Digital Marketing Return on Investment (ROI) and Financial Performance in Nigeria SMEs

David Olanrewaju Akisanmi, Oluwatosin Peter Ajayi, Jide Sunday Oyewole, Oluwagbenga Joseph Abudu, Husseini Abalaka Faruna, Ezine Thelma Anike and Esther Ovansuana Ohikhueme
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David Olanrewaju Akisanmi: Department of Marketing, Federal Cooperative College, Ibadan, Nigeria.
Oluwatosin Peter Ajayi: African Industrial Internet Programme, African Leadership University, Mauritius.
Jide Sunday Oyewole: Department of Accounting, Ekiti State University, Nigeria.
Oluwagbenga Joseph Abudu: Accounting Department, Caleb University, Nigeria.
Husseini Abalaka Faruna: Department of Business Administration, Salem University, Lokoja, Nigeria.
Ezine Thelma Anike: Accounting Department, University of Nigeria, Nsukka, Nigeria.
Esther Ovansuana Ohikhueme: Access Bank Plc, Nigeria.

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Abstract: Notwithstanding the quick development of digital marketing technologies, Nigerian SMEs have nevertheless had difficulty optimizing their financial performance. It was unclear, therefore, how much the return on investment (ROI) of digital marketing affected the financial results of SMEs. Using a quantitative survey of 200 SME owners and managers from various industries, this study examined the connection between digital marketing ROI and financial success among SMEs in Nigeria. Structured questionnaires were used to gather data, and inferential and descriptive statistics were used for analysis. The results showed that SMEs who made strategic investments in digital marketing saw quantifiable increases in market share, profitability, and client acquisition. The study also demonstrated that although adoption was hampered by cost, inexperience, and infrastructure issues, digital marketing provided notable financial benefits over traditional marketing. The financial success of SMEs in Nigeria was found to be strongly predicted by the return on investment (ROI) of digital marketing. To increase SME competitiveness in the digital economy, the report suggested more funding for digital marketing expertise, reasonably priced data access, and government assistance programs.

Date: 2025-09-06
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Published in Journal of Global Economics, Management and Business Research, 2025, 17 (3), pp.128-142

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