A Critical Analysis of the Impact of Social Media Analytics on Business Strategy: A Study of Retail Businesses in Gombe State
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Background of the Study
Social media analytics, involving the use of data from social platforms to generate actionable insights, has emerged as a key tool for shaping business strategies. By analyzing customer preferences, engagement metrics, and market trends, businesses can make data-driven decisions to enhance their competitive edge (Okon & Yusuf, 2024).
Retail businesses in Gombe State are increasingly leveraging social media analytics to optimize marketing strategies, improve customer engagement, and predict market trends. This study critically examines the impact of social media analytics on their business strategies.
Statement of the Problem
While social media analytics offers significant strategic advantages, retail businesses in Gombe State face challenges such as limited analytical expertise, data privacy concerns, and resource constraints. These issues impede the effective use of social media data to inform business strategies.
This study explores the extent to which social media analytics influences business strategies, addressing barriers and offering recommendations for improvement.
Objectives of the Study
1. To assess the use of social media analytics in shaping business strategies among retail businesses in Gombe State.
2. To evaluate the impact of social media analytics on customer engagement and market forecasting.
3. To identify challenges limiting the effective use of social media analytics.
Research Questions
1. How do retail businesses in Gombe State use social media analytics to shape business strategies?
2. What is the impact of social media analytics on customer engagement and market forecasting?
3. What challenges limit the effective use of social media analytics in business strategy?
Research Hypotheses
1. Social media analytics is not significantly used in shaping business strategies in Gombe State.
2. Social media analytics does not significantly impact customer engagement and market forecasting.
3. Challenges in utilizing social media analytics have no significant impact on its effectiveness.
Scope and Limitations of the Study
The study focuses on retail businesses in Gombe State, analyzing the use and impact of social media analytics on business strategies. Limitations include diverse social media usage levels among businesses and data access restrictions.
Definitions of Terms
• Social Media Analytics: The process of collecting and analyzing data from social platforms to inform decisions.
• Business Strategy: A plan of action designed to achieve business goals and gain a competitive edge.
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