Digital Marketing As An Effective Tool In Achieving Business Expansion In Covid-19 Era (Case Study: Scib Insurance Brokers)

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Digital Marketing As An Effective Tool In Achieving Business Expansion In Covid-19 Era (Case Study: Scib Insurance Brokers)


Abstract


This study was on Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers. The total population for the study is 200 staff of Scib Insurance Brokers, Lagos. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up managers, marketer, senior staff and junior staff was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies


Chapter One


Introduction

1.1 Background of the Study

Digital marketing has enabled companies from various industries to obtain real-time customer insights and create and communicate value to customers more effectively. This has led to a significant increase in customer base and associated top-line growth. Digital marketing research defines the types of media channels and highlights the goals of digital marketing by using online media to influence audiences and customer segments. Khin et al have explored the stakeholders involved in digital marketing, including the four key stakeholders of the merchant, the network, the publisher, and the customer. Digital marketing emphasizes the customer through different media channels. However, it lacks and, therefore, requires an integrated system and a strategic direction for these stakeholders to work upon and move towards smarter and more sustainable digital marketing. The practice of digitization is in line with the smart city concept that is promoted by scholars and governments to address the current needs of the community by utilizing a wider range of digital technologies from the internet to digital twin and three-dimensional (3D) city modeling in geographic information systems (GIS). Companies, therefore, require smart and sustainable digital marketing strategies and models to guide them to ensure proper execution of such innovative and sustainable digital marketing techniques.

Coronavirus is a new disease caused by covid-19 currently affecting the joints of life throughout the world. Covid-19 pandemic is one of the global health crises and cannot be predicted in recent times. According to the Centers for Disease Control and Prevention, covid-19 anoints infectious and deadly virus. Covid 19 pandemic has affected the joints of life. In the business world, a novel coronavirus in terms of social distance conditions forces companies around the world to ask millions of workers to work from home (Choudhury et al., 2020). At least 316 million people in 42 US states have been asked to stay at home, and later, businesses have been vulnerable to the transition to virtual workplaces or laying off employees (Kim, 2020). Many employees are quickly adjusting to digital transformation, Zoom’s online video conferencing software reports a 78% profit growth, and a Google Meet report reports a 60% increase in user traffic, where people spend 2 billion minutes meeting online every day (Kim, 2020). Employees may not even want to return to the physical office after the pandemic has subsided. The manager estimates that some of the effects of covid 19 on the workplace may last long, where flexible working hours and digital meetings are expected to replace traditional corporate culture increasingly.

The company is experimenting with decentralized decision making and new software to make the new digital work culture effective and as productive as working in a physical office. Although businesses need to make this transition as effectively and as quickly as possible, several other consequences that are very important for business continuity are often overlooked namely the impact of covid 19 on consumer and market behaviour. Recently management practitioners and academics researched in response to covid 19, mainly focusing on the digital transformation of the workplace (Kim, 2020). According to the “Mere Urgency Effect” people tend to allocate most of their resources and time to problems (Zhu et al., 2018).


1.2 Statement of the Problem

According to a recent survey of 304 businesses, 42% are worried about revenue; however, most managers take an approach to wait and see rather than taking action to improve the situation (Kim, 2020). Managers may expect that sales will only recover as consumption increases after the pandemic passes. However, this pandemic has some impact on the culture of the place, the culture of consumers and may occur changing the structure of the market. Pandemics also influence digital transformation in terms of consumer behaviour and how businesses might adapt to digital marketing. Therefore the purpose of this study is how is the business opportunity with digital marketing during the pandemic and how is the perspective of the marketing perspective. Consumer insight during the pandemic shows that the market is turning to digital marketing. The rise of online transactions provides new opportunities for marketing success after covid-19.


1.3 Objective of the Study

The objectives of the study are;

  1. To examine how effective is digital marketing during Covid19 pandemic in Scib Insurance Brokers
  2. To ascertain the relationship between digital marketing and business expansion during Covid19 era in Scib Insurance Brokers
  3. To investigate if digital marketing is an effective tool in achieving business expansion during covid19 era in Scib Insurance Brokers

1.4 Research Hypotheses

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

  1. H0: there is no relationship between digital marketing and business expansion during Covid19 era Scib Insurance Brokers in
    H1: there is relationship between digital marketing and business expansion during Covid19 era i Scib Insurance Brokers n
  2. H02: digital marketing is not an effective tool in achieving business expansion during covid19 era in Scib Insurance Brokers
    H2: digital marketing is an effective tool in achieving business expansion during covid19 era in Scib Insurance Brokers

1.5 Significance of the study

The study will be very significant to students and any organization. The study will give a clear insight on the Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers). The study will give insight the function of digital marketing before and after covid19. The study will also serve as a reference to other researcher that will embark on the related topic


1.6 Scope and Limitation of the Study

The scope of the study covers Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers). The researcher encounters some constrain which limited the scope of the study;

a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study

b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study


1.7 Definition of the Terms

Digital Marketing:

Digital marketing is the component of marketing that utilizes internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services

Business Expansion:

Business expansion is a stage of a company’s life that is fraught with both opportunities and perils. On the one hand, business growth often carries with it a corresponding increase in financial fortunes for owners and employees alike

Covid19:

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.


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