1) The document summarizes a study that investigated the impact of digital marketing on the business performance of MSMEs during the COVID-19 pandemic, with a focus on the mediating role of customer relationship management (CRM). 2) A survey was conducted of 257 marketing and IT managers of MSMEs in Tehran, Iran. The results showed that digital marketing efforts had a positive effect on business performance during the pandemic by enabling remote customer engagement. 3) The study also found that the relationship between digital marketing and business performance was strengthened by CRM, as CRM allows companies to remain flexible and adapt to new customer expectations through digital technologies and data collection.

1. Electronic copy available at: https://ssrn.com/abstract=4195985
Effect of digital marketing on the business performance of MSMEs during
the COVID-19 pandemic: the mediating role of customer relationship
management
Mohammad Mehdi Mehralian 1
, Parinaz khazaee 2
1
Islamic Azad University Tehran North Branch
Corresponding author: Mehralian.mm@gmail.com
2
University of Tehran
Abstract
This study investigated the impact of digital marketing on the business performance of micro,
small, and medium enterprises (MSMEs) during the COVID-19 pandemic taking into account
the mediating role of Customer Relationship Management (CRM). The study was cross-
sectional and quantitative. Data collection was performed with a questionnaire consisting of
three parts, which were derived from the digital marketing questionnaire of De Pelsmacker,
Van Tilburg, & Holthof (2018), the customer relationship management questionnaire of
Anderson and Gerbing (1988), and the business performance questionnaire of Ahmad et al.
(2019). The validity and reliability of the questionnaires were checked and confirmed by
content, construct, and convergent validity assessment and Cronbach’s alpha and composite
reliability calculation respectively. The respondents were marketing and IT managers of
MSMEs based in Tehran, Iran. A total of 440 questionnaires were distributed and 257 of the
returned questionnaires that were completely filled out were included in data collection and
analysis. Hypotheses were tested by structural equation modeling and the partial least squares
method using the software SmartPLS. The results showed the effect of digital marketing
efforts on the business performance of MSMEs in Tehran during the COVID-19 pandemic, as
digital technologies have enabled businesses to remotely engage and interact with their
customers, and also that the said effect has been strengthened by customer relationships
management
Keywords: Digital Marketing, Customer relationship management, Business Performance.
Introduction
The COVID-19 pandemic caused the most severe global-scale economic shock since World
War II (Brown and Arnholz, 2020). The recession caused by this pandemic triggered broad
systemic changes and altered the behavior of companies, consumers, and public actors
(International Monetary Fund, 2020). For example, restaurants were forced to close their
Digital Marketing Digital Marketing
37th Digital Marketing and Customer Behavior Science
Conference
Tehran- August 2022

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doors and tourists were banned from crossing borders. This crisis also accelerated the
digitalization trend and forced entrepreneurs in a wide range of sectors to adopt new business
models to survive. The pandemic also changed demand patterns across sectors and national
borders, revealing vulnerabilities in global supply chains of various industries (e.g. ICT,
automotive) and service networks (e.g. financial products) (Mele, Russo-Spena & Kaartemo,
2020). The COVID-19 pandemic also had a significant impact on the business performance
of micro, small, and medium enterprises (MSMEs), which generally find it difficult to sustain
themselves, let alone grow under such extraordinary circumstances (Giantari et al., 2022).
When going through such a crisis, companies need to adopt new attitudes, methods, and
practical solutions to deal with uncertainties, stay one step ahead of the crisis, and remain
prepared for forthcoming problems (Furrer et al., 2020). One of these methods could be
digital marketing. Today, most companies acknowledge the benefits of adopting
technologically advanced digital solutions to support those operations that require up-to-date
and timely information (Aggarwal, 2017). Indeed, digital technologies have transformed the
lifestyle of people and the operational activities of businesses, especially in the area of
communication and information sharing; a transformation that has also led to increasing
competition. Online technologies and digital applications are now widely regarded as the
most effective means of establishing closer relationships with customers. Traditional
marketing strategies are increasingly incapable of offering sustainable competitive advantage
and growth in today’s highly turbulent business environment (Kaur, 2017). Marketing
communication through digital technologies enhances the interactions between the marketing
parties, thus enabling companies to establish and nurture long-term relationships between
customers and marketers in line with their shared goals (Yoga, Korry, & Yulianti, 2019).
Therefore, in this research, one of the goals was to investigate the impact of digital marketing
on the business performance of MSMEs during the COVID-19 pandemic.
The COVID-19 pandemic caused dramatic changes in everyone’s lives, forcing businesses to
adapt to a rapidly changing market environment. Under such circumstances, Customer
Relationship Management (CRM) allows companies to remain flexible and adapt to new
conditions, embrace product/service innovation, meet new customer expectations, and
develop new communication channels with customers (Kumar & Reinartz, 2018). CRM is a
marketing intelligence concept aimed at managing business strategies with a relational
approach in order to improve customer satisfaction, retention, and loyalty and discover new
business opportunities (Wakabayashi & Merzthal, 2015). Therefore, another goal of this
research was to examine the mediating role of CRM in the relationship between digital
marketing and the business performance of MSMEs during the COVID-19 pandemic.
Today, businesses need to do everything in their power to present their products and services
to existing and new customers through online channels; a goal that cannot be achieved
without due attention to the impact of digital marketing on customer relationships (Wan,
Dastane, Mohd Satar, & Ma'arif, 2019). A proper CRM strategy can create more
opportunities for data mining and offer better access to and understanding of strategic
marketing information about customers, which helps avoid the cost of incorrect marketing
tactics (Nuseir & Refae, 2022).
The present research aimed to answer the question that what has been the effect of digital
marketing on the business performance of MSMEs in Tehran (Iran) during the Covid-19

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Pandemic? MSMEs can play a major role in the job sector and economy, especially in the
transitioning economies of developing countries, where these enterprises act as the main
pillar of economic development in the course of industrialization. However, not much
research has been conducted on the relationship between digital marketing and the business
performance of MSMEs with the medication of CRM. Therefore, this research also attempted
to answer the question that what has been the effect of CRM on the relationship between
digital marketing and business performance of MSMEs during the COVID-19 pandemic?
Theoretical foundations
Digital marketing
Digital marketing refers to the act of marketing a product using digital media or the internet.
The goal of digital marketing is to quickly attract potential customers (Ritz et al., 2019).
Considering the excessive use of online and digital technologies across the world, it is not
surprising that digital marketing has become the method of choice for many businesses when
it comes to marketing. Businesses commonly use six types of digital marketing:
1) Website marketing: websites can be used to showcase the professionalism of the business,
help consumers to know the business, save on advertising costs, and offer a medium for easy
commercial interactions.
2) Search engine marketing: this refers to the measures a business takes to make itself easier
to find in search engines. Search engine marketing is closely associated with another concept
called Search Engine Optimization (SEO).
3) Social Media Marketing: social media platforms like Instagram, Facebook, and Twitter can
be used as a cheap or even free medium for marketing and improving the image of the
company.
4) Online advertising: this refers to paid advertising on the Internet for faster and better
consumer acquisition, but could be somewhat more expensive than the previous types
(Pagani et al., 2019).
5) E-mail marketing: in this method, a business informs potential customers about its latest
products, services, or sales schemes via e-mail.
6) Video marketing: a company can use videos to explain and promote its business,
products/services, provide instructions on how these products/services