The advantages of investing in the advertising market of Uzbekistan are named
Currently, there are ideal opportunities for investing in the advertising services market of Uzbekistan, commented the co-founder of the advertising agency WorldWide Media, winner of the “Brand of the Year 2018” award according to the Marketing Association of Uzbekistan, author of a unique methodology for training marketers and author of scientific articles in the field of marketing Azizbek Yusufov. Azizbek’s achievements in such a relevant area today attract attention not only in Uzbekistan itself, but also beyond its borders.
-Speaking of innovation, I’ll give the example of the WorldWide media company. Since founding WorldWide Media in 2019, as the company's co-founder and managing partner, I have developed marketing strategies that have dramatically changed the landscape of the marketing market in Uzbekistan. Our company has successfully expanded its customer base abroad, concluding export contracts with major brands from Russia, Ukraine and Turkey. Effective advertising campaigns for clients such as Nest one, Texnomart and Newport under my direct supervision have resulted in significant sales growth and increased brand awareness. Thanks to this strategy, it was possible to reduce prices for clients and increase the effectiveness of advertising campaigns.
-As the author of the marketing teaching methodology at the Alpha Education training center, I am proud to note that my contribution to the development of students has led to the formation of outstanding specialists actively participating in the marketing industry of Uzbekistan. My methodology emphasizes innovative teaching methods such as problem-based learning and work integration, which makes the knowledge gained by students unique and practical. My approach focuses on active engagement with industry and enables graduates to successfully apply their marketing knowledge, raising standards of practice in the country. I am not worried about competition with my former students, since healthy competition is the main driver of the development of the marketing market.
-In my scientific activity, I focused on researching unique marketing techniques in the real estate industry, which was reflected in the publication of three articles. These works describe in detail the strategies I have developed aimed at effectively promoting real estate on the market. In addition, my publications also present marketing teaching methods that are actively used in my teaching activities and have received recognition in the educational community. My goal is to share experience and innovative approaches for the further development of the industry.
— According to MCA Advertising agency estimates, the advertising services market in Uzbekistan in 2023 grew by 30% year on year, and approached an amount equivalent to $40 million. The rapid growth of the market is also explained by economic recovery and the process of digital transformation. More and more advertisers are choosing online platforms to attract young audiences. The focus on online advertising is also associated with the financial difficulties of television advertisers. According to our research, on average people spend 2.5 hours a day watching TV, which is half an hour less than in Kazakhstan and Kyrgyzstan, and advertisers have to face inflation of 20-50% on TV advertising. At the same time, inflation on the Internet is much lower — 5-7%, and therefore more and more companies are starting to use online platforms for their promotion.
— Against the backdrop of economic reforms and the arrival of global corporations such as Hilton, Merries, Škoda in Uzbekistan, as well as the rapid growth of advertising budgets, the demand for services for the examination and assessment of platforms for placing advertising communications has increased significantly. It is also worth noting that in the near future, the authorities of Uzbekistan will increase the budgets allocated for the development of the advertising sector.
— Then, in an almost empty market, no one knew how to build it effectively, what are the tasks in marketing, and where is the area of responsibility of the team that makes the product. No one knew why it was important, before packaging a product, to bring it to the maximum quality in this category, what advertising and marketing actually are and how to deal with it.
Also at that time, there was a shortage of qualified personnel, and as a result, companies hired marketers without job descriptions and without KPIs. We had to do everything through trial and error, developing successful ideas.
-Together with the Association, we also launched several practical workshops; I taught as part of Uzbek-language forums and courses. I have developed a special methodology for training specialists, successfully combining theoretical and practical parts, as well as a long period of mentoring after completion. Thanks to this technique, all my students currently occupy leading marketing positions in large companies, and at the same time are members of the association. The Marketing Association of Uzbekistan is currently the only and unique Association in Uzbekistan, and one of the largest in Central Asia.
— Since that time, the Tashkent Advertising Festival TAF, the Makon Marketing Conference, the Yil Brendi (Brand of the Year) brand competition, and the Tashkent Digital Marketing Forum digital conference began to be held. The level of these events is very high, which is also noted by our Russian colleagues; within the framework of these festivals and competitions, we regularly exchange experience and know-how with them. Thanks to these events, local agencies from Uzbekistan began to participate and receive prizes at international festivals. As for the market, in addition to openness, we have seen an increase in the budgets of advertisers, companies have begun to invest more in marketing, and the amount of money in the media market. In many markets, including Russia, colleagues can borrow from us the concept of cooperation and joint development of effective marketing strategies, within the framework of the association we often exchange experience, and thanks to this we are at the forefront of innovation in the field of marketing.
— Now is the time to invest in developing countries. Against the backdrop of development crises in the West, and crisis indicators in technological sectors, there will be a significant surge in demand for investment in developing countries. Including in Uzbekistan.
— We have more than 35 million people, a colossal number of free niches where there are no players at all. For example, if in Russia it has already become commonplace to use aggregators for delivery and one-click purchases through applications, then in Uzbekistan people still prefer to personally call restaurants and stores. And even where there are dozens of local and foreign brands, nevertheless, there is unfulfilled demand.
— The risks are high, but this is offset by the short return on investment.
— My plans include a detailed study of the American marketing market and the characteristics of consumer behavior. I am also planning to establish a company in the USA with a focus on promoting Uzbek enterprises, starting with the restaurant business and logistics, with the active support of a qualified team. In the long term, I strive for outstanding leadership position for my company, with a focus on scaling, innovation and creating a center of excellence in marketing.