Logistics SMEs’ marketing budget re-engineering for sustainable digital marketing development

Despina S. Giakomidou, Athanasios Kriemadis

Article ID: 6080
Vol 8, Issue 8, 2024

VIEWS - 84 (Abstract) 46 (PDF)

Abstract


Nowadays, the survival and sustainability of SMEs and the promotion of their services have become key goals for the economic growth of many countries. Logistics SMEs seek to improve their digital marketing development, by managing the re-engineering process of their marketing budget. To achieve this goal, logistics SMEs should capitalize on big data from their websites that are capable of depicting their digital development level. The authors selected 5 SMEs from the logistics sector and collected big data from their websites for 365 days. Then, statistical analysis tools (correlation and linear regression models), as well as Fuzzy Cognitive Mapping (FCM) models were utilized. It is highlighted that various marketing budget levels affect the digital development of logistics SMEs differently. More specifically, a marketing budget of 500$ to 2500$ could bring more users (new and returning) to logistics SMEs’ websites, but only if the investments transcend 5000$ could help these firms rank higher in the search engines (authority score). Thus, logistics SMEs could simulate the course of specific digital development metrics by setting the desired levels of their marketing budget.

Keywords


re-engineering; digital marketing; development; big data; logistics; SMEs; FCM simulation; decision support systems

Full Text:

PDF


References


Abdalla, H. B. (2022). A brief survey on big data: technologies, terminologies and data-intensive applications. Journal of Big Data, 9(1). https://doi.org/10.1186/s40537-022-00659-3

Ahluwalia, B. (2023). Organic Keywords - How to Easily Find & Improve Your Rankings in 2023? Available online: https://rankmath.com/blog/organic-keywords/ (accessed on 30 November 2023).

Al Hawamdeh, T. (2021). The Impact of Business Process Reengineering on Cost Reduction of International Business Operating in the Middle East. Journal of Asian Finance, Economics and Business, 8(10), 87-95. https://doi.org/10.13106/jafeb.2021.vol8.no10.0087

Al‐Qirim, N. A. Y. (2003). E‐commerce in the aerial mapping industry: A New Zealand case study. Journal of Systems and Information Technology, 7(1/2), 67–92. https://doi.org/10.1108/13287260380000774

Alreahi, M., Bujdosó, Z., Dávid, L. D., et al. (2023). Green Supply Chain Management in Hotel Industry: A Systematic Review. Sustainability, 15(7), 5622. https://doi.org/10.3390/su15075622

Al-Shammari, M. M. (2023). Business process reengineering for designing a knowledge-enabled customer-centric competitiveness strategy. Business Process Management Journal, 29(6), 1706–1733. https://doi.org/10.1108/bpmj-02-2023-0074

Aziz, W. A. (2019). Business process reengineering impact on SMEs operations: evidences from GCC region. International Journal of Services and Operations Management, 33(4), 545. https://doi.org/10.1504/ijsom.2019.101590

Bako, Y. A., Banmeke, M. B. (2019). The Impact of Business Process Re-Engineering on Organizational Performance. Journal of Management and Technology, 5(1), 1-14.

Bergmann, M., Brück, C., Knauer, T., et al. (2020). Digitization of the budgeting process: determinants of the use of business analytics and its effect on satisfaction with the budgeting process. Journal of Management Control, 31(1–2), 25–54. https://doi.org/10.1007/s00187-019-00291-y

Burhanudin, B., Yusnaini, Y., Khamisah, N., et al. (2022). Utilization of E-Commerce and Digital Marketing to Increase Value Added Products for MSMEs and Home Businesses in Kerinjing Village. Sricommerce: Journal of Sriwijaya Community Services, 3(1), 57–64. https://doi.org/10.29259/jscs.v3i1.77

Campbell, S., Greenwood, M., Prior, S., et al. (2020). Purposive sampling: complex or simple? Research case examples. Journal of Research in Nursing, 25(8), 652–661. https://doi.org/10.1177/1744987120927206

Caselli, S. (2010). Turnaround and distressed financing. Private Equity and Venture Capital in Europe, 253–265. https://doi.org/10.1016/b978-0-12-375026-6.00017-9

Chiekezie, O. B., Nwankwo, C. D., & Elomba, C. S. (2019). Business process re-engineering and economic sustainability of brewing firms in south-east Nigeria. International Journal of Business and Management Research, 3(2), 44-59.

