Digital marketing and the potential for financial growth of small and medium-sized businesses
Keywords:
digital marketing, SME, growth, performance, strategy
Abstract
The aim of this paper is to provide better understanding of the meaning and the importance of digital marketing. Considering that large organizations are usually of interest when it comes to developing and analyzing marketing theory, this paper focuses on the SMEs. Marketing practices differ between large and small companies, which is the reason why better understanding of marketing practices and marketing planning can help the SMEs in increasing their performance. Hence, small businesses usually lack financial and human resources, which is why digital marketing can help them in better satisfying the needs of the targeted market and to be more efficient than the competitors. Consequently, implementation of the adequate marketing techniques can enhance the success and financial growth of the SMEs.
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References
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[2] Machado, C. & Davim, J. P. (2016) “Understanding Digital Marketing-Basics and Actions”. Management and Industrial Engineering.
[3] Mousa, M., et al. (2021) The effect of marketing investment on firm value and systematic risk. Journal of Open Innovation: Technology, Market and Complexity. Vol. 7, No. 64, p. 1-17.
[4] Hofacker, C. F., et al. (2020) “Digital marketing and business-to-business relationship: a close look at the interface and roadmap for the future”, European Journal of Marketing.
[5] Kannan, P. (2017) "Digital marketing: A framework, review and research agenda", International Journal of Research in Marketing, Vol. 34, No. 1, p. 22-45.
[6] Grewal, R., et al. (2015) “Business-to-business buying: Challenges and opportunities”, Customer Needs and Solutions, Vol. 2, No. 3, p. 193–208.
[7] Alavi, S. (2016) “New paradigm of digital marketing in emerging markets: From social media to social customer relationship management”, International Journal of Management Practice, Vol. 9, No. 1, p. 56–73.
[8] Almeida, M. S. and Agnihotri, R. (2019) “In pursuit of an effective B2B digital marketing strategy in an emerging market”, Journal of the Academy of Marketing Science.
[9] Zilincan, J. “Search engine optimization”. CBU International Conference on Innovation, Technology, Transfer and Education.
[10] Khraim, H. (2015) “The effects of using Pay per click advertisement on online advertisement effectiveness and attracting customers on E-marketing companies in Jordan”, International Journal of Marketing Studies, Vol. 7, No. 1, p. 180-189.
[11] Rahman, M. M. (2018) “Social media advertising responses and its effectiveness: case of South Asian Teenage Customers” Global Journal of Management and Business Research, Vol. 18, No. 4.
[12] Statista (2022) “Most effective digital marketing techniques according to marketers worldwide in 2020”, Statista website. Retrieved from: https://www.statista.com/statistics/190858/most-effective-online-marketing-channels-according-to-us-companies/
[13] Jones, M. (2021) “Engaging content marketing”, Marketo website. Retrieved from: https://go.marketo.com/rs/marketob2/images/DG2ECM.pdf
[14] Swieczak, W. (2013) “Marketing automation processes as a way to improve contemporary marketing of a company”. Institute of aviation, Warsaw, Poland.
[15] Riahi, Y. and Riahi, S. (2018) “Big data and big data analytics: concepts, types and technologies”, International Journal of Research and Engineering, Vol. 5, No. 9, p. 524-528.
[16] Ertugrul, T. U. (2021) “Impact of digital marketing on small businesses in 2022”, Dan Institute. Retrieved from: https://daninstitute.com/blog/impact-of-digital-marketing-on-small-businesses/
[17] Michaelidou, N., Siamagka, N.T. and Christodoulides, G. (2011), “Usage, barriers and measurement of social media marketing: an exploratory investigation of small and medium B2B brands”, Industrial Marketing Management, Vol. 40 No. 7, p. 1153-1159
[18] Reichheld, F.F. and Schefter, P. (2000), “E-loyalty: your secret weapon on the web”, Harvard Business Review, Vol. 78 No. 4, p. 105-113.
[19] Nguyen, T.H., Newby, M. and Macaulay, M.J. (2015), “Information technology adoption in small business: confirmation of a proposed framework”, Journal of Small Business Management, Vol. 53 No. 1, pp. 207-227.
[20] Jovanov, T., et al. (2019) “Make it happen: marketing processes for competitive market positioning of firms in transitional economy”. Eurasian Business Perspectives, Eurasian Studies in Business and Economics 10/1, Vol. 10, No. 1, p. 387-406.
[21] Jovanov, T., et al. (2017) “Impact of integrated communication on entrepreneurial companies’ financial performance - A developing economy”. Financial Environment and Business Development, Vol. 4, p. 29-41.
[22] Fasasi, L. (2017) “Effect of digital marketing on firm’s financial performance”. Obafemi Awolowo University, Nigeria.
[23] Akingbade, W. A., et al. (2013) “Marketing practice of small and medium enterprises (SMEs) perspective from a developing country” Mediterranenan Journal of Soocial Sciences. Vol. 4, No. 3, p. 243-258.
[24] Bettiol, M., et al. (2012) “Marketing in SMEs: the role of entrepreneurial sensemaking”. International Entrepreneurship and Management Journal, Vol. 8, Issue 2, p. 223-248.
[25] Clark, B.H. and Ambler, T. (2001) “Marketing performance measurement: evolution of research and practice”. International Journal of Business Performance Management, Vol. 3, No. 2-4, pp. 231-244.
[26] Gilmore, A., et al. (2001) “SME marketing in practice”. Marketing Intelligence & Planning, Vol. 19, No. 1, p. 6-11.
Published
2022-02-15
Section
Management and Business
