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 examined digital marketing as an effective tool in achieving business expansion in covid-19 era using scib insurance brokers as a case study. The study specifically was set to determine the effects of digital marketing on customer perception in covid-19 era, determine the effects of digital marketing on business expansion in covid-19 era, determine customers’ perception on the effects of digital marketing on brand positioning in covid-19 era, determine customers’ perception on the effects of digital marketing on brand preference in covid-19 era, and determine customers perception on the effects of digital marketing on brand awareness during the covid-19 pandemic.

This research is reported in five distinct yet interrelated chapters. Adopting the survey research design, responses were using the convenient sampling method to select the sample size of the 259. The results were reported in tables using the frequency counts and mean scores.


Table of Content


  • Title Page
  • Certification
  • Dedication
  • Acknowledgement
  • Table of Content
  • List of Tables
  • Abstract

Chapter One:

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Objective of the Study
  • 1.4 Research Questions
  • 1.5 Research Hypothesis
  • 1.6 Significance of the Study
  • 1.7 Scope of the Study
  • 1.8 Limitation of the Study
  • 1.9 Definition of Terms
  • 1.10 Organisations of the Study

Chapter Two:

Review of Literature

  • 2.1 Conceptual Framework
  • 2.2 Theoretical Framework
  • 2.3 Empirical Review

Chapter Three:

Research Methodology

  • 3.1 Research Design
  • 3.2 Population of the Study
  • 3.3 Sample Size Determination
  • 3.4 Sample Size Selection Technique and Procedure
  • 3.5 Research Instrument and Administration
  • 3.6 Method of Data Collection
  • 3.7 Method of Data Analysis
  • 3.8 Validity of the Study
  • 3.9 Reliability of the Study
  • 3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

  • 4.1 Data Presentation
  • 4.2 Analysis of Data
  • 4.3 Answering Research Questions
  • 4.4 Test of Hypotheses

Chapter Five:

Summary, Conclusion and Recommendation

  • 5.1 Summary
  • 5.2 Conclusion
  • 5.3 Recommendation
  • References
  • APPENDIX
  • QUESTIONNAIRE

Chapter One


Introduction

1.1 Backgrond of the Study

E-marketing is on the increase among international companies with social media being the latest means of marketing company’s product. This has brought about creativity and interactive sessions marketing among members. Many marketers believe that despite the internet bubble burst a few years ago, the future is still bright for e-commerce. The 20th century was shaped by the Industrial Revolution, and became the age of the automobile and the television. The 21st century is shaped by the Technological Revolution, and has become the age of globalization. The internet impacts all aspects of business. In this century, e-business is no longer an option for businesses – it is a necessity (Nguyen & Barrett, 2006).

The internet permits businesses to communicate with consumers more quickly, powerfully and sometimes more cheaply. It has also helped marketing firms to gather consumer data, customize production and target potential customers (Bush et al, 2007). Spurred by the economic growth offered by the internet and related technologies, many organizations are engaging in e-commerce activities and internet marketing. E-commerce can be defined as any economic transaction where a buyer and seller come together through the internet or other technology and form and execute agreements regarding the pricing and delivery of products and services (Guay & Ettwein, 2008; Standifird, 2009).

Whilst internet usage at all levels continues to grow, online purchases by businesses and consumers are booming (Sheehan & Doherty, 2009). One area of internet marketing which has exploded in sales and customer interest is online auctions. Consumers will spend about $7 billion via online auctions in the next four years. In 2008 alone, auction sales among retail sites were projected to generate sales of $2.1 billion (Collett, 2008). Even more ambitious growth was predicted. They expected consumers to spend $19 billion on online auctions by 2009 (Freedman, 2007). Many marketers believe that despite the internet bubble burst a few years ago, the future is still bright for e-commerce. The 20th century was shaped by the Industrial Revolution, and became the age of the automobile and the television (Nguyen & Barrett, 2006).

The use of the internet for e-commerce (technologically mediated exchanges) has grown rapidly in relation to the increase in commercial web sites. Information can be requested and provided, orders placed and filled, products delivered and services performed (Ching & Ellis, 2012). It has also impacted upon the barriers to export entry and has provided hope to millions of enterprises attempting to enter foreign markets by allowing them to communicate globally as efficiently as any large business (Herbig & Hale, 2007).

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).

The emergence of Modern Information and Communication Technology (ICT) has tremendously affected the practice of marketing and other professions in recent years. Modern ICT has necessitated a paradigm shift from analogue or primitive mode of transaction to a system where virtually all marketing activities are performed electronically. Although the digital marketing is most times misconstrued for E-commerce and E-business. Digital Marketing involves getting closer to customers and understanding them better, adding value to products, widening distribution channels and boosting sales using digital media channels while E-commerce is primarily about selling online or ability to transact online. However, E-business refers to the process of using digital technology to enable organizations to know what their customers want and to produce only those products and so do away with guesswork and avoid waste of unsold stock, to enjoy increased productivity, profit and growth (Slywotzky and Morrison, 2008). It is also called digital business.