Dada, S. O., Akintoye, I. R., & Alawode, O. P. (2023). Financial Re-Engineering and Financial Performance of Poultry Business in Nigeria. European Journal of Accounting, Auditing and Finance Research, 11(4), 60-86. https://doi.org/10.37745/ejaafr.2013/vol11n46086

Dibrell, C., Davis, P. S., & Craig, J. (2008). Fueling Innovation through Information Technology in SMEs. Journal of Small Business Management, 46(2), 203–218. https://doi.org/10.1111/j.1540-627x.2008.00240.x

Dorokhova, L., Kuusik, A., Dimitrov, R., et al. (2023). Planning the digital marketing budget: computer modelling for decision making. Access to science, business, innovation in the digital economy. ACCESS Press. pp. 248-260. https://doi.org/10.46656/access.2023.4.2(7)

Eze, B. U., Adelekan, S. A., & Nwaba, E. K. (2019). Business Process Reengineering and the Performance of Insurance Firms in Nigeria. EMAJ: Emerging Markets Journal, 9(1), 45–48. https://doi.org/10.5195/emaj.2019.163

Gang, L. (2019). Research on innovation of digital performance supply chain of agricultural products under service dominant logic. Journal of Business Economics, 3, 12-19. https://doi.org/10.14134/j.cnki.cn33-1336/f.2017.03.002

Gaskell, A. (2022). Are Small And Medium Enterprises The Overlooked Engines Of Innovation? Available online: https://www.forbes.com/sites/adigaskell/2022/11/01/are-smes-the-overlooked-engines-of-innovation/ (accessed on 22 January 2024).

Ghobakhloo, M., Arias‐Aranda, D., & Benitez‐Amado, J. (2011). Adoption of e‐commerce applications in SMEs. Industrial Management & Data Systems, 111(8), 1238–1269. https://doi.org/10.1108/02635571111170785

Giakomidou, D. S., Kriemadis, A., Nasiopoulos, D. K., et al. (2022). Re-Engineering of Marketing for SMEs in Energy Market through Modeling Customers’ Strategic Behavior. Energies, 15(21), 8179. https://doi.org/10.3390/en15218179

Giannakopoulos, N. T., Sakas, D. P., Kanellos, N., et al. (2023). Web analytics and supply chain transportation firms’ financial performance. National Accounting Review, 5(4), 405–420. https://doi.org/10.3934/nar.2023023

Giannakopoulos, N. T., Terzi, M. C., Sakas, D. P., et al. (2024). Agroeconomic Indexes and Big Data: Digital Marketing Analytics Implications for Enhanced Decision Making with Artificial Intelligence-Based Modeling. Information, 15(2), 67. https://doi.org/10.3390/info15020067

Groumpos, P. P. (2014). Large Scale Systems and Fuzzy Cognitive Maps: A critical overview of challenges and research opportunities. Annual Reviews in Control, 38(1), 93–102. https://doi.org/10.1016/j.arcontrol.2014.03.009

Hamill, J., & Gregory, K. (1997). Internet marketing in the internationalisation of UK SMEs. Journal of Marketing Management, 13(1–3), 9–28. https://doi.org/10.1080/0267257x.1997.9964456

Havlicek, L. L., & Peterson, N. L. (1976). Robustness of the Pearson Correlation against Violations of Assumptions. Perceptual and Motor Skills, 43(3_suppl), 1319–1334. https://doi.org/10.2466/pms.1976.43.3f.1319

Indrayan, A., & Mishra, A. (2021). The importance of small samples in medical research. J Postgrad Med., 67(4), 219–223. https://doi.org/10.4103%2Fjpgm.JPGM_230_21

Jadhav, G. G., Gaikwad, S. V., & Bapat, D. (2023). A systematic literature review: digital marketing and its impact on SMEs. Journal of Indian Business Research, 15(1), 76–91. https://doi.org/10.1108/jibr-05-2022-0129

Jamovi. (2024). Available online: https://www.jamovi.org/ (accessed on 25 May 2024).

