Abstract:
Assessing the effect of the social media marketing strategy on the performance of chosen enterprises (agro-based companies) was the study's main goal.
In order to arrive at a result, the research examined both primary and secondary data. The secondary data were taken from different annual reports of chosen companies. whereas main information was gathered through questionnaires and semi-structured interviews. Only responders with sufficient marketing and financial management skill sets for their organizations were taken into consideration throughout the purposeful sampling process.
The Mann-Whitney technique was used to establish the influence and relationship, and the research employed comparative analysis to see if the financial performance of firms using social media varies from that of organizations that do not.
The cost-to-income ratio of businesses using social media is lower than that of businesses not using social media, according to research findings. The Whitney U test, which was used to compare the cost-to-income ratio of businesses using and not using social media, revealed that the averages of the two groups were statistically different. Whereby the Prob value is less than 0.05
The study's findings showed that agricultural enterprises with social media presences had higher net profit margin ratios than those without. This is evident. One of the corporate financial performance criteria of enterprises, the net profit margin, was compared between these businesses using the Mann-Whitney U test. According to the analysis, there is a big difference between firms who use social media marketing and those that don't.
The study came to the conclusion that social media marketing has an impact on how well firms do overall because it allows users the chance to connect with a variety of customers quickly. According to research, social media marketing helps firms to save expenditure because traditional marketing channels demand much higher fees.
