Contemporary Marketing Strategies and Performance of Agricultural Firms in Nigeria

Abstract

This study, titled the effect of contemporary marketing strategies on the performance of agricultural firms in Benue State, Nigeria, adopted a quantitative research design to assess how social media marketing (SMM), relationship marketing (RLM), and content marketing (CTM) influence firm performance. The population comprised agricultural firms in Benue State, and a purposively selected sample of 101 respondents was surveyed. Descriptive results showed that 46.5% of the firms were small, 30.7% medium, and 22.8% large. On social media marketing adoption, 55.4% were at a medium level, 25.7% high, and 18.8% low. Regression analysis revealed that SMM (β = 2.396, p < 0.001), RLM (β = 1.652, p < 0.001), and CTM (β = 1.745, p < 0.001) all had positive and statistically significant effects on firm performance, with social media marketing exerting the strongest influence. The model was robust, with R² = 0.512, adjusted R² = 0.496, and F-statistic = 33.859 (p < 0.001). Diagnostic checks confirmed the validity of results, with no multicollinearity (VIF values close to 1), no heteroscedasticity (LM = 5.347, p = 0.148), normally distributed residuals (JB = 0.283, p = 0.868), and no autocorrelation (DurbinWatson = 1.766). The study concludes that contemporary marketing strategies significantly drive firm performance in Benue State’s agricultural sector. It recommends that firms invest more in social media marketing to enhance visibility, strengthen relationship marketing to improve customer loyalty, and use content marketing to effectively communicate product value. The findings provide empirical evidence that modern marketing tools explain over 51% of variations in firm performance, underscoring their role in promoting competitiveness and sustainability in Nigeria’s agricultural value chain.