IMPACT OF CONTENT MARKETING ON SMALL MEDIUM ENTERPRISES IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Small and Medium Enterprises (SMEs) play a vital role in the economic growth and industrial advancement of any nation. SMEs in Nigeria make a substantial contribution to the creation of jobs, reduction of poverty, and overall advancement of the economy (Fadeyi, 2020). Nevertheless, small businesses frequently encounter a multitude of obstacles, such as restricted financial resources, insufficient infrastructure, and fierce rivalry. Recently, content marketing has become a potent instrument that can assist small and medium-sized enterprises (SMEs) in overcoming these problems and improving their growth and competitiveness. Content marketing has become increasingly prominent as a cost-efficient and influential approach for firms to engage with their intended audience. material marketing is the process of producing and disseminating valuable, pertinent, and consistent material to attract and keep a well-defined audience, ultimately leading to successful customer engagement (Wen, 2020).

Disseminating digital content is an essential aspect of contemporary consumers' lives. Across the globe, individuals disseminate news and captivating pieces, exchange YouTube videos, and peruse and forward evaluations of motels or restaurants to their relatives and acquaintances. The dissemination of material and information through social channels influences both customers and brands (Wen, 2020). Interactions between consumers in both online and offline settings impact individuals' views, preferences, and ultimately their purchasing behaviour (Berger, 2022). Marketing has utilised technological improvements to establish interactive communication channels with existing and prospective customers. Marketing utilises internet-based technology to promote and engage consumers in active involvement. Jutkowitz (2017) highlights the imminent revolution for brands and organisations due to the use of content marketing. It is observed that nine out of ten companies are employing content marketing strategies to effectively captivate, connect with, convert, and reinforce customer awareness of their products and brands.

Content marketing has long been a component of the digital marketing strategy employed by organisations working within the online framework. Consequently, Joe Pulizzi established a worldwide organisation dedicated to educating and training individuals in content marketing in 2017. This organisation is known as the Content Marketing Institute (CMI) and is backed by a website. According to the Content Marketing Institute, content marketing is a strategic marketing strategy that involves creating and sharing valuable, relevant, and consistent content in order to attract and retain a specific audience, and ultimately, to encourage profitable customer behaviour. In simpler terms, content marketing refers to the creation of meaningful and personalised material for a specific audience that is actively engaged and interactive. Content marketing aims to deliver consumer value and incorporates relationship marketing principles to attract and keep customers, ultimately driving firm profitability. Pulizzi (2017) emphasised the distinction between online content creation and sharing, and content marketing, which aligns with an organization's business or financial objectives. Järvinen and Taiminen (2018) define content marketing as the creation and distribution of content, such as text messages, photographs, videos, and animations, to target customers in a manner that provides value and fosters engagement with the firm.

Content marketing extends beyond the act of selling and typical marketing campaigns. Its main objective is to offer consumers valuable information and ideas through the distribution or sharing of text, images, videos, and other types of content (Milkman, 2019). Thus, content marketing is revolutionising the methods by which companies market and engage with their intended audience. When operating online, organisations should prioritise a pull marketing approach over a push marketing strategy. This is because a pull strategy encourages greater interactions and engagement with consumers (Elderman, 2020). Content marketing may be a helpful strategy for any organisation with an internet presence. Content, as a starting point, encompasses the textual elements that make up webpages, as well as various forms of multimedia content like movies, podcasts, user-generated material, and interactive product pickers (Smith et al., 2023). Pulizzi (2017) described digital content marketing as the process of creating and disseminating informative and engaging information in various formats with the aim of attracting and retaining customers. Jefferson (2019) concurs that a shift in marketing philosophy is necessary and proposes that this shift entails transitioning from a sales-oriented mindset to a customer-centric one, which may be accomplished through the implementation of content marketing.

According to Tanton (2022), content marketing objectives should be included in a well-defined content strategy, which refers to the process of planning for the creation, delivery, and management of valuable and user-friendly material. Pullizzi (2018) identified the key goals of a content marketing strategy for organisations that utilise this approach, which include enhancing brand recognition or strengthening it, converting and nurturing leads, converting customers, providing customer care, upselling to existing customers, and cultivating devoted subscribers. Content marketing is essential for establishing trust with specific target audiences. Trust is recognised as a key factor contributing to the effectiveness of content marketing (Barret et al., 2019). Rogers (2021) delineate the four constituents of a content marketing strategy that have the potential to cultivate and maintain trust for a company or brand. The key elements encompassed in this context are: alignment of values (with the client); interdependence (reciprocal value in the relationship); effective communication; and trustworthy conduct.  

In Nigeria, where there is a tremendous increase in digital literacy and internet usage, content marketing offers a distinct chance for small and medium-sized enterprises (SMEs) to utilise digital platforms for expansion. SMEs can effectively reach a vast and young online audience by using well-planned content marketing strategies (Tokunbo, 2023). The study of the influence of content marketing on small and medium-sized organisations (SMEs) in Nigeria shows promising results. It provides valuable insights into how these businesses can effectively utilise digital techniques to overcome obstacles and achieve long-term success. Nigerian SMEs may bolster their competitiveness, broaden their market penetration, and make a more substantial contribution to the economic development of the country by comprehending and applying efficacious content marketing strategies. This study aims to evaluate the influence of content marketing on small and medium firms in Nigeria.

1.2 Statement of the problem

Small and Medium Enterprises (SMEs) in Nigeria have a crucial impact on the country's economic expansion as they provide substantial contributions to employment, innovation, and regional development. Nevertheless, these businesses have a multitude of obstacles that hinder their expansion and long-term viability, such as restricted financial resources, insufficient infrastructure, fierce rivalry, and limited marketing proficiency. Conventional marketing techniques frequently incur high costs and yield lower results for small and medium-sized enterprises (SMEs), posing a challenge for them to rival larger, more established companies.

