1. Introduction
Social Media are websites and applications which allows users to create and share contents or to participate in social networking. “Social media are websites and other online means of communication that are used by large groups of people to share information and to develop social and professional contacts” (Dictionary.Com, 2017). According to (Wikstrom and Ellonen, 2012) “social media has a significant impact on the lifestyle of businesses and it is effecting marketing and advertising tool that is unavoidable”. Social media is a reality and no longer remains a trend for marketers (Chung, 2017).
Social media has changed the way in which businesses operates on. Everything is about social media nowadays. Companies make use of Social media tools for marketing and to advertise their products. Many businesses use social media to generate sales. Social media helps companies to communicate to their consumers so that they can create a more personalised and targeted message to their consumers to increase their return on investment. The use of social media like Facebook, Instagram etc. to drive sales and use of online type of marketing for convenience. Social media is a tool which enables small businesses to reach many people or customers in a very short time with little or no energy. Organizational performance can be achieved in three ways; financial performance which includes profits, return on assets; product market performance which includes sales, market shares; shareholder return which included total share return, value added. For this study, it will be focused on financial and product performance. This document proposes a literature review, methods of gathering information, objectives of this study and problem statement.
2. Problem Statement
Social media is a powerful tool for communication especially for businesses. It has reduced the use of conceptual media. Most things are done online and it is all about convenience for the consumers. The use of social media can make or break a business. Social media can expose businesses and it could lead to damage of business reputation. In organizations where employees can use social media platform to promote the company’s image, it can lead to employees making use of the social media for their own benefit. Social media can decrease and bring the company to ruin if proper measures are not considered and it can also have a positive impact on the business performance. Businesses should be careful of what they post on social media platforms and what their employees also post on social media. There should be measures put in place to prevent and reduce the risk in which businesses can encounter using social media.
3. Objectives
The objectives of this study is to find out how social media has impacted business performance. It is divided into:
• To study how businesses, use social media in their business processes and the effect of it in the organization.
• To study how businesses can improve or increase the use of social media in their business keeping in mind its downfall.
• To study what measures businesses have put in place to protect themselves against social media threats.
• To study what policies businesses have put in place regarding the use of social media within the organisation.
• To study how the use of social media has improved business performances regarding profit and customer satisfaction.
4. Preliminary Literature Review
A preliminary literature Review talks about a previous study that has already been carried out. Social media networks are platforms that help in building social relationships among people of different races and it provides opportunities for them to share their interests, backgrounds, activities, etc. Social media is a platform used to socialize and as well as a marketing tool for most businesses. Every business looks for how to please their customers and how to interact with them, they communicate with their customers through social media platforms like Instagram, Facebook, Twitter. Social media represents how people discover, read and share information. Social media networks provide users with new forms and means of communication. Customers can interact with the business or company online by exchanging information, comments about the product and they provide review for the organisation, through this, businesses can change and improve their products to fit the needs and tastes of their customers.
Businesses use social media sites to create awareness on the internet and it is also a medium for them to promote their products and services. Social media platforms are good for building social and business networks and it is a means for exchanging ideas and knowledge. Communication is available and constant and new ways of increasing efficiency are being used, new ways like Just-in-time, real time basis and everyone is updated about what is going on. The use of traditional methods is no longer considered as businesses can reach a wider range of customers through social media and it can be accessed by everyone anywhere in the world. Social media if not carefully used can destroy a company’s reputation. According to New York University professor of marketing and Red Envelope founder, Scott Galloway, luxury brands now build relationships through Facebook. Social media not only create awareness, but it is a low cost and effective way for businesses to communicate with their customers.
5. Methodology
Primary data will be used to study how businesses use social media within the organisation and the effect and impact of social media on business performance in Nigeria. A secondary study has been done to find out the impact of social media on business performance. Information from journal articles and websites were used to provide this information. To answer the research (the impact of social media on business performance), and to find empirical evidence for the proposition, I will use mixed research method which will include qualitative and quantitative analysis. I will assess business process performance based on self-assessment approach that we will be in my survey questions.
6. Ethical Consideration
In this study, no animal or plants will be used for experiments and all documents, journals, articles used will be properly referenced and due credit will be given. All primary data especially interviews will be confidential at the request of the interviewee and no information will be forcibly obtained.
7. Conclusion
This research study will be investigating the impact of social media on business performance in Nigeria. Literature and theoretical concepts have been presented and research method chosen is primary data mainly questionnaires as the main tool of data collection and secondary data.