Järvinen, J., & Karjaluoto, H. (2015). The use of Web analytics for digital marketing performance measurement. Industrial Marketing Management, 50, 117–127. https://doi.org/10.1016/j.indmarman.2015.04.009

Kubicova, J. (2015). Reengineering - Concept and review of Literature. Available online: https://www.researchgate.net/publication/312210950_Reengineering_-_Concept_and_review_of_Literature (accessed on 21 January 2024).

Kumar, A., Syed, A. A., & Pandey, A. (2021). Adoption of Online Resources to Improve the Marketing Performance of SMEs. Asia Pacific Journal of Health Management, 16(3), 137–144. https://doi.org/10.24083/apjhm.v16i3.1009

Lidsky, D. (2022). The 10 most innovative logistics companies of 2022. Available online: https://www.fastcompany.com/90724437/most-innovative-companies-logistics-2022 (accessed on 10 November 2023).

Liu, T., Qiu, T., & Luan, S. (2019). Hyperbolic-tangent-function-based cyclic correlation: Definition and theory. Signal Processing, 164, 206–216. https://doi.org/10.1016/j.sigpro.2019.06.001

Lu, Y., Liu, Z., & Min, Q. (2021). A digital twin-enabled value stream mapping approach for production process reengineering in SMEs. International Journal of Computer Integrated Manufacturing, 34(7–8), 764–782. https://doi.org/10.1080/0951192x.2021.1872099

Macias-Aguayo, J., McFarlane, D., Schönfuß, B., et al. (2022). A catalogue of digital solution areas for logistics SMEs. IFAC-PapersOnLine, 55(10), 1828–1833. https://doi.org/10.1016/j.ifacol.2022.09.664

Malisianou, E. M., Giannakopoulos, N. T., Sakas, D. P., et al. (2024). Re-Engineering Digital Marketing Strategy of Dairy Industries. Modern Economy, 15(02), 163–191. https://doi.org/10.4236/me.2024.152009

Mandych, O., Mykytas, A., Ustik, T., et al. (2021). The development of theoretical, methodological and practical recommendations of the innovative development vectors of business process reengineering and strategic management of enterprises. Technology Audit and Production Reserves, 6(4(62)). https://doi.org/10.15587/2706-5448.2021.249830

Marc Lim, W. (2023). Transformative marketing in the new normal: A novel practice-scholarly integrative review of business-to-business marketing mix challenges, opportunities, and solutions. Journal of Business Research, 160, 113638. https://doi.org/10.1016/j.jbusres.2022.113638

Mazzarol, T. (2015). SMEs engagement with e-commerce, e-business and e-marketing. Small Enterprise Research, 22(1), 79–90. https://doi.org/10.1080/13215906.2015.1018400

MentalModeler. (2023). Available online: https://dev.mentalmodeler.com/ (accessed on 20 November 2023).

Migkos, S. P., Sakas, D. P., Giannakopoulos, N. T., et al. (2022). Analyzing Greece 2010 Memorandum’s Impact on Macroeconomic and Financial Figures through FCM. Economies, 10(8), 178. https://doi.org/10.3390/economies10080178

Miranda, R., & Hillman, N. (1996). Reengineering capital budgeting. Journal of Public Budgeting, Accounting & Financial Management, 8(4), 360–383. https://doi.org/10.1108/jpbafm-08-04-1996-b004

Muramalla, V. S. R., Alshehri, S. A., & Huwaymil, I. B. (2022). Financial Viability and Performance of Small and Medium Entrepreneurs in the COVID 19 Pandemic Using Digital Marketing. Business, Management and Economics Engineering, 20(2), 1527-1536.

