Social Media Marketing and Performance of Selected Small and Medium Enterprises (SMEs) in South-West Nigeria
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2022-12
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Lead City University
Abstract
This study examined the effect of social media marketing on performance of selected small and medium enterprises (SMEs) in South-West, Nigeria. Descriptive survey research design was adopted. The population is 17, 534 which comprises of the SMEs in Lagos, Oyo and Osun States as these states have the largest concentration of SMEs in South West, Nigeria. The sample size of 376 was determined using the Raosoft Sample Size calculator. Primary source of data collection (questionnaire) was adopted for gathering data from the owners/managers of the selected SMEs. Reliability test of the questionnaire was carried out and Cronbach alpha coefficient of 0.889 was achieved. The response rate was 90.16%. Data were analysed using descriptive and inferential statistics (Statistical Package for Social Sciences (SPSS) version 24 and SmartPLS version 3.3.3). Findings of the study revealed that social media marketing significantly affects sales growth of SMEs in Southwest, Nigeria (Adj R2=0.672; p=0.000, Q2 =0.450). Social media marketing significantly affects customer retention of SMEs in Southwest, Nigeria (Adj R2=0.651; p=0.000, Q2 =0.345). Social media marketing significantly affects brand loyalty of SMEs in Southwest, Nigeria (Adj R2=0.693; p=0.000, Q2 =0.345). Social media marketing significantly affects brand awareness of SMEs in Southwest, Nigeria (Adj R2=0.711; p=0.000, Q2 =0.531). Social media marketing significantly affects competitive advantage of SMEs in Southwest, Nigeria (Adj R2=0.520; p=0.000, Q2 =0.346). It is on the strength of the moderated analysis result (β =0.069; p< 0.050, Q2 =0.527) and the Simple Slope Analysis obtained that investment decision has a positive and significant moderating effect of the interaction between social media marketing and small business performance in Southwest, Nigeria. This study recommended that SMEs must comprehend, interprete and communicate their organisational purpose using appropriate social media marketing strategies as this would enhance their performance.
Keywords: Social Media, Marketing, Small Business, Performance
Word Count: 297
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Kate Turabian