Effect Of Social Media Platforms On Business Performance
The study examined the effect of social media platforms on business performance of selected SMEs in Ilaro, Ogun state. The study objectives examine the effect of Facebook, twitter and instagram on business performance. Survey research design was adopted for the study. From the total population of 143 selected SMEs, sample size of 107 was determined using simple random sampling technique with the aid of Taro Yamane formulae. In gathering data for the study, structured questionnaire was used and administered on the respondents. All the data gathered were arranged and presented in textual and tabular form and also analysed using simple percentage method. The findings of the study revealed that facebook, twitter and instagram has significant effect on business performance. Hence, the study concluded that social media platforms have significant effect on business performance. Therefore, the study recommends that; Business owners should adopt the use of facebook in their marketing strategy. Since through facebook, business can communicate information to customers in a flash, regardless of geographical locations. Businesses should disseminate information and communicate to their customers through twitter and other social media platforms to ensure effective reach of messages. Also, firms need to integrate instagram usage in their business strategy since instagram allow firms to tailor their content for each market segment and give the businesses the opportunity to get their messages across more widely than ever before.
The objectives of this study is to examine the “Effect of social media platform on business performance.
However, the specific objectives are:
- To determine the effect of Facebook on business performance
- To determine the impact of Twitter on business performance
- To determine the influence of Instagram on business performance.
The research aims to answer the following questions:
- What is the effect of Facebook on business performance?
- Does twitter has effect on business performance?
- To what extent does instagram affect business performance?
1.0 INTRODUCTION
1.1 Background Information to the Study
In the last two decades, internet innovations have played an important role in business performances (Kim, Li, & Brymer, 2016). Web applications provide the opportunity to transfer internet capability to the social environment where individuals are able to interact online by using social media (Sigala & Chalkiti, 2014). Social media is an effective cyberspace for accessing reliable and update information (Sigala, 2012). The popularity and enormous use of social media facilitates the online learning and the sharing information (Hur, Kim, Karatepe, & Lee, 2017). Social media allows the users, without any need to physical presence, to communicate and generate content (Zhang, Guo, Hu, & Liu, 2017). Moreover, social media has been seen as an effective billboard for a firm’s commercial goals and better business performance (Rapp, Beitelspacher, Grewal, & Hughes, 2013). Most firms are using social media to increase business brand image and brand awareness (Nisar & Whitehead, 2016; Pentina, Gammoh, Zhang, & Mallin, 2013). Furthermore, the social media influence company branding strategies which leads to e-WOM (electronic word of mouth) (Barreda, Bilgihan, Nusair, & Okumus, 2015). Therefore, e-WOM attracts consumers and enhances their purchasing intention (Xie et al., 2016).
By using social media, customers have access to different sources of shared information from other customers in regard to their experiences and recommendations. This influences their purchasing decisions (Chen, Fay & Wang, 2011). Therefore, the important role of social media in developing relationship and trust with customers, suppliers and potential partners is a significant consideration for firms (Rappetal, 2013). A firm’s involvement in social media offers values for their business including enhanced brand value, sales growth, commerce and social commerce (Hajli, 2014); customer trust and stickiness (Zhang et al, 2017); innovation and new product development. The internet is playing crucial role for the growth of business by using different tools of social media, for example Facebook, twitter etc. Millions of people are using social media not only daily basis but on hourly basis, so it is considered a good source to publicize their business among general mass (Qualman, 2009).
In this modern era, information technology develops rapidly and influences the behavior of many people. Everyone is dependent on the internet to connect with other people and to find the information quickly. This makes smartphones a necessity in their daily activities. Several applications such as online shopping, online transportation and social media can be downloaded by smartphone users. Although previous studies have showed interest in social media values for organizations, there are very limited empirical studies on finding the influence of using social media on the performance of SMEs in the hospitality industry. Kim, Lim, and Brymer (2015), argue that researchers should try to focus on the identification of derivers and moderators that produce impact on business performance rather than focusing on social media principles. Moreover, according to the resources base view (RBV), firm capabilities and resources could create sustained competitive advantages (Davick & Sharma 2016). Therefore, social media enhance SMEs capabilities to increase their performance (Trainor, & Zulius, Rapp, & Agnihotri 2014).
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