Intellectual Capital as a moderator of social media marketing and content marketing outcomes on consumer patronage: Evidence from Nigerian SMEs

Abstract

Consumer patronage remains a critical determinant of the sustainability and competitiveness of Small and Medium Enterprises. However, sustaining consumer patronage continues to pose a major challenge for many Nigerian SMEs. This study examined the effects of social media marketing and content marketing on consumer patronage and further investigated the moderating role of intellectual capital among SMEs in Jigawa State, Nigeria. The study was guided by Resource Based View and Dynamic Capability Theories. A quantitative survey research design was adopted, targeting a population of 1,467 registered SMEs in Jigawa State.
Using Yamane’s formula, a sample size of 314 firms was determined and selected through stratified random sampling. Data were collected using structured questionnaires and analysed using SPSS and Smart PLS-SEM. The findings revealed that social media marketing (β = 0.142, p = 0.007) and content marketing (β = 0.408, p = 0.000) have significant positive effects on consumer patronage, with content marketing exerting a stronger influence. The results further showed that intellectual capital significantly moderates the relationship between social media marketing and consumer patronage (β = 0.288, p = 0.000), as well as content marketing and consumer patronage (β = 0.326, p = 0.001). The structural model explained 66.1% of the variance in consumer patronage (R² = 0.661). The study concludes that intellectual capital plays significant role in strengthening the effectiveness of digital marketing strategies in enhancing consumer patronage. It recommends that SMEs should prioritise the development
and integration of intellectual capital by investing in employee capabilities, organisational systems, and customer relationship management to maximise digital marketing outcomes.