Having a lot of followers doesn’t always mean having a lot of customers.
Many Nigerian business owners spend time and money growing their online presence. They post regularly, run adverts, and gain more followers. Yet, sales remain low.
That was the focus of the 2026 Miva Business Forum, organised by the Department of Business Management at Miva Open University. The virtual event, themed “Visibility to Profitability in a Tough Economy: Turning Marketing into Real Sales for Nigerian MSMEs”, brought together business leaders, entrepreneurs, academics, and professionals to discuss practical ways businesses can grow despite today’s economic challenges.
In This Post
Why Visibility Alone Isn’t Enough
Speaking at the forum, Dr Stanley Muoneke, managing director of Tipping Point Consulting Limited (TPCL), explained that many Nigerian businesses are more visible today than ever before but are making less money.
According to him, businesses often focus on metrics such as followers, likes, views, and impressions. While these numbers can show that people know about a business, they do not guarantee sales.
Instead, businesses need to understand what their customers need, earn their trust, and create a clear path from interest to purchase.
The Reality Nigerian Businesses Face
Running a business in Nigeria is not a walk in the park.
Although inflation has slowed compared to previous years, business owners are still dealing with rising operating costs, high transport expenses, and customers with less spending power. Many small businesses have also experienced lower demand for their products and services.
These realities mean businesses need smarter marketing strategies, not just bigger marketing budgets.
The 5R Framework for Business Growth
To help business owners improve their results, Dr Muoneke introduced the TPCL 5R Visibility-to-Profitability Framework.
The framework consists of five steps:
1. Reach
Find the right customers in the right places.
Not every customer is online. While social media is important, many Nigerians still discover businesses through referrals, physical stores, markets, radio, and community networks. Business owners should market where their customers actually spend their time.
2. Resonate
Communicate your value clearly.
Customers should quickly understand what problem you solve and why they should choose your business. A simple message is often more effective than a complicated one. Businesses should clearly explain the customer’s problem, offer a solution, and provide proof that their product or service works.
3. Relate
Build trust.
People buy from businesses they trust. Responding quickly to enquiries, delivering quality consistently, collecting customer reviews, and building genuine relationships all help turn interested prospects into paying customers.
4. Revenue
Turn interest into sales.
Many businesses focus only on attracting attention. The next step is making it easy for customers to buy. Businesses should improve how they handle enquiries, increase the value of each sale, and encourage repeat purchases.
5. Retain
Keep existing customers.
Finding new customers costs money. Keeping existing customers is often more profitable. Excellent customer service, loyalty programmes, and regular follow-up can encourage customers to return and recommend the business to others.
Digital and Physical Marketing Should Work Together
One of the biggest lessons from the forum was that businesses shouldn’t rely only on digital marketing.
Although millions of Nigerians use social media, many purchasing decisions still happen offline through referrals, markets, physical shops, and personal relationships. The most successful businesses combine online marketing with traditional methods to reach more customers.
Learning Through Real Business Examples
Throughout the session, participants explored examples of Nigerian businesses that have grown by educating customers, building trust, and consistently delivering value instead of relying only on advertising.
These case studies showed that long-term success comes from understanding customers and solving real problems.
Miva’s Commitment to Entrepreneurs
At Miva Open University, learning goes beyond the classroom.
The Miva Business Forum was created to connect academic knowledge with real business experience, giving entrepreneurs practical strategies they can apply immediately.
As Nigeria’s business environment continues to evolve, initiatives like this help entrepreneurs build stronger businesses, create jobs, and contribute to economic growth. The forum ended with an interactive question-and-answer session, reinforcing Miva’s commitment to innovation, entrepreneurship, and business excellence.