Cunningham (2010) notes that e-business through digital marketing is the glue that keeps employees, customers, and partners communicating and informed. It involves the use of self-service applications that delivers relevant information to those that need it, leading to tremendous values in business transactions. The development on the internet of transaction tools which affected a greater number of phases compared with traditional transaction systems, have impacted tremendously on the procurement and selling life cycles (Cunningham, 2010). This shows that both digital marketing and E-commerce are subsets of E-business, which means that E-business is the umbrella where the duo hides.

Email Marketing is one of the easiest, most effective and affordable ways to grow any business. This is because it keeps the customers and prospects coming back, in terms of more product demand and feedback on products already bought. Thus the business owner or entrepreneur can make amends as at when due and satisfy its customers more. By using attractive, professional-looking email communications to stay in regular touch with customers and prospects, you build strong relationships. Email is the most personal advertising medium amongst all other forms of digital marketing tools in history (Babalola & Babalola, 2013).


1.2 Statement of 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 evaluate the effects of digital marketing on customer perception during Covid19 era
  2. To determine the effects of digital marketing on business expansion during Covid-19
  3. To examine the customers’ perception on the effects of digital marketing on brand positioning during Covid-19
  4. To investigate the customers’ perception on the effects of digital marketing on brand preference during Covid-19
  5. To determine the customers perception on the effects of digital marketing on brand awareness during Covid-19

1.4 Research Question

The study answered the following research questions:

  1. What are the effects of digital marketing on customer perception during Covid19 era ?
  2. What the effects of digital marketing on business expansion during Covid-19?
  3. What are customers’ perception on the effects of digital marketing on brand positioning during Covid-19?
  4. What are customers’ perception on the effects of digital marketing on brand preference during Covid-19?
  5. What are customers perception on the effects of digital marketing on brand awareness during Covid-19?

1.5 Research Hypotheses

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

  1. HO1: There is no significant effects of digital marketing on customer perception during Covid-19.
    HO2: Digital marketing has no significant effect on brand positioning during Covid-19.
  2. HO3: Digital marketing has no significant effect on brand preference during Covid-19.
    HO4: Digital marketing has no significant effect on brand awareness during Covid-19.

1.6 Significance of the Study

Small and medium scale enterprises play a vital role in the economy of Lagos State in particular and to the Nigerian economy in entirety. SMEs contribute to the gross domestic product of the state, and also serve as the platform of minimizing the rates of unemployment in the land, as it allows individuals to be job owners and creators.
It is highly believed that this study through its findings and policy recommendations would be useful to micro, small and medium scale enterprises, investors, business analysts, financial institutions, non-financial institutions, stakeholders in the corporate world and government through its agencies such as ministry of trade, industry, investment and commerce. It will also be beneficial to future researchers that intend carrying out studies in this regard.

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


1.7 Scope 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).


1.8 Limitation of the Study

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


1.9 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..


1.10 Organization of the Study

This research work is comprised of five main chapters.

  • Chapter one is made up of the Background, Problem Statement, Research Questions and Objectives, Scope of the Study, Significance and organization of the study.
  • Chapter two consists of the review of relevant literature: including conceptual discussion, theories, empirical literature, controversies of social media and conclusion.
  • Chapter three covers the research Methodology – Research area, Research design, Study population, sampling techniques, Data collection methods, Data analysis & presentation, Ethical issues & limitations of the study.
  • Chapter four constitute the results and discussions, of the analysed data whiles
  • Chapter five is composed of the summary of major findings, conclusions and recommendations.

Chapter Five


Summary, Conclusion and Recommendations

5.0 Introduction

This chapter summarizes the findings of the examination of digital marketing as an effective tool in achieving business expansion in covid-19 era using scib insurance brokers as a case study. The chapter consists of summary of the findings, conclusions, and recommendations.


5.1 Summary on Findings

In this study, we examined digital marketing as an effective tool in achieving business expansion in covid-19 era using scib insurance brokers as a case study. The study specifically was set to determine the effects of digital marketing on customer perception, determine the effects of digital marketing on business branding, determine customers’ perception on the effects of digital marketing on brand positioning, determine customers’ perception on the effects of digital marketing on brand preference, and determine customers perception on the effects of digital marketing on brand awareness during the covid-19 pandemic.

This research is reported in five distinct yet interrelated chapters. Adopting the survey research design, responses were obtained from students in Lagos State university, using the convenient sampling method to select the sample size of the 259 which cut across students in all levels. The results were reported in tables using the frequency counts and mean scores.


5.2 Conclusion on Findings

  1. Digital marketing influences customer perception in various ways, thus, establishing brand awareness, boosting consumer loyalty, expands brand image, and increases purchase intention.
  2. The effects of digital marketing on business branding include; increases business visibility, increases business recognition, increases customer reach, brand differentiation, and brand effectiveness.
  3. Customers’ perceive that digital marketing does have an effect on brand positioning, hence, maximizes customer relevancy, increases competitive distinctiveness, enhances customers product knowledge, and maximizes brand value.
  4. Customers’ perceive that digital marketing does have an effect on brand preference, thus, increases brand loyalty, increases brand equity, increases brand engagement, and increases brand identity, and image.
  5. Customers’ perceive that digital marketing does have an effect on brand awareness, hence, increases brand recognition, increases brand knowledge, increases brand impression, and creates brand advocacy.

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