There is a dearth of prior study on content marketing, resulting in a research gap that necessitates the inclusion of many views to enhance our grasp of this issue. The concept of content marketing has caused uncertainty (Holliman and Rowley, 2017). Nevertheless, the degree to which content marketing impacts the prosperity and longevity of small and medium-sized enterprises (SMEs) in Nigeria has not been thoroughly investigated. There is a need to evaluate how well small and medium-sized enterprises (SMEs) are using content marketing to tackle their specific difficulties and determine if this approach leads to measurable enhancements in business performance, such as higher brand recognition, better customer interaction, and sales growth. Therefore, this investigation is necessary.

Objectives of the study

The primary objective of this study is to critically assess the impact of content marketing on small medium enterprises in Nigeria. Specific objectives of this study are to:

To identify the types of content most commonly employed by SMEs in Nigeria

To assess the impact of content marketing on sales

To assess the impact of content marketing on brand awareness

To assess the impact of content marketing on customer loyalty

To identify challenges SMEs face when implementing content marketing strategies.

1.4 Research Questions

The following research questions which are in line with the objectives of this study will be answered in this study:

What are the types of content most commonly employed by SMEs in Nigeria?

What is the impact of content marketing on sales?

What is the impact of content marketing on brand awareness?

What are the impact of content marketing on customer loyalty?

What are the challenges SMEs face when implementing content marketing strategies?

1.5 Research Hypotheses

To determine the effectiveness of this study, the following research null hypotheses will be formulated to guide the study and it will be tested at 0.05% levels of significance.:

Ho: Content marketing has no significant impact on sales.

Ha: Content marketing has significant impact on sales.

1.6 Significance of the study

This study is important because it provides a thorough comprehension of how content marketing affects the performance of small and medium-sized enterprises (SMEs) in Nigeria. It helps guide strategic decisions, informs policy, supports economic growth, and improves the overall effectiveness of marketing activities in the SME sector.

Comprehending the influence of content marketing enables small and medium-sized enterprises (SMEs) to utilise it as a means of distinguishing themselves in a fiercely competitive market. Implementing effective content marketing tactics can help small and medium-sized enterprises (SMEs) differentiate themselves, draw in a larger consumer base, and achieve a competitive advantage. Through the examination of the impact of content marketing on customer engagement and brand awareness, small and medium-sized enterprises (SMEs) can enhance their strategies to effectively target a wider audience, ultimately leading to business growth and increased market presence.

Moreover, the report offers significant insights into the most efficient content marketing tactics for small and medium-sized enterprises (SMEs) in Nigeria. This enables firms to customise their marketing strategies for improved outcomes and optimise their investments in content marketing. Small and medium-sized enterprises (SMEs) frequently possess constrained financial resources allocated for marketing purposes. Gaining insight into the efficacy of various content marketing approaches enables companies to deploy resources more effectively and concentrate on strategies that generate the greatest returns.

Moreover, the results can provide policymakers with valuable insights into the impact of content marketing on the growth of small and medium enterprises (SMEs). They can also identify specific areas where government assistance and involvement may be necessary, such as the implementation of training initiatives or enhancements to digital infrastructure. The study's evidence can be utilised to develop focused assistance programs and incentives that aim to promote the adoption and proficient utilisation of content marketing methods by SMEs.

Moreover, the study can emphasise the necessity of training and educational initiatives that specifically target content marketing. These initiatives aim to provide SME owners and personnel with the essential skills required to successfully execute effective plans. Additionally, it can enhance the existing body of knowledge accessible to scholars, consultants, and industry professionals, so promoting the widespread sharing of exemplary methods and groundbreaking strategies.

1.7 Scope of the study

Broadly, this study focus is to critically assess the impact of content marketing on small medium enterprises in Nigeria. Specifically, this study seeks to identify the types of content most commonly employed by SMEs in Nigeria, assess the impact of content marketing on sales and assess the impact of content marketing on brand awareness. 

Further, this study will focus on assessing the impact of content marketing on customer loyalty and it also seeks to identify challenges SMEs face when implementing content marketing strategies.

 The study is carried out in Nigeria. 

1.8 Limitations of the study

As with any human endeavour, the researchers experienced many minor constraints during the investigation. The main limitation was the lack of extensive literature on the subject, due to the limited availability of data regarding the influence of content marketing on small and medium firms in Nigeria. Hence, a significant allocation of time and exertion was necessary to ascertain the appropriate materials, books, or information and amass data. 

Furthermore, this study is constrained by its small sample size and narrow geographical scope, focussing solely on Nigeria. Therefore, the conclusions of this study cannot be extended to other situations, thus requiring further investigation. 

Moreover, the researcher's restrictions were primarily due to financial constraints, as they are a student without any source of income to sustain themselves. The exorbitant transportation costs at the research location, exacerbated by the prevailing inflation in Nigeria, posed a significant challenge in meeting the expenses associated with transportation.

Furthermore, the researcher faced a time constraint due to the need to do this research while still fulfilling the obligations of attending lectures and participating in other educational activities.

1.9 Definition of terms

Content marketing: Content marketing is a marketing strategy used to attract, engage, and retain an audience by creating and sharing relevant articles, videos, podcasts, and other media. This approach establishes expertise, promotes brand awareness, and keeps your business top of mind when it's time to buy what you sell.

Small medium enterprises: Small-size enterprises are companies with fewer than 50 employees, and medium-size enterprises are ones with fewer than 250 employees.

Brand awareness: brand awareness is the measure of how memorable and recognizable a brand is to its target audience. Establishing brand awareness is a powerful marketing strategy that leads consumers to develop an instinctive preference towards a brand and its products.

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