Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy

The notable contribution of small and medium enterprises (SMEs) in the development of socio-economics has been very encouraging in terms of its GDP contribution and employment creation. Both developed and developing countries are living testimonies of the contributions by SMEs. The primary aim of th...

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Autores principales:	John Amoah, Abdul Bashiru Jibril
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	social media advertising promotion tool sme’s financial industry ghana Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/e57500fc7d7e424d8113441b051a303c
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spelling	oai:doaj.org-article:e57500fc7d7e424d8113441b051a303c2021-12-02T14:41:55ZSocial Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy2331-197510.1080/23311975.2021.1923357https://doaj.org/article/e57500fc7d7e424d8113441b051a303c2021-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2021.1923357https://doaj.org/toc/2331-1975The notable contribution of small and medium enterprises (SMEs) in the development of socio-economics has been very encouraging in terms of its GDP contribution and employment creation. Both developed and developing countries are living testimonies of the contributions by SMEs. The primary aim of this paper is to assess the use of social media as a promotional tool for SME development. To achieve this objective, a total of 800 structured questionnaires were developed through an intercept and online survey to obtain data for the exercise. A non-probability sampling technique was employed for the collection of the data of which 648 respondents were dully accurate for the data processing/analysis. Using PLS-SEM with the help of ADANCO software v 2.2.1, findings revealed that the use of social media as an advertising tool has a significant effect on a firm’s financial performance, business motivation, customers’ perspective/attraction, and an increase in market share, thus, a key in reflecting a positive change in their marketing and promotional activities in the consumer market. The findings of the study are both beneficial to practitioners/owners of SMEs and the social media marketing literature in general. This study further strengthens the need for businesses to invest in digital marketing tools and employ them effectively to stay competitive in the long term for the firm’s growth and survival.John AmoahAbdul Bashiru JibrilTaylor & Francis Grouparticlesocial mediaadvertisingpromotion toolsme’sfinancial industryghanaBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 8, Iss 1 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	social media advertising promotion tool sme’s financial industry ghana Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	social media advertising promotion tool sme’s financial industry ghana Business HF5001-6182 Management. Industrial management HD28-70 John Amoah Abdul Bashiru Jibril Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy
description	The notable contribution of small and medium enterprises (SMEs) in the development of socio-economics has been very encouraging in terms of its GDP contribution and employment creation. Both developed and developing countries are living testimonies of the contributions by SMEs. The primary aim of this paper is to assess the use of social media as a promotional tool for SME development. To achieve this objective, a total of 800 structured questionnaires were developed through an intercept and online survey to obtain data for the exercise. A non-probability sampling technique was employed for the collection of the data of which 648 respondents were dully accurate for the data processing/analysis. Using PLS-SEM with the help of ADANCO software v 2.2.1, findings revealed that the use of social media as an advertising tool has a significant effect on a firm’s financial performance, business motivation, customers’ perspective/attraction, and an increase in market share, thus, a key in reflecting a positive change in their marketing and promotional activities in the consumer market. The findings of the study are both beneficial to practitioners/owners of SMEs and the social media marketing literature in general. This study further strengthens the need for businesses to invest in digital marketing tools and employ them effectively to stay competitive in the long term for the firm’s growth and survival.
format	article
author	John Amoah Abdul Bashiru Jibril
author_facet	John Amoah Abdul Bashiru Jibril
author_sort	John Amoah
title	Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy
title_short	Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy
title_full	Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy
title_fullStr	Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy
title_full_unstemmed	Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy
title_sort	social media as a promotional tool towards sme’s development: evidence from the financial industry in a developing economy
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/e57500fc7d7e424d8113441b051a303c
work_keys_str_mv	AT johnamoah socialmediaasapromotionaltooltowardssmesdevelopmentevidencefromthefinancialindustryinadevelopingeconomy AT abdulbashirujibril socialmediaasapromotionaltooltowardssmesdevelopmentevidencefromthefinancialindustryinadevelopingeconomy
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Social Media as a Promotional Tool Towards SME’s Development: Evidence from the Financial Industry in a Developing Economy

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