Social Media Driven Marketing and Performance of Micro, Small and Medium Scale Enterprises in Nigeria
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Abstract
The study examined the relationship between micro, small, and medium-sized businesses’ marketing performance and social media-driven marketing in Calabar, Nigeria’s Cross River State. A knowledge gap in social media-driven platforms and the marketing effectiveness of micro, small, and medium-sized enterprises in Cross River State, Calabar, gave rise to the study. This study’s primary objective was to look into the relationship between social media marketing and the marketing effectiveness of micro, small, and medium-sized businesses in Calabar’s Cross River State. Survey design was utilized by the researchers. Data was gathered using a standardized questionnaire with a five-point Likert scale. The selection process for the 300 MSMEs operators involved basic random sampling. Two assumptions were tested and examined using simple linear regression. The two aspects of social media marketing and the marketing performance of MSMEs were shown to be significantly positively correlated in Cross River State, Calabar, with the Instagram page showing the largest regression. it was concluded that social media platforms like facebook and Instagram drives marketing and enhances performance. The empirical results of the
study clearly highlight that; Facebook and Instagram are basic social media platforms that
drives marketing performance of micro, small and medium scale enterprises in the State. it was recommended that Operators of this sub sector that are yet to practice this new media should do
so because of its ability to reach the world in few minutes and also for their businesses to be competitive.
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Social media now plays a crucial part in marketing and communication. According to Bansal et al. (2014), the younger generation of consumers is highly aware of brands, actively participates in global markets online, and their views can significantly influence business performance globally. This viewpoint emphasizes how crucial it is for businesses to manage their social media platforms in order to produce high-quality content and understand the behavioral dynamics of their users on the network. This will help them reach a higher potential user engagement level, which will help them develop successful promotional campaigns. Nigerians are demonstrating the power of social media in their everyday interactions, particularly with businesses and on socio-political issues (Morah et al., 2016; Ekwenchi et al., 2015).
New technologies can offer knowledge and resources that increase the public’s participation in social and political spheres, claim Kenechukwu et al. (2012). The many applications of Facebook, LinkedIn, Twitter, and Whatsapp have been validated by numerous research (Folaranmi 2013; Morah, 2012). With the launch of Whatsapp, new social media functionalities have come to light. One is how well it works in business dealings. According to Ekwenchi et al. (2015), WhatsApp is thought to be the most popular social networking platform among young people attending postsecondary schools, which creates potential for academic success. Additionally, multinational corporations, brands, and MSMEs have seized the chance presented by social media platforms, utilizing their features and exposure potential as part of their marketing plans.
According to Ardjouman and Asma (2015), performance is measured in terms of output, such as profitability or predetermined goals. This suggests that the activities and results of MSMEs have an impact on their performance. This justification covers meeting benchmarks in addition to evaluating and establishing goals. The predicted levels of output are obtained when management conduct is correct, and vice versa for failure. The marketing performance of SMEs is positively impacted when management has the right attitudes toward marketing strategies (Ebitu, 2016). MSMEs are a type of business entity that operate in every economic sector and account for the majority of economic activity in Nigeria. This category of firms is referred to by a number of terms that are used interchangeably in literature, including micro, small and medium-sized, small and medium-scale, and small and medium enterprises.
MSMEs can be analysed based on both their qualitative and quantitative attributes. The goal of the qualitative definition is to pinpoint the specific traits that small businesses find more distinctive than those of larger companies. According to Ekpo et al. (2017), SMEs are distinguished by their small operations, ease of entry into the economy, and reliance on local resources. Conversely, the quantitative definition places greater emphasis on numerical attributes like workforce size, sales revenue, and asset valuation.
1.2 Statement of problem
It seems that there is little to no empirical research on social media-driven marketing as it relates to micro, small, and medium-sized businesses in Cross River State, which is surprising given the social media’s explosive expansion in Nigerian society, particularly as it relates to the average person on the street. In particular, no research has been able to examine the impact that social media sites such as Facebook and Instagram have had on the marketing capabilities of micro, small, and medium-sized businesses. This is the context in which this study was conducted.
1.3 Objectives of the study
The primary purpose of the study was to investigate the relationship between social media-driven marketing and the marketing performance of micro, small, and medium-sized enterprises in Cross River State. The study’s specific goals were to:
i. Determine the association between Facebook and MSMEs’ performance in Cross River State.
ii. Investigate the association between Instagram pages and MSMEs’ performance in Cross River State.
iii. To proffer solutions to the challenges associated with MSMEs’ performance in Cross River State.
1.4 Research Hypotheses
The following research hypotheses were formulated to be tested during the study:
H01: There is no significant relationship between Instagram page and performance of
MSMEs in Cross River State.
H02: There is no significant relationship between Facebook page and performance of
MSMEs in Cross River State.
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