Ngo, Q.-H. (2023). The effectiveness of market orientation in the logistic industry: A focus on SMEs in an emerging country. Heliyon, 9(7), e17666. https://doi.org/10.1016/j.heliyon.2023.e17666

Olarewaju, A., & Sunkanmi, K. (2022). Effects of business process management on organizational productivity: A study of selected banks. EuroEconomica, 1(41), 90-100.

Oprean, V.-B. (2014). Business (re) Engineering: Management of the Risk Induced Constraints. Procedia - Social and Behavioral Sciences, 109, 815–826. https://doi.org/10.1016/j.sbspro.2013.12.548

Papageorgiou, E., Stylios, C., & Groumpos, P. (2003). Fuzzy Cognitive Map Learning Based on Nonlinear Hebbian Rule. In: Advances in Artificial Intelligence. Lecture Notes in Computer Science. Springer. https://doi.org/10.1007/978-3-540-24581-0_22

Rahman, S. S. B. A., Kusiani, L. H. B., & Idris, J. (2020). Digital performance Application in Small-Medium Enterprises. In: Proceedings of the 7th International Conference on Management and Muamalah (ICoMM 2020), Kolej Universiti Islam Antarabangsa Selangor; 4 November 2020; Bangi, Malaysia.

Sakas, D. P., Giannakopoulos, N. T., & Trivellas, P. (2023). Exploring affiliate marketing’s impact on customers’ brand engagement and vulnerability in the online banking service sector. International Journal of Bank Marketing. https://doi.org/10.1108/ijbm-01-2023-0009

Sakas, D. P., Giannakopoulos, N. T., Kanellos, N., et al. (2022). Digital Marketing Enhancement of Cryptocurrency Websites through Customer Innovative Data Process. Processes, 10(5), 960. https://doi.org/10.3390/pr10050960

Sakas, D. P., Giannakopoulos, N. T., Kanellos, N., et al. (2023). Determining Factors for Supply Chain Services Provider Selection and Long-Term Relationship Maintenance: Evidence from Greece. Logistics, 7(4), 73. https://doi.org/10.3390/logistics7040073

Sakas, D. P., Giannakopoulos, N. T., Margaritis, M., et al. (2023). Modeling Supply Chain Firms’ Stock Prices in the Fertilizer Industry through Innovative Cryptocurrency Market Big Data. International Journal of Financial Studies, 11(3), 88. https://doi.org/10.3390/ijfs11030088

Sakas, D. P., Giannakopoulos, N. T., Nasiopoulos, D. K., et al. (2023). Assessing the Efficacy of Cryptocurrency Applications’ Affiliate Marketing Process on Supply Chain Firms’ Website Visibility. Sustainability, 15(9), 7326. https://doi.org/10.3390/su15097326

Sakas, D. P., Giannakopoulos, N. T., Panagiotou, A. G., et al. (2023). Search Engine Results Optimization for Supply Chain SMEs Through Digital Content Management and Fuzzy Cognitive Models. Journal of Computational and Cognitive Engineering. https://doi.org/10.47852/bonviewjcce32021763

Sakas, D. P., Giannakopoulos, N. T., Terzi, M. C., et al. (2023). Digital Transformation Management of Supply Chain Firms Based on Big Data from DeFi Social Media Profiles. Electronics, 12(20), 4219. https://doi.org/10.3390/electronics12204219

Sakas, D. P., Giannakopoulos, N. T., Terzi, M. C., et al. (2023). Engineering Supply Chain Transportation Indexes through Big Data Analytics and Deep Learning. Applied Sciences, 13(17), 9983. https://doi.org/10.3390/app13179983

Sakas, D. P., Giannakopoulos, N. T., Terzi, M. C., et al. (2023). What is the connection between Fintechs’ video marketing and their vulnerable customers’ brand engagement during crises? International Journal of Bank Marketing. https://doi.org/10.1108/ijbm-03-2023-0142

