Facebook, in its recent Economic Impact Study, revealed the growing importance of digital platforms to Small and Medium Scale Enterprises (SMEs) in Nigeria. The Social media giant emphasized the importance of social media platforms for the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria.
In a study conducted in partnership with Morning Consult Brand Intelligence, sampled over 1,000 SMEs across a number of sectors including
- Retail and Healthcare.
The study highlighted how communities like SMEs in Nigeria use the platform, and the effectiveness of social media as a growth tool, the results provided some interesting insights into usage and potential opportunities for local businesses.
Facebook, which currently has 2.07 billion monthly active users and 1.37 billion daily active users on average worldwide and 10 million daily users with 22 million monthly active users from Nigeria, said using the platform to trade, 91 percent of businesses surveyed outlined the increased demand they have seen for their company’s goods/services, not only in their home country but abroad.
Commenting on the research, Small and Medium Business Sales Manager at Facebook for Europe, Middle-East and Africa, Abi Williams, said:
“With rising access to the Internet across Nigeria, and the low cost of smartphones, digital platforms such as Facebook’s family of apps have become incredible mechanisms to build communities and foster relationships.”
“With more SMEs leveraging digital tools to communicate and engage with existing and potential customers, there has never been so many opportunities to maximize growth, and connect with relevant customers locally and globally.” He said.
Details of the Report
The report specifically indicates that SMEs are able to build their business to profitability by effectively leveraging Facebook app.
Superficially in the study,
- 82 percent of respondents stated that they use Facebook for businesses purposes,
- 60 percent highlighting their usage as several times a day.
- 68 percent believe that Facebook has had a positive impact on their local community.
- 56 percent saying that it has helped to create jobs and economic opportunities locally.
Morning Consult Brand Intelligence is a technology-based platform that harnesses research capabilities to track public perception of more than 500 consumer-facing brands. Powered by 60,000 survey interviews per brand per year along with social media, economic and news media data.
It is a powerful platform that allows companies to track brand performance every day. Marketing and communications executives can also leverage on the platform to identify key demographic targets and evaluate geographic trends in a way that has never been possible before.
Facebook, a social networking platform launched February 2004 by Mark Zuckerberg, along with fellow Harvard College students and roommates, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes.
The social media giant recently announced the completion of a joint development project alongside some internet service providers in the country.This partnership was to enable deployment of a cost-effective solution to the under-served areas in Lagos and its environs.