Brand Marketing Strategies of Trade Enterprises on Social Media Platforms

Abstract

Social media platforms are an important marketing tool for business promotion, in particular for increasing user engagement, coverage, awareness, and satisfaction. Marketing efficiency in social networks is significantly dependent on the choice and implementation of the brand strategy, which makes the studied theme relevant. The paper aims to study key factors of influence on the selection and implementation of SMM strategies. The study used statistical analysis methods, forecasting method, and comparative and descriptive methods. The results of the conducted study showed that the SMM market is rapidly developing, and this tendency is going to be preserved in the coming years. In particular, it is expected that the number of social network users will reach 5.85 billion people in 2027, while global advertising costs in social networks will amount to approximately 247.32 billion USD in the same year. The work has found exceeding advertising costs in social networks over the revenues from sales in the USA. This may be explained by the fact that marketing in social networks is, above all, oriented toward social objectives rather than an increase in sales volume or profit growth. Considering the conducted analysis, the approach to the formation of the stages of brand strategy on social media platforms with consideration of metrics systems was offered. The received results can be used by trade enterprises in the process of development of promotional campaigns in social networks.

References

[1] Al-Ghamdi, L. M. (2021). Towards adopting AI techniques for monitoring social media activities. Sustainable Engineering and Innovation, 3(1): 15-22. DOI: https://doi.org/10.37868/sei.v3i1.121
[2] Chang, J. (2024). 150 social selling statistics you must read: 2024 data analysis and market share. Available at: https://financesonline.com/social-selling-statistics/
[3] Chen, H., Ma, D., and Wang, R. (2021). Chinese entrepreneurs’ experience of social media marketing: Perception, strategy and challenge. Journal of Research in Marketing and Entrepreneurship, 23(2): 365-386. DOI: https://doi.org/10.1108/JRME-06-2019-0055
[4] Cherniavska, O. V., and Vyhivska, O. V. (2023). Formation of a strategy for promoting goods and services in social networks. Economics and Management of Enterprises, 3(40): 86-90. DOI:https://doi.org/10.32782/easterneurope.40-14
[5] Chunikhina, T. (2022). Theoretical foundations of the formation of SMM-strategy of the enterprise. Grail of Science, 23: 58-68. DOI: https://doi.org/10.36074/grail-of-science.23.12.2022.07
[6] Danylyshyn, B., et al. (2023). Marketing Tools to Increase Regional Investment Attractiveness. Review of Economics and Finance, 21: 1101–1108. Available at: https://refpress.org/wp-content/uploads/2023/08/Radkevych_REF.pdf
[7] Dolega, L., Rowe, F., and Branagan, E. (2021). Going digital? The impact of social media marketing on retail website traffic, orders and sales. Journal of Retailing and Consumer Services, 60: 102501. DOI:https://doi.org/10.1016/j.jretconser.2021.102501
[8] Drummond, C., O’Toole, T., and McGrath, H. (2020). Digital engagement strategies and tactics in social media marketing. European Journal of Marketing, 54(6). DOI: https://doi.org/10.1108/EJM-02-2019-0183
[9] Eid, R., Abdelmoety, Z., and Agag, G. (2020). Antecedents and consequences of social media marketing use: An empirical study of the UK exporting B2B SMEs. Journal of Business and Industrial Marketing, 35(2): 284-305. DOI: https://doi.org/10.1108/JBIM-04-2018-0121
[10] Jayasinghe, D. (2021). Social media and influencer marketing strategies: A conceptual review on contemporary applications. Global Scientific Journals, 9(3): 403-424. Available at: http://www.globalscientificjournal.com/
[11] Jiménez-Zarco, A. I., Clemente-Almendros, J. A., González-González, I., and Aracil-Jordà, J. (2021). Female micro-entrepreneurs and social networks: Diagnostic analysis of the influence of social-media marketing strategies on brand financial performance. Frontiers in Psychology, 12: 630058. DOI:https://doi.org/10.3389/fpsyg.2021.630058
[12] Kumpu, J., Pesonen, J., and Heinonen, J. (2021). Measuring the value of social media marketing from a destination marketing organization perspective. Paper presented at Information and Communication Technologies in Tourism 2021: Proceedings of the ENTER 2021 eTourism Conference, January 19–22, 2021 (pp. 365-377). Springer International Publishing. DOI: https://doi.org/10.1007/978-3-030-65785-7_35
[13] Lal, B., Ismagilova, E., Dwivedi, Y.K., and Kwayu, S. (2020). Return on investment in social media marketing: Literature review and suggestions for future research. In: Rana, N.P., et al. (eds.). Paper presented at Digital and Social Media Marketing. Advances in Theory and Practice of Emerging Markets (pp. 3-17). Springer, Cham. DOI: https://doi.org/10.1007/978-3-030-24374-6_1
