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Abstract

This research explores the challenges faced by Small and Medium Enterprises (SMEs) in leveraging social media advertising, with a focus on engagement shortfalls and financial constraints. The study compares the strategies employed by SMEs in Lagos, Nigeria, and New York City, USA, to overcome these challenges, highlighting the impact of these strategies on business growth and customer loyalty. Through a cross-cultural analysis, this research identifies cost-effective practices that can enhance social media engagement and optimize advertising expenditures for SMEs in diverse economic environments. The findings reveal that while social media platforms offer significant opportunities for SMEs, success is often hindered by limited resources, inadequate content strategies, and the rapidly changing dynamics of social media platforms. This study provides actionable insights for SMEs seeking to maximize their social media presence, offering recommendations for improving engagement and overcoming financial barriers.
Keywords:  Social Media Advertising, Small and Medium scale Enterprises (SMEs), Engagement Shortfalls, Financial Constraints, Cross-Cultural Study, Lagos, Nigeria and New York City, USA, Cost-Effective Strategies.