with the Magic Hands, Le Roman de la Momie and First Love Thinking of Him.
The findings of the research can be applied in marketing by brands seeking to increase their sales in a competitive market or simply to make their advertisement stand out from the rest.
According to 2010 research conducted on what makes an effective advertising for a man or a woman by Alexander Ngozi Ifezue of the University of Botswana, advertisements that contain romances are most noticeable to female consumers compared to male.
In regards to genders, it was found that it differed when they were exposed to advertisements that featured a male model with a low level of sex appeal. Men were found to have little interest in advertisements that contained male models with a low level of sex appeal and suggestive romance. However, women were found to be attracted to advertisements that contained male models with a low level of sex appeal and suggestive romance.
“The finding suggests that international advertisers must not only take into account whether their advertisements are intended to attract male or female targets, they should also be concerned with the target country’s outlook to the use of sex appeal approach in advertising,” reported Ifezue.
An example of a brand that successfully used romanticised marketing is maize meal flour, Soko Ugali. In 2011, it released an advertisement that featured a man who, after seeing the plate of Ugali on the table, stands up and serenades the meal to a rendition of the famous Kiswahili love song Nakupenda Malaika. His family is in awe to his love of the maize flour brand and clap cheerfully.
The advertisement was played across different television channels usually between 7pm and 8pm when most families are eating supper while watching television, making it popular among consumers.
A research released the following year by Kenyan research company, Consumer Insights, showed that it had overtaken Jogoo to become the leading maize flour brand with 24 per cent market share to its competitor’s 21 per cent.
This was attributed to its marketing campaign on traditional media. While the report did not mention the gender of consumers that bought the maize flour, it did highlight that in Kenya the highest number of shoppers then were female consumers aged between 25 and 29 at 35 per cent, followed by women aged 30-40 at 29 per cent.
On the other hand, men aged between 20 and 24 represented 19 per cent of the shoppers, those 40 years and above were 12 per cent and 15-19 years old male shoppers were five per cent.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.