Innovative marketing and sales promotion: catalysts or inhibitors of SME performance in Ghana

Amoa-Gyarteng, Karikari; Dhliwayo, Shepherd; Adekomaya, Victoria Article Innovative marketing and sales promotion: catalysts or inhibitors of SME performance in Ghana Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Amoa-Gyarteng, Karikari; Dhliwayo, Shepherd; Adekomaya, Victoria (2024) : Innovative marketing and sales promotion: catalysts or inhibitors of SME performance in Ghana, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 11, Iss. 1, pp. 1-19, https://doi.org/10.1080/23311975.2024.2353851 This Version is available at: https://hdl.handle.net/10419/326290 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Cogent Business & Management ISSN: 2331-1975 (Online) Journal homepage: www.tandfonline.com/journals/oabm20 Innovative marketing and sales promotion: catalysts or inhibitors of SME performance in Ghana Karikari Amoa-Gyarteng, Shepherd Dhliwayo & Victoria Adekomaya To cite this article: Karikari Amoa-Gyarteng, Shepherd Dhliwayo & Victoria Adekomaya (2024) Innovative marketing and sales promotion: catalysts or inhibitors of SME performance in Ghana, Cogent Business & Management, 11:1, 2353851, DOI: 10.1080/23311975.2024.2353851 To link to this article: https://doi.org/10.1080/23311975.2024.2353851 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group Published online: 17 May 2024. Submit your article to this journal Article views: 3392 View related articles View Crossmark data Citing articles: 9 View citing articles Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oabm20 EntrEprEnEurship & innovation | rEsEarch articlE Cogent Business & ManageMent 2024, VoL. 11, no. 1, 2353851 Innovative marketing and sales promotion: catalysts or inhibitors of SME performance in Ghana Karikari amoa-Gyarteng , shepherd Dhliwayo and victoria adekomaya Department of Business Management, university of Johannesburg, Johannesburg, south africa ABSTRACT innovative marketing (iM) drives success in small and medium enterprises (sMEs); however, the impact of sales promotions (sps) remains a double-edged sword. this is the crux of this study, which examines the influence of iM and sp on sME performance in Ghana. hierarchical regression analysis tested the hypotheses using a sample of sMEs registered with the Ghana Enterprises agency. the results indicated a significant positive association between iM practices and sME performance. contrary to expectations, sp exhibited a statistically significant negative association with sME performance. in addition, sp moderates the iM -performance link. the practical implication is that Ghanaian sMEs should synergistically integrate sps and iM practices. this study addresses the pressing need for entrepreneurial marketing research grounded in the nuances of african economies, enriching the scholarly landscape. 1. Introduction Entrepreneurship is a pivotal force driving economic growth (amoah et al., 2022; ajide & soyemi, 2022; agyapong etal., 2018), yet small and medium enterprises (sMEs) face significant challenges, particularly in developing economies. in Ghana, challenges with access to finance, tax burden, labor inadequacy and regulations, firm size, owner/manager experience and ownership type are typical impediments to the success and growth of sMEs (Mohammed & Bunyaminu, 2023). While ‘entrepreneurship is always full of challenges’ (liguori & pittz, 2020, p.109), strategic choices can significantly shape the performance of businesses. notably, sMEs that make a strategic choice to innovate can effectively scale and thrive (osano, 2023; Matekenya & Moyo, 2022). small enterprises can elevate their competitiveness by adopting agile and resource-efficient marketing approaches that foster customer engagement and drive business success (aksoy, 2017; Dwivedi & pawsey, 2023). the strategic adoption of such marketing practices is vital, given the alarmingly high mortality rate that sMEs face (Jamil, 2023). the failure rate is even more acute in the sub-saharan african region, where more than 70% of sMEs cease operations within their inaugural year (chinje, 2015). nonetheless, in the current dynamic business landscape, innovation is a cornerstone of success (Yohn, 2019), and it can serve as a potent catalyst for elevating sME performance, especially in environments where mortality rates are alarmingly high. as posited by amin (2021) and sathana etal. (2021), sMEs can amplify their success through the implementation of effective innovative marketing (iM) strategies. Besides iM, sales promotion (sp) also serves as a potent instrument for attracting new customers (Grewal & roggeveen, 2020), thereby directly enhancing sME performance. Within the african ecosystem, small © 2024 the author(s). Published by informa uK Limited, trading as taylor & Francis group CONTACT Karikari amoa-gyarteng [email protected]om