Impact of Social Media on Brand Awareness: A Case of Paystack Payments Limited, Lagos State, Nigeria

Background: The advent of social media has significantly reshaped the marketing landscape, particularly influencing brand awareness among businesses. This study focuses on understanding the dynamics between social media and brand awareness, using Paystack Payment Limited as a case study. Objective: The primary objectives of this study are to examine how social media contributes to brand awareness and to investigate the factors that enhance social media's impact on brand perception. Method: A quantitative research method was employed, utilizing questionnaires as the primary data collection instrument. Adopting a positivist ontological stance, the study emphasizes objectivity and the quantification of data. A deductive approach was used to test hypotheses derived from existing theories. The research implemented a case study and survey strategy, with a sample size of 400 drawn from a population of 60,122, calculated using Taro Yamane formula. Data were collected through online questionnaires distributed to customers and prospective customers of Paystack, complemented by secondary data from various sources. Results: The findings reveal that social media plays a vital role in enhancing brand awareness, with specific factors such as social media advertising, referrals, reviews, and engagement identified as key contributors. The study confirms that news articles and blog posts significantly impact brand awareness, establishing a clear link between brand activities, their dissemination, and public awareness. Conclusion: This study illustrates that effective brand awareness can be achieved through strategic public relations and marketing efforts on social media platforms. Emphasizing the promotion of innovative brand activities is crucial for enhancing visibility and engagement. Unique Contribution: This research contributes valuable insights into the interplay between social media and brand awareness, highlighting the importance of customer service and engagement in driving brand success. Key Recommendations: Brands should prioritize exceptional customer service and engage actively with customers on social media to foster positive brand experiences. Additionally, the customer service team at Paystack should be trained to adopt a customer-obsessed culture, ensuring timely responses to inquiries and complaints.