Social Media Marketing and Performance of Small and Medium-Sized Enterprises in South West Nigeria

Abstract

The study investigated how small and medium-sized businesses (SMEs) in southwest Nigeria performed in terms of brand awareness, customer satisfaction, customer retention, and customer patronage in relation to social media marketing (ad placement, content marketing, referral marketing, and influencer marketing). The moderating effects of trust on SMEs' performance were also investigated in this study. Using a cross-sectional research methodology, the study used multistage sampling strategies, such as purposive, proportional, and simple random sampling. In all, 383 SMEs' owners and managers were chosen from the states of Ekiti, Ondo, and Oyo. Social media marketing significantly improved brand awareness, customer satisfaction, customer retention, and consumer patronage, according to the research. Additionally, the results showed that trust significantly moderated the performance of the chosen SMEs. According to the study's findings, social media marketing significantly impacted the performance of SMEs. According to the survey, SMEs should create a thorough social media marketing plan that includes a range of techniques like ad placement, content marketing, influencer marketing, and referral marketing. These results advance knowledge on how social media marketing might improve SMEs' performance in the specific context of Southwest Nigeria