SOCIAL MEDIA AS A PANACEA FOR THE GROWTH OF SMALL AND MEDIUM ENTERPRISES IN EDO STATE
Keywords:
Facebook, Twitter, YouTube, Instagram, WhatsApp, Google , SMEsAbstract
The paper examined social media as a panacea for growth of SMEs in Edo State. The concept of small and medium scale enterprises as well as social media was critically examined. Some prominent examples of social media networking were also outlined such as Facebook, WhatsApp, Twitter, SnapChat and so on. Benefits of social media on SMES growth were also examined to include; that there is a significant relationship between social media and the growth of SMEs in Edo State; that the use of Social Media develops business; reduce running cost, improve efficiency and customer service; gives competitive edge from global accessibility; that social media advertising has positive effects on the Growth of SMEs; while the challenges of power and network congestion constitute a significant barrier to the successful utilization of Social Media in Edo State. It was concluded that social media networking is a viable tool in the hand of any modern entrepreneur for business differentiation and success because the business world is becoming more competitive in the emerging global village. It is therefore recommended that entrepreneurs should not lag behind in joining social media that will help them to get current and relevant information from far and wide to run their businesses. Government should also help in providing adequate infrastructural facilities that will enhance ICT growth in Nigeria and Edo State in particular.References
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