Impact of Social Media on Brand Equity and Profitability in Micro, Small and Medium Enterprises in Nigeria

Marcus Garvey Orji (PhD) & Shalom Joro Yabilsu

Abstract


Social media has opened doors of endless opportunities for businesses at little or no cost and over the years social media has gradually been gaining ground in the world. The objective of this study was to assess the impact of social media on brand equity and profitability in micro, small and medium enterprises in Nigeria with particular emphasis on the Federal Capital Abuja. The survey method was adopted for the study and questionnaires were administered as method of primary data collection. The data was analysed by the simple descriptive percentage method and formulated hypotheses tested using Kendall coefficient of concordance method. And the findings revealed that there is need for social media in business interaction in Nigeria, there is significant impact of social media on brand equity and brand equity have impact on profitability in micro, small and medium enterprises in Nigeria and there is also a significant impact of social media on consumer purchase decision. The study among other things recommended that Micro, small and medium enterprises should create a social media plan that fits into their goals and objectives, post on social media platforms regularly, build relationships and be professional in their dealings with consumers, in order to improve on their profitability


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