Salazar, J. P. O., Balabneva, O. A., & Borremans, A. D. (2023). Digital Transformation and Business Processes Reengineering of the Education Services. In: Ilin, I., Petrova, M. M., Kudryavtseva, T. (editors). Digital Transformation on Manufacturing, Infrastructure & Service. DTMIS 2022. Lecture Notes in Networks and Systems. Springer, Cham. https://doi.org/10.1007/978-3-031-32719-3_76

Saura, J. R., Palos-Sánchez, P., & Cerdá Suárez, L. M. (2017). Understanding the Digital Marketing Environment with KPIs and Web Analytics. Future Internet, 9(4), 76. https://doi.org/10.3390/fi9040076

Semrush. (2023). Available online: https://www.semrush.com/ (accessed on 12 November 2023).

SEO Glossary|Semrush. (2023). Available online: https://www.semrush.com/kb/925-glossary (accessed on 12 November 2023).

Shafi, M., Sarker, M. N. I., & Junrong, L. (2019). Social Network of Small Creative Firms and Its Effects on Innovation in Developing Countries. SAGE Open, 9(4), 215824401989824. https://doi.org/10.1177/2158244019898248

Shahul Hameed, N. S., Salamzadeh, Y., Abdul Rahim, N. F., et al. (2021). The impact of business process reengineering on organizational performance during the coronavirus pandemic: moderating role of strategic thinking. Foresight, 24(5), 637–655. https://doi.org/10.1108/fs-02-2021-0036

Sharif, A. M., & Irani, Z. (2006). Applying a fuzzy‐morphological approach to complexity within management decision making. Management Decision, 44(7), 930–961. https://doi.org/10.1108/00251740610680604

Similarweb. (2023). Traffic Sources (Web Category). Available online: https://support.similarweb.com/hc/en-us/articles/360014573277-Traffic-Sources-Web-Category-#:~:text=Referral%3A%20Traffic%20sent%20from%20one,Reddit%20(organic%20and%20paid) (accessed on 30 Novemebr 2023).

Srinivas, S., Nazareth, R. P., & Shoriat Ullah, M. (2020). Modeling and analysis of business process reengineering strategies for improving emergency department efficiency. SIMULATION, 97(1), 3–18. https://doi.org/10.1177/0037549720957722

Standing, S., & Standing, C. (2015). Service value exchange in B2B electronic marketplaces. Journal of Business & Industrial Marketing, 30(6), 723–732. https://doi.org/10.1108/jbim-05-2014-0112

Tripathi, S., & Gupta, M. (2020). A framework for procurement process re-engineering in Industry 4.0. Business Process Management Journal, 27(2), 439–458. https://doi.org/10.1108/bpmj-07-2020-0321

Truong, T.-M., Lê, L.-S., Paja, E., et al. (2021). A data-driven, goal-oriented framework for process-focused enterprise re-engineering. Information Systems and E-Business Management, 19(2), 683–747. https://doi.org/10.1007/s10257-021-00523-6

Tsogkas, A., Tsoulfas, G. T., & Chountalas, P. Τ. (2023). Business process reengineering in the public sector service supply chain: the case of the Greek archaeological resources fund. International Journal of Services and Operations Management, 46(2), 260–283. https://doi.org/10.1504/ijsom.2023.134261

Webtek. (2023). What Does Digital Marketing Cost for Small & Mid-Size Businesses?. Available online: https://www.webtekcc.com/blog/internet-marketing/what-does-digital-marketing-cost-for-small-and-mid-size-businesses?fbclid=IwAR28aNQHUQ8delr1YRcJxOpZv_DD9sVgNT2SYPpd8f5GIMXG6X0PKir4VhM (accessed on 12 November 2023).




DOI: https://doi.org/10.24294/jipd.v8i8.6080

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Despina S. Giakomidou, Athanasios Kriemadis

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.