EFFECT OF SOCIAL MEDIA MARKETING ON THE PERFORMANCE OF SMALL VENTURES
Table of Contents
- AIM AND OBJECTIVES
- A BRIEF RESEARCH METHODOLOGY
Over the last few decades, business world is showing a drastic change especially in the areas of how businesses operate or market their products. The introduction of high end technology in the form of computers and internet is accelerating and we can expect it to have an identical impact on the business (Heenetigala, n.d.). With new technologies becoming available easily, businesses are trying to learn various new systems to attain greater benefits. One such example of new system available to business due to advancement in internet is the introduction of social media. It is an exciting interactive medium for regular internet users through which they can create or share information or ideas within virtual communities (boyd, 2015). Such idea of interaction took the world by storm to such an extent that no business small, large, local or global could bare itself from its effects.
With a view to interact with public and to aware them about their product, small businesses were traditionally adopting door to door awareness programs. Thus the efficiency of their marketing programs depends upon their budget as well as time allocated to the marketing activity. They are facing stiff competition from large firms who are capable enough to reach diverse markets through huge advertising budget and other facilities which small business firms are deprived of (Mazzarol & Ramaseshan, 1996).
Social media marketing came out as the most effective marketing tool available to all businesses either small or large, that develops a loyal connection between products and their potential customers. Various social media platforms like Facebook, twitter or Flickr etc. can be used to post any event that needs to be publicized and also does not require huge investment in terms of both time and money. This has opened a new way using which small business firms can perform their marketing and branding activities. Unlike traditional media channels like television which broadcast social events after some time of its occurrence, social media supports live interaction between the consumers and business (Dorenda-Zaborowicz, 2012).
In such a scenario, it becomes imperative to analyze and understand the substantial effect of social media as a marketing tool on the performance of small business ventures. This study will also suggest some strategies for maximizing the effectiveness of small businesses using this viral marketing tool beyond the social interactive platform.
2. AIM AND OBJECTIVES:
The research aims to study the impact of using social media networks to create brand awareness as well as to increase brand visibility by micro and small business ventures. The below said objectives will help achieve this aim:
- To identify the various types of businesses using Social Media for marketing
- To formulate a framework to study the impact of Social Media networks on Business Performance than the traditional word of mouth method.
- To study the impact of various online promotional activities on the brand visibility
- To study performance of micro and small businesses after including social media marketing the part of overall marketing activities.
3. A BRIEF RESEARCH METHODOLOGY:
Facts, figures and other relevant data material provide the basis for any study or analysis. Any inferences drawn on the basis of mere imagination, with no analysis of facts and data present will only leads to poor research. Thus, to effectively analyze the main aim of this research, the below said methodologies will be undertaken which are:
Primary data: primary data for the purpose of conducting this research is collected from the micro and small business ventures as well as their customers by using a well-designed questionnaire aimed at capturing their point of view on use of social media marketing. In this questionnaire, numerous indirect questions were included related to social media marketing and how it influences consumers buying decision, based on which findings and conclusions on the research topic were drawn. For the purpose of collecting such information, 150 respondents who are active social media users were selected randomly and the link to the questionnaire is sent to them using various social media platforms.
Secondary data: it is the data which is collected from secondary sources and can influence the analysis. Few secondary sources for the purpose of conducting such research includes the careful study and analysis of pertinent literature and information from various sources like company reports, newspaper, magazines, internet etc. As the secondary data is the crucial factor in conducting such kind of research, a detailed analysis of such data will be undertaken to look into the extent to which social media marketing have affected the business performance and creating brand visibility of small businesses.
To analyze the data so collected using above sources, both the quantitative as well as qualitative methods of research will be used. The data will be analyzed by presenting it in the form of tables, charts and excel sheets using various statistical tools available online.
- Heenetigala, K. Potential Impact of New Technology on Governance in Small Business. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.1541676
- boyd, d. (2015). Social Media: A Phenomenon to be Analyzed. Social Media + Society, 1(1), 205630511558014. http://dx.doi.org/10.1177/2056305115580148
- Mazzarol, T., & Ramaseshan, B. (1996). Small Business Marketing: A Comparative Study of High and Low Success Firms. Small Enterprise Research, 4(3), 50-64. http://dx.doi.org/10.5172/ser.4.3.50
Dorenda-Zaborowicz, M. (2012). Marketing w social media. Nowe Media, 0(3), 59. http://dx.doi.org/10.12775/nm.2012.003