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Which One Suites Your StartUp Business, Publicity or Advertising?

Inversk Review

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The process of building a startup company can seem difficult and make one feel intimidated and overwhelmed. It’s not so easy to convince people to buy into your new idea or solutions.

Building credibility for your business can be a tough venture. However it is very important for your customers to have trust in your brand. One of the ways of hacking this is through good publicity.

Publicity is the means of conveying information to the general public through the media. Media here being print media (newspapers, journals, magazine etc), television, radio, email, websites and social media platforms like Facebook, Twitter, blogs et cetera. With the aim to have the media attract the right attention for you.

Normally, publicity is done through a third party who may not have anything to do with the company,thereby their responses and reviews are given high weight. For instance consider going into television where you are featured because of the new product you have introduced or to give expert advice in line with your product. This gives you massive exposure at nearly no cost. It generates sales and creates awareness for your product.

With advertising, you pay for space or airtime so as to promote your product or service. This can be through print media, television, radio or billboards. This kind of marketing costs a lot of money and companies end up paying lots for this. It is a cost driven adventure, one which would be a hard nut to crack for startups.

So unlike advertising, with publicity we enjoy, a cut in expenses since it goes with nearly no cost and other benefits that come along with that.

How do we do this?

Here are some of the ways of doing this:

List events that may offer good speaking opportunities. Scout for such opportunities and use them wisely. Have you ever been into an event where the speaker spoke about a certain product or service, and then you later searched for more information about those companies? Well, that’s how this works.
Identify publications, reporters and bloggers who cover subjects that are relevant for your company. Offer good information that they can use for their releases. They quote you or an expert from your company and you hit the market. Be sure to prepare well and thorough. Write stories in their interest and offer it to them.
Event sponsorship. This is a great way to spread word of your product or service without actually organizing your own event. It’s a form of partnership where for a simple investment of funds you exchange for marketing. What’s important here is ensuring that the market targeted by the primary organizers is your target group too. Clearly know them and prepare accordingly.
Importance of publicity.

Publicity helps in building credibility and brand awareness putting you in a competitive position.
Publicity is the low cost or no cost strategy option.
Publicity can eventually help in the development of key partnerships.
Publicity places you as experts in your field.
It helps your business stand out and be noticed.
Be intentional.

Like all other things you have to be intentional about publicity. For instance if you have a story about maybe the solutions you offer and how they are better than your competitors, look for journalists. The work of journalists or bloggers is to find such stories. Make a call and present your pitch. When they say yes, this definitely becomes a plus for your business.

Used well, publicity can generate sales and place your business on the map.

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Kenya Today

Fuel Price Soar in the Latest EPRA Review

Kevins Jerameel

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Energy and Petroleum Regulatory Authority (EPRA) has hiked the fuel prices for one month of November through December. In a statement signed by EPRA Director General Pavel Oimoke on Thursday, a litre of petrol in Nairobi will now cost Sh 110.59 an increase if SG 2.54 while a litre of diesel has risen by Sh 2.65 to retail at Sh 104.61.

Households using kerosene are the hardest hit, in the latest review, kerosene consumers part with Sh 2.98 more for a liter that will cost Sh 104.06.

Kenya’s inflation increased to 5.7% in the month of September from 4.04% the previous month due to increased taxes on petroleum products.

The rate is the highest in 12 months, an indication that the impact of VAT on fuel is sieving into the economy. The price increase which took effect from Thursday night will remain in force till the midnight of December 14.

The rise in fuel proves is attributed to an increase in the landing cost for super petrol by 0.86% from Sh 4,593 per cubic meter last September to Sh 4632 per cubic meter last month while that of diesel increased by 2.08% from Sh 4919 per cubic meter to Sh 4999 cubic meter.

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Markets

Auctions Jump as Mortgage Defaults Hits sh38 Billion

Georgina Korir

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Default on mortgages jumped 41 percent to Sh38 billion, pointing to widespread distress in the real estate as it is experiencing a slump growth and property auctions pick up.

Latest real estate data from the Central Bank of Kenya (CBK) shows that mortgages shows the industry experienced the biggest hike in non-performing loans (NPLs). Unpaid mortgages increased by Ksh11.2 billion or 41.1 percent, manufacturing by 19 percent, traders by four per cent and personal loans by six percent.

According to the report, 16.9 percent of the Ksh224.8 billion gross loans extended as mortgages were not being serviced at the end of December 2018, up from 12.2 percent in 2017.

“The ratios were above the industry gross NPLs to gross loans ratio of 12.7 percent in December 2018. Deterioration in asset quality was mainly attributed to among other factors; subdued business activities, delayed payments from public and private entities and low uptake of housing and commercial units,” CBK noted.

The real estate industry was dotted with auctions, as the most people who had taken loans on the strength of their pay slips to buy property failed to service them in 2018 and 2019, following the NPLs.

Attributing to a dying economy, which has seen several companies shut, there have been a lot of job cuts in Kenya.

At least 78,400 new formal jobs were created in the economy in 2018 compared to 114,400 in 2017 this, According to the Economic Survey 2019.

Following the interest rate cap which was repealed last week, the banks have also been reluctant to offer loans to individuals and SMEs who are first time borrowers.

As a result, compared with a growth of 23.9 percent in 2015, there was minimal growth in mortgage growth of 0.7 percent last year.

CBK said, “This could be attributed to banks’ review of mortgage terms to offer mortgage loans on increasing credit risk in the real estate sector,”

It is reported that more auctions linked to mortgage defaults were conducted in 2018 compared to 2017.

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Features

Understanding Art Piece Collection Value In The Market

Dennis Kamau

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You probably have had a trigger of suspense when art is mentioned either in the movies and you wonder how to value them? Well there are a number of factors to consider when valuing an art piece.

Unknown to individuals when it comes to art, is the value that art piece carries on matters concerning the monetary value. The most important factor when valuing an art piece is the artist of the work.

A piece of work that has been produced frequently by an artist will have a high monetary value than an art piece done by a new artist. Also, works that was produced as old art collections have a quite good impression as they tell a story of occurrence of that season and whether it represents their work.

Subject of work may narrow or broaden the market of buyers as more private buyers are purchasing art directly from the artist (primary market). Certain subjects always attract more clientele than others. Like an art piece of a beautiful lady will sell better or the big five animals than a portrait of an old man.

Subjectivity of work is not a factor that is independent but depends on the drive of demand of buyers. If the demand is high the prices increases. The commercial value of art piece depends on collective intentionality similar to currency.

On a different scale, sizes matter where even though the artist may feel that a small size is efficient the buyer perception is different.  Art piece with big size are expensive in the market like a wonderful sculpt that can sit at the backyard of an individual or next to the welcoming door of the house.

The type of materials used in an art piece can greatly increase the price, Leonard Davinci Mona Lisa painting holds the highest value insurance for a paint, its custodian is the museum. Art is being redefined from the beginnings of illusionist painting to complex photography with binary digits and also, sculpture designs. We humans tend to try and tell a story of what the impression an artist had when coming up with an art design.

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