Exploring Social Media as a Strategy for Small and Medium Enterprises (SMEs) Performance: Evidence from Oyo State, Nigeria

Abstract

This study explored the role of social media strategy in the performance of SMEs in Oyo state, Nigeria. Specifically the study identified the various types of SMEs using Social Media for marketing, examined the relationship between social medial strategy and SMEs performance, and determined the factors influencing adopting social medial strategy by SMEs in Nigeria. The population of this study was comprised one thousand four thousand and fifty eight (1,458) SMEs that registered with the SMEDAN, while one hundred and thirty two (132) was selected as a sample size for the study. The data collection instrument for the study was a structured questionnaire and personal interview. Data analysis was performed with the aid of descriptive and inferential statistics. The result showed that Facebook, Twitter and LinkedIn are the major social media employed by the SMEs to exploit competitive advantage. The result also revealed that build brand awareness, promote products and/or services, and collect customers feedback are the majors principal factors influencing adoption of the social media strategy by SMEs. In conclusion, the study confirmed that there a significant relationship between social medial strategy and SMEs performance. Subsequently, the study recommended that Small and Medium Enterprises Development Agency of Nigeria should sensitize the SMEs operators on how to make use of social media strategy and benefits accrued to its usage. Also, government should provide conducive business environment that will enable SMEs to thrive.