INFLUENCE OF INNOVATIVE PROMOTION STRATEGY ON AGRICULTURAL SMALL AND MEDIUM SCALE ENTERPRISES SALES VOLUME IN NIGERIA

Abstract

This study explores the influence of innovative promotion techniques on the sales volume of agricultural small and medium-sized companies (SMEs) in Lagos State, Nigeria. Cross-sectional and survey research designs were used to collect data from 253 registered Agri-SMEs in Lagos. Slovin's scientific technique was used to determine sample size, yielding a total of 153. To account for potential setbacks such as unreturned or incomplete surveys, an extra 37 respondents were added, bringing the total number of disseminated questionnaires to 190. The results show a substantial positive link between creative promotion techniques and the profitability of agricultural SMEs in Lagos State. Statistical investigation revealed that the effective application of new promotion tactics greatly improves the financial performance of these firms. This emphasizes the necessity of originality and adaptation in promotional activities to reach target consumers and grow market share. The study's findings are beneficial for agricultural SMEs in Lagos State, emphasizing the importance of continual innovation in promotional techniques for achieving long-term profitability and a competitive edge in a changing business climate. Further research might look into certain types of innovative promotion tactics and their varying effects on SME profitability in the agriculture industry.