Department of Business Management, university of Johannesburg, auckland Park Kingsway Campus, Corner Kingsway and university Road, auckland Park, south africa https://doi.org/10.1080/23311975.2024.2353851 this is an open access article distributed under the terms of the Creative Commons attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. the terms on which this article has been published allow the posting of the accepted Manuscript in a repository by the author(s) or with their consent. ARTICLE HISTORY received 15 november 2023 revised 6 May 2024 accepted 6 May 2024 KEYWORDS sME performance; innovative marketing; sales promotion; diffusion of innovation theory; promotional mix theory; entrepreneurship REVIEWING EDITOR Eric liguori, Florida state university, united states SUBJECTS Entrepreneurship and small Business Management; Entrepreneurship; small Business Management 2 K. aMoa-GYartEnG Etal. businesses often face constraints in accessing working capital, limiting their ability to invest in traditional marketing and advertising channels (solomon et al., 2023). thus, iM provides such enterprises with cost-effective options to achieve significant impact while requiring minimal investment in comparison (nufer, 2021; sathana et al.,2021). Given these insights, the general objective of this study is to advance the entrepreneurial marketing literature by examining the relationships among iM, sp and sME performance in Ghana. consequently, this study addresses a notable gap in the literature by contextualizing the study within Ghana, a developing economy in africa, as studies on initiatives in sMEs have primarily focused on developed economies (agyapong etal., 2018). to guide in reaching the research objectives, this study builds on established theoretical frameworks, notably the diffusion of innovation (Doi) theory and the promotional mix theory. the Doi theory offers a comprehensive framework for comprehending the diffusion process of innovations within social systems, proposing a systematic sequence of adoption among individuals and groups (García-avilés, 2020). complementarily, the promotional mix theory encompasses a diverse array of marketing communication strategies used by firms to effectively engage target audiences and accomplish marketing objectives (Kotler & Keller, 2016). iM represents a departure from conventional approaches, offering novel ways to promote products and firms (purchase & volery, 2020). these techniques encompass a spectrum of strategies, including social media engagement, influencer partnerships, experiential marketing, augmented reality experiences and personalized messaging (lim etal., 2017; Kotler & Keller, 2016). For formal sMEs in sub-saharan africa, such techniques are particularly important as they face competition from informal enterprises and encounter various obstacles that hinder their operations (avenyo etal., 2021; attrams & tshehla, 2022). in response to the challenges faced by sMEs, it becomes imperative for them to leverage innovation-driven marketing tactics to differentiate themselves and carve out distinctive brand identities (Budden et al., 2021). analogously, sps stand as a strategy capable of generating short-term sales spikes (Kotler & Keller, 2016). When deployed strategically, sps can astutely inform targeting and positioning choices, cultivating an enduring sales momentum for products and helping maintain competitive advantage (Zeybek & Ülengin, 2022). they are particularly adept at attracting and retaining customers, exerting a direct influence on purchase behavior (Genchev & todorova, 2017). promotions encompass discounts, coupons and competitions, each serving distinct purposes in stimulating consumer behavior (Wang et al. 2020). Discounts reduce prices to incentivize purchases, clear out inventory or reward loyal customers (lee & chen-Yu, 2018). coupons offer discounts tailored to specific customer segments, effectively driving sales (Wang et al., 2020). competitions, on the other hand, create excitement and participation among consumers, augmenting brand awareness and sales (cutright etal., 2022). thus, promotion strategies incentivize consumers to purchase novel products while conferring benefits, such as monetary or non-monetary rewards (Fam etal., 2019). Essentially, sps manifest as a potent instrument for attracting patrons to businesses (Grewal & roggeveen, 2020), thereby possessing the potential to augment sME performance. however, overreliance on sps can condition customers to expect deals and reduce their willingness to pay full price, diminishing long-term profitability (Gedenk, 2022). in developing economies such as Ghana, the limited financial resources of sMEs (Mohammed & Bunyaminu, 2023; attrams & tshehla, 2022) may render the costs associated with implementing effective sp techniques, such as discounts or giveaways, a significant burden. Furthermore, many