Social Media Marketing on Organisational Efficiency of Deposit Money Banks in Nigeria

32 Pages Posted: 13 Feb 2019

See all articles by Newman Enyioko (PhD)

Newman Enyioko (PhD)

Medonice Consulting and Research Institute

Gabriel A. Okwandu

Rivers State University - Department of Marketing

Date Written: January 26, 2019

Abstract

The study examined the effect of social media marketing on organizational efficiency of deposit money banks in Nigeria. Blog, Facebook, Twitter and LinkedIn were used as the dimensions of social media platforms in this study. The study used conversion rate to measure organisational efficiency of banks. The study adopted descriptive and inferential statistical tools to analyze the data and test the hypotheses. The study used a questionnaire to elicit information from the respondents. The population of the study consisted of all the 22 deposit money banks approved by CBN. The study sampled 154 respondents from 22 deposit money banks in Nigeria and validly used 133 respondents representing 86.36% response rate for data analysis. The study found that banks use blog, Facebook, Twitter and LinkedIn to conduct their marketing activities in the manner of brand promotion and persuasion of customers to patronize them and these activities enhance organisational efficiency of banks. The study revealed that blog has positive but insignificant effect on conversion rate. The study discovered that Facebook has positive and significant effect on conversion rate. The study revealed that Twitter has positive and significant effect on conversion rate. The study found that LinkedIn has positive and insignificant effect on conversion rate. The study concludes that as banks use blogs, Facebook, Twitter and LinkedIn to create awareness about their products and services on the internet their conversion rates are significantly and positively boosted. The study therefore recommends that bank managers should use blog, Facebook, Twitter and LinkedIn to their advantage by encouraging bank staff and not just the marketing department to participate in social media marketing which in turn covers more ground for the enhancement of conversion rate leading to organisational efficiency of banks.

Keywords: Social Media Marketing Strategies, Conversion Rate, Social Media Marketing, Organisational Efficiency, Marketing Performance

Suggested Citation

Enyioko, Newman and Okwandu, Gabriel A., Social Media Marketing on Organisational Efficiency of Deposit Money Banks in Nigeria (January 26, 2019). Available at SSRN: https://ssrn.com/abstract=3323388 or http://dx.doi.org/10.2139/ssrn.3323388

Newman Enyioko (Contact Author)

Medonice Consulting and Research Institute ( email )

2 Oromerueximgbu Street
Total Village, Aba Road
Port Harcourt, South-South 234
Nigeria

Gabriel A. Okwandu

Rivers State University - Department of Marketing ( email )

Port Harcourt
Nigeria

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