[14] Li, F., Larimo, J., and Leonidou, L. C. (2021). Social media marketing strategy: Definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49: 51-70. DOI:https://doi.org/10.1007/s11747-020-00733-3
[15] Lysa S. S., and Kulik A. V. (2022). The Efficiency of SMM as an Instrument of the Sales Policy of Enterprise. Business-Inform 1: 432-437. DOI: https://doi.org/10.32983/2222-4459-2022-1-432-437
[16] Malesev, S., and Cherry, M. (2021). Digital and social media marketing-growing market share for construction SMEs. Construction Economics and Building 21(1): 65-82. DOI: 10.5130/AJCEB.v21i1.7521
[17] Marketing in a post-Covid Era. The CMO Survay (2022). Available at: https://www.youtube.com/watch?v=Nwcosu6ssPo
[18] Mohamed, N., Sultan, N., Wai Yan, V. N., and Mat Husin, S. J. (2023). Cybercrime in Malaysia-prevention of honey trap on social media and online dating applications. Pakistan Journal of Criminology, 15(4).
[19] Nurfarida, I. N., and Sudarmiatin, S. (2021). Use of social media marketing in SMEs: Driving factors and impacts. Management and Entrepreneurship: Trends of Development, 2(16): 70-81. DOI:https://doi.org/10.26661/2522-1566/2021-1/16-06
[20] Orji, I. J., Kusi-Sarpong, S., and Gupta, H. (2020). The critical success factors of using social media for supply chain social sustainability in the freight logistics industry. International Journal of Production Research, 58(5): 1522-1539. DOI: https://doi.org/10.1080/00207543.2019.1660829
[21] Polanco-Diges, L., and Debasa, F. (2020). The use of digital marketing strategies in the sharing economy: A literature review. Journal of Spatial and Organizational Dynamics, 8(3): 217-229. Available at: https://www.jsod-cieo.net/journal/index.php/jsod/article/view/244
[22] Rather, R. A. (2021). Monitoring the impacts of tourism-based social media, risk perception and fear on tourist’s attitude and revisiting behaviour in the wake of COVID-19 pandemic. Current Issues in Tourism, 24(23): 3275-3283. DOI: https://doi.org/10.1080/13683500.2021.1884666
[23] Seo, E. J., Park, J. W., and Choi, Y. J. (2020). The effect of social media usage characteristics on e-WOM, trust, and brand equity: Focusing on users of airline social media. Sustainability, 12(4): 1691. DOI:https://doi.org/10.3390/su12041691
[24] Shandrivska, O. Y., and Sokolov, Y. S. (2022). The process of forming an SMM promotion strategy: Features and stages of creation. Management and Entrepreneurship in Ukraine: Stages of Formation and Problems of Development, 2(8): 137-147. Available at: https://science.lpnu.ua/sites/default/files/journal-paper/2022/dec/29520/220972maket-141-151.pdf
[25] Shewale, R. (2023). 64+ Social media marketing statistics (2024 research). Available at: https://www.demandsage.com/social-media-marketing-statistics/
[26] Silva, S. C., Duarte, P. A. O., and Almeida, S. R. (2020). How companies evaluate the ROI of social media marketing programmes: Insights from B2B and B2C. Journal of Business and Industrial Marketing, 35(12): 2097–2110. DOI: https://doi.org/10.1108/JBIM-06-2019-0291
[27] Statista. (2024). Social media advertising spending worldwide from 2019 to 2028, by device. Available at: https://www.statista.com/statistics/456785/social-media-advertising-revenue-device-digital-market-outlook-worldwide/
[28] Wawrowski, B., and Otola, I. (2020). Social media marketing in creative industries: How to use social media marketing to promote computer games? Information, 11(5): 242. DOI: https://doi.org/10.3390/info11050242
[29] Wu, C. W., Guaita Martínez, J. M., and Martín Martín, J. M. (2020). An analysis of social media marketing strategy and performance in the context of fashion brands: The case of Taiwan. Psychology and Marketing 37(9): 1185-1193. DOI: https://doi.org/10.1002/mar.21350
[30] Xu, S., Wang, Z., and David, P. (2022). Social media multitasking (SMM) and well-being: Existing evidence and future directions. Current Opinion in Psychology, 47: 101345. DOI:https://doi.org/10.1016/j.copsyc.2022.101345
[31] Yang, J., Xiu, P., Sun, L., Ying, L., and Muthu, B. (2022). Social media data analytics for business decision making system to competitive analysis. Information Processing and Management, 59(1): 102751. DOI:https://doi.org/10.1016/j.ipm.2021.102751
[32] Zhang, H., Zang, Z., Zhu, H., Uddin, M. I., and Amin, M. A. (2022). Big data-assisted social media analytics for business model for business decision making system competitive analysis. Information Processing and Management, 59(1): 102762. DOI: https://doi.org/10.1016/j.ipm.2021.102762
Published
2024-06-28
How to Cite
FAYVISHENKO, Diana et al. Brand Marketing Strategies of Trade Enterprises on Social Media Platforms. Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 2, p. 335-349, june 2024. ISSN 2068-7710. Available at: <https://journals.aserspublishing.eu/tpref/article/view/8470>. Date accessed: 13 july 2024. doi: https://doi.org/10.14505/tpref.v15.2(30).14.