Impact of Social Media Marketing Strategies used by Micro Small and Medium Enterprises (MSMEs) on Customer acquisition and retention
Purpose and objectives of the study: The primary objective of the researchers is to study and understand the concept of social media marketing and its role in the Micro Small and Medium Enterprise (MSME) sector. It is also intended to study the correlation between the sales obtained by a successful marketer and the time spent on social media marketing. Research Methodology: Data was collected from 50 Micro Small and Medium Enterprises (MSMEs) using judgement sampling. Exploratory research is used to study the social media marketing strategies used by these MSMEs for customer acquisition and retention. Results: It is found that social media participation has a strong influence on brand awareness and brand trust, which in turn, have a strong influence on customer acquisition and customer retention. Also, there is a strong positive correlation between sales and amount of time spent on social media. Social media marketing strategies have a positive influence on customer acquisition and retention and to increase in market share. Managerial implications: This research will be helpful for MSME's as they will be able to target customers with appropriate social media marketing strategies. The research will also uncover factors contributing to increase in sales through social media marketing. The MSME's will be able to choose social media channels, social tactics and create an effective social media marketing strategy to acquire and retain customers based on the findings and conclusion of the research.