Ghanaian sMEs lack the necessary marketing expertise (GcB Bank, 2023) to design and execute impactful sp campaigns. subpar sp outcomes may result from ineffective promotion instruments (schultz & Block, 2014) or the difficulty consumers face in deciphering the promotion itself (tan & Bogomolova, 2016), inter alia. the potential for sudden sales surges during sps can engender demand volatility, which may impede sustainable supply chain agility (chirra et al., 2021), consequently inhibiting sME performance. as stated by Gardner (2022, p.18), ‘all sales promotions are not created equal’, suggesting that promotional activities may either catalyze or hinder the performance of sMEs. sMEs in Ghana leverage iM and sp strategies to enhance marketing performance and gain competitive advantage (afriyie et al., 2019; Quaye & Mensah, 2019), mirroring practices observed in other economies. iM approaches in Ghana encompass the strategic use of digital tools and platforms, such as websites, social media (e.g. Facebook and Whatsapp) and communication channels like short message service (sMs) and email, to enhance brand image, foster customer engagement and drive performance coGEnt BusinEss & ManaGEMEnt 3 improvements (siaw et al., 2023; Bruce et al., 2023), aligning with practices observed in other emerging economies. the proliferation of smartphones and internet connectivity in Ghana, now the 97th largest e-commerce market globally (Go-Globe, 2023), has enabled sMEs to adopt iM techniques. social media (55.3%) represents the predominant channel used by Ghanaian sMEs to market their products and services, with Facebook emerging as the most prevalent form due to its widespread popularity (Dzisi & ofosu, 2014). sp tactics employed in Ghana include bonus packs, coupons, samples, price discounts, rebates, contests and sweepstakes, strategically designed to evoke emotional responses and influence customer buying behavior (ofosu-Boateng, 2020; Markwei et al., 2022). While various sp types have shown effectiveness in influencing consumer behavior and organizational performance in Ghana, bonus packs have the most direct impact on customer buying responses, followed by coupons, samples, price discounts and rebates (Markwei et al., 2022). sME performance encompasses their ability to achieve objectives across various dimensions, including financial, operational and strategic aspects (Donkor et al., 2018). Financial performance is often characterized by metrics such as return on equity (roE) and return on assets (roa) (amoa-Gyarteng & Dhliwayo, 2023). operational performance gauges a firm’s capacity to efficiently deliver high-quality products or services, aligning with customer needs and delivery deadlines (sahoo, 2021). strategic performance, on the other hand, evaluates a firm’s adaptability to shifting market dynamics, its ability to identify new opportunities, and its response to competitive pressures (islami et al., 2020). Generally, in sME evaluations, a blend of financial and non-financial criteria is essential, encompassing market share, sales growth, delivery speed and product quality (amoa-Gyarteng et al., 2023). While previous studies have mostly examined iM and sp constructs in developed economies (e.g. aksoy, 2017; ungerman etal., 2018; akram etal., 2018; chen & lin, 2019; Gedenk, 2022), there is a conspicuous dearth of research within the context of developing economies like Ghana. this gap is fundamental because the economic and cultural milieu in which sMEs operate in such regions differs substantially from their industrialized counterparts. therefore, this study serves as a direct response to the observations made by Damoah and peprah (2021), highlighting that despite the increasing volume of research focused on sMEs in Ghana, the pace of scholarly inquiry remains sluggish. against this backdrop, the specific objectives of this study are as follows: to examine the influence of iM on sME performance in Ghana, to examine the impact of sp on sME performance in Ghana, and to explore the moderating role of sp in the relationship between iM and sME performance in Ghana. in the Ghanaian context, sME classification hinges on factors such as employee count and fixed asset value (amoah et al., 2022). the Ghanaian Ministry of trade and industry defines microenterprises as firms with up to five employees and $10,000 in fixed assets; small enterprises with six to 29 employees and $100,000 in assets; and medium enterprises with 30–99 employees and up to $1 million in assets (afriyie et al., 2019). in this study, the surveyed sMEs comprised a mix of manufacturing firms and service-oriented enterprises, and other business types operating within Kumasi, Ghana’s second-largest city. the results show that iM enhances sMEs performance, while there is a significant negative relationship between sp and sME performance in the Ghanaian context, suggesting that excessive discounting and price-based promotions can inhibit performance. however, the study also finds that strategically Figure 1. authors’ conceptual model illustrating the interplay between innovative marketing, sales promotion, and sMe performance. 4 K. aMoa-GYartEnG Etal. executed sp initiatives can amplify the effectiveness of iM practices and ultimately enhance sME performance in Ghana. the study makes key contributions: First, it provides empirical insights on how sMEs in the Ghanaian context, representing a developing economy, can utilize iM practices such as social media engagement, to differentiate themselves, engage customers and drive performance improvements. hence, this study extends the application of the Doi theory to an under-researched emerging market setting. second, the study offers insights into the complex association between sp tactics (e.g. discounts, coupons) and sME performance in Ghana. as a result, this study provides valuable guidance on the application of the promotional mix theory to bolster sME survival in the challenging, informal, high-mortality business context of Ghana. Finally, by providing these contextual findings from the Ghanaian sME sector, the study offers valuable guidance to policymakers and sME owners on how to foster enterprise growth through the judicious deployment of iM and sp strategies. this can help sMEs in developing economies better navigate the obstacles they face and increase their chances of survival and success. the remainder of this article is structured as follows: the next section reviews the relevant theoretical framework and formulates the study’s hypotheses. this is followed by a presentation of the methodology and research findings, culminating in a discussion of the study’s implications and conclusions. 2.Theoretical framework and hypothesis development the Doi theory and the promotional mix theory are the foundations of this study. 2.1. Diffusion of innovation theory Everett rogers’ seminal theory, the ‘Diffusion of innovation’, unveiled in 1962, provides an enduring and structured framework for comprehending the gradual propagation of novel ideas, behaviors, technologies or products throughout a societal milieu. it has withstood the rigors of academic scrutiny, rendering deep insights into the determinants of an innovation’s success or demise (Dearing, 2009). Within the Doi framework, five fundamental factors crystallize as pivotal determinants in the adoption of an innovation: ‘relative advantage’, which quantifies the perceived superiority of innovation over existing alternatives; ‘compatibility’, measuring the extent to which the innovation aligns with the prevailing values, past experiences, and evolving needs of potential adopters; ‘complexity’, assessing the cognitive demands associated with understanding and utilizing the innovation; ‘trialability’, exploring the feasibility of limited experimentation with the innovation; and ‘observability’, which pertains to identifying the extent to which the benefits or results of the innovation are visible to others (scott etal.,2008). the Doi theory underscores the strategic imperative of focusing on early adopters by employing meticulously planned, targeted promotional and communication campaigns (Keshari, 2020). according to Keshari (2020), sMEs that embrace iM strategies achieve demonstrable enhancements in performance. Within scholarly discourse, ‘observability’ assumes a prominent position, as it captures the extent to which the outcomes of an innovation are manifest and discernible to the broader audience (rogers, 1995). in the context of Ghanaian sMEs, studies have shown that the Doi theory provides a comprehensive framework for understanding innovation adoption, including iM strategies. For instance, awiagah etal. (2016) employed the Doi theory in conjunction with other frameworks to analyze factors influencing e-commerce adoption by sMEs in Ghana. agyekum and agyepong (2017) utilized the theory and found that Ghanaian tech entrepreneurs adeptly facilitated innovation adoption through user-friendly products and social media advertising. other studies in the Ghanaian context have applied the theory across themes such as innovation diffusion in student housing investment (appau etal., 2023), technology adoption in sMEs (selase et al., 2019), youth mobile banking adoption (owusu et al., 2021), and more, utilizing it to understand factors impacting innovation adoption in the local context. 2.2. Promotional mix theory promotional mix theory is a fundamental framework in marketing communication that encompasses various methods and tactics a company employs to effectively reach and persuade its target market coGEnt BusinEss & ManaGEMEnt 5 (openstax, 2023). it plays an essential role within the broader marketing mix, aligning communication methods to convey a cohesive message that caters to both organizational and consumer needs (abdeta & Zewdie, 2021). the primary goal is to ensure that consumers not only receive the message but also interpret it in a way that fosters the intent to purchase (Koekemoer, 2004). to achieve this objective, marketers have a range of promotional tools at their disposal. traditionally, the promotional mix comprises four key elements: advertising, personal selling, sp and public relations (hawari & sudhartio, 2020). advertising serves as an effective means for sMEs to enhance market exposure and build trust, ultimately leading to improved performance outcomes (Joensuu-salo etal., 2022). sp tactics can entice customers to make purchases or try new products (hawari & sudhartio, 2020). public relations initiatives contribute to building trust and credibility for sMEs, which, in turn, can lead to enhanced performance outcomes (swaraj & Dasgupta, 2021). personal selling plays a significant role in the promotional mix, particularly for sMEs, as effective personal selling strategies often result in improved performance outcomes (Keshari, 2020). When services are integrated into the marketing strategy, the traditional four ps expand to include seven elements, creating an extended or services marketing mix (Kasper etal., 2006). this extended mix encompasses people, processes and physical evidence, and sMEs in Ghana can utilize these components to efficiently reach and influence their target market, establish brand awareness and credibility, and ultimately drive sales. promotional marketing activities generally fall into two broad theories: ‘push’ and ‘pull’. the ‘push’ strategy focuses on promoting products through distribution channels, where products are pushed to wholesalers, who then promote them to retailers, and subsequently, consumers can see and purchase the product. conversely, the ‘pull’ strategy relies heavily on marketing communications to create awareness and desire, pulling consumers into stores to make purchases. in practice, a combination of both push and pull strategies is often used to stimulate demand effectively (currie, 2017). promotional mix theory exhibits unique relevance for sMEs operating in the Ghanaian market. For example, given the informal nature of many businesses in Ghana’s economy (avenyo et al., 2021; attrams & tshehla, 2022; nkomo, 2013), firms utilize community-based marketing strategies for brand trust and credibility (oppong etal., 2023). resource constraints prompt digital advertising on social media over traditional mass media (solomon etal., 2023; sathana etal., 2021) and a collectivist culture (Marbell & Grolnick, 2013) results in sMEs using personal selling techniques, leveraging word-of-mouth recommendations. Ghanaian sMEs can leverage a combination of promotional mix elements, such as packaging, promotion and retail strategies, alongside iM approaches like pricing innovations and retailing innovations, to enhance their visibility, customer engagement, brand building and market advantage (Quaye & Mensah, 2019). 2.3. Innovative marketing and SME performance iM is the practice of reaching out to and engaging customers using innovative and creative approaches (Kahn, 2018). it could entail introducing new products or services, utilizing new marketing channels or establishing a fresh marketing message (afriyie et al., 2019). thus, sMEs can successfully respond to changing market dynamics and fulfill evolving client expectations by implementing new marketing methods, hence increasing their market competitiveness (thrassou et al., 2020). Furthermore, through targeted and interactive communication channels, iM promotes increased client involvement. Engaging customers using novel marketing tactics such as social media marketing, influencer marketing, and experiential marketing can develop deeper customer relationships and loyalty, leading to higher sME performance (Guerola-navarro etal., 2022). content marketing, viral marketing and guerrilla marketing are examples of iM tactics that can greatly enhance brand visibility and recognition (nufer, 2021; saleem et al., 2022; Krishnan et al., 2022). sMEs that use these marketing techniques can effectively reach their target audience, build brand recall and generate positive word-of-mouth, all of which improve their performance (Keller et al., 2011). iM practices serve as a crucial lifeline for sMEs during challenging times like the coviD-19 pandemic, enabling them to adapt swiftly, reach customers effectively and ensure business survival. this resilience is further strengthened when complemented by other resources and support (adam & alarifi, 2021). Building upon the existing literature, we propose the hypothesis: h1: there exists a positive and significant relationship between iM practices and sME performance in Ghana. 6 K. aMoa-GYartEnG Etal. 2.4. Sales promotion and SME performance sp serves as a versatile strategy that covers a plethora of activities strategically designed to dramatize product offers and ignite immediate sales (Kotler & Keller 2016). these activities span from momentary price reductions and the distribution of coupons to the introduction of product enhancements, eye-catching in-store displays, product sampling exercises, and enticing premium offerings (Gedenk, 2022). one distinguishing feature of sps is their immediate impact. unlike iM strategies that require time to manifest results, the effects of sps are often rapid and measurable (Zeybek & Ülengin, 2021). this immediacy not only suits the resource constraints of many sMEs but also enables them to establish causal relationships and gauge the effectiveness of their promotional efforts (Zeybek & Ülengin, 2022). however, it is crucial to recognize that not every sp strategy yields the desired outcomes for sMEs. For instance, sMEs positioned at higher price points may instill a greater sense of confidence among consumers, thereby attracting a clientele that places less emphasis on price sensitivity (lópez-Jáuregui et al., 2019). in such cases, indiscriminate price-focused promotions may not align with the brand image and target audience, potentially diluting the perceived value and eroding profit margins. however, when applied with precision, sp can significantly amplify sME performance. it can draw in new customers and amplify sales volume (Mbwambo, 2019). the capacity to provide a temporary advantage, be it through price incentives or value additions, positions sMEs favorably in competitive markets (Joensuu-salo etal., 2022). additionally, by fostering engagement with existing customers, sps encourage recurring business and brand loyalty, thus nurturing the pathway to sustainable growth (Kaveh etal., 2021; ofosu-Boateng, 2020). considering prior research, we advance the hypothesis that: h2: there exists a positive and significant relationship between sp and sME performance in Ghana. 2.5. Moderating role of sales promotion on the innovative marketing and SME performance relationship sps, which are characterized by limited-time price discounts or special offers, can quickly draw consumer attention in highly competitive marketplaces (Zeybek & Ülengin, 2022). iM techniques, on the other hand, are intended to develop a long-term brand presence and reputation (Yohn, 2019). the conjunction of sps with iM creates a dynamic interaction in which sps serve as a catalyst, momentarily elevating market visibility. subsequently, iM leverages this augmented visibility to nurture lasting brand recognition and consumer engagement, thus yielding incremental performance enhancements (Keller, 2020). thus, iM strategies excel in capitalizing on induced behaviors offered by sp by providing consumers with distinctive and memorable brand experiences (li etal., 2021). amidst disruptions in traditional consumer brand communications and heightened competition for consumer attention in a noisy environment, companies employ intensified engagement strategies to bolster brand loyalty and resonance (Wang, 2021). these interactions epitomize the synergistic convergence of iM approaches and sp endeavors. this association deepens consumer engagement, fosters client retention, and yields long-term performance benefits (ascarza et al., 2018). sMEs usually face price sensitivity among customers, necessitating prudent pricing tactics (serrasqueiro etal., 2021). iM activities help differentiate sME offers over time, decreasing price sensitivity. nonetheless, pricing remains critical in competitive environments. hence, sps can be adroitly deployed to confer momentary price competitiveness, thus capturing the attention of cost-conscious consumers (lópez-Fernández, 2020). this strategic coupling enables sMEs to introduce customers to novel product features or quality dimensions, reducing their reliance on price as the only factor and, as a result, improving sME performance. this is particularly important, as sps are adept at yielding immediate revenue injections, a potentially vital lifeline for sMEs confronting transitory financial exigencies (Zeybek & Ülengin, 2021). Drawing upon the prevailing literature, we formulate the following hypotheses: h3: sp moderates the relationship between iM and sME performance. coGEnt BusinEss & ManaGEMEnt 7 3. Conceptual model in this conceptual framework (as presented in Figure 1), three essential components are delineated: iM practices, sp and sME performance. the study hypothesizes positive relationships between iM practices and sME performance, as well as between sp and sME performance, and introduces the concept of sp as moderating the link between iM practices and sME performance. 4. Methodology the sample for this explanatory quantitative study was drawn from Kumasi, which is the second-largest city in Ghana. the study population comprised 3156 sMEs registered with the Ghana Enterprises agency in Kumasi. the sample size was established using the Krejcie and Morgan (1970) table for determining sample sizes based on population sizes. With a total population of 3156 and a desired precision level of 0.05 (5%), the required sample size was 342 (Krejcie & Morgan, 1970). this sample size ensures a 95% confidence level that the sample statistics will be within ±5% of the true population parameters. therefore, the study sample comprised 342 owners/managers of small businesses randomly selected from the target population of 3,156. participants were provided with written information about the study together with the questionnaire and subsequently gave their consent to participate. a total of 294 completed and usable questionnaires were collected, making them valid for statistical analysis. thus, the study achieved a response rate of 85.96%. 4.1. Research instrument, data-collection procedure and statistical tools the data were obtained through a structured questionnaire administered to participants in person during scheduled interviews. the data collected is quantitative in nature, comprising numerical responses to predetermined questions. access to the dataset is restricted to authorized personnel for the purpose of data analysis and reporting. the study received ethical approval from the Ghana Baptist university college Ethics committee. in quantitative research, questionnaires are often seen as a highly efficient data collection tool compared with other methods (aithal & aithal, 2020). in our study, we designed a three-part questionnaire. the first section provides an overview of the study, including and guidelines contact information. the second section focuses on gathering basic demographic information about the participating respondents. this section included questions about gender, business nature, years of operation, the respondent education level, business ownership type and number of employees. the third section was dedicated to measuring the primary variables of sME performance, iM and sp, along with the quantification of the control variables. to assess sME performance, we utilized measurement items sourced from hogan and coote (2014). these items encompassed aspects such as ‘our firm has experienced growth in overall profitability, our firm has experienced growth in overall cash flow, our firm has maintained existing clients, our firm attracts new clients, and our firm achieves the desired market share’. thus, the instrument assesses the financial health, client satisfaction, and market competitiveness of the firm. the items were evaluated on a 5-point scale ranging from 1 (poor) to 5 (excellent). this evaluation captured respondents’ assessments of the previous 12 months. We assessed marketing innovation (Mi) using a set of seven items. these items were designed to gauge various aspects of innovation in marketing strategies. they were modified from previous studies conducted by naidoo (2010), sok etal. (2013), and afriyie etal. (2019). respondents were asked to rate items on a 7-point interval scale, with options ranging from ‘strongly agree’ as 1 to ‘strongly disagree’ as 7. the items are as follows: ‘our company regularly utilizes iM communication techniques (e.g., social media engagement, user-generated content campaigns, etc.); we continuously seek novel approaches to strengthen relationships with our customers; our company regularly utilizes innovative promotional activities; our marketing strategies outpace competitors in innovation; we continuously enhance our product designs or service delivery to meet evolving customer needs; our company regularly utilizes innovative pricing approaches; and we consistently mine market data to uncover innovative emerging trends and customer insights’. in sum, the instrument evaluates the firm’s iM capabilities across its adoption, 14 K. aMoa-GYartEnG Etal. Author contributions statement Karikari amoa-Gyarteng: conceptualization, Data curation, Formal analysis, software, Methodology, original Draft Writing. shepherd Dhliwayo: validation, investigation, Writing, review & Editing, supervision. victoria adekomaya: visualization, Writing, Methodology, software. Disclosure statement there are no interests to declare. About the authors Karikari Amoa-Gyarteng is a research fellow at the university of Johannesburg, where he obtained his phD. he also holds an MBa from Grand canyon university. his research interests are entrepreneurship and financial management. Shepherd Dhliwayo is a professor at the Department of Business Management at the university of Johannesburg. he has a phD in entrepreneurship from the university of pretoria, which is his primary research focus. Victoria Adekomaya is a phD candidate at the university of Johannesburg. her research interest lies in entrepreneurship. Funding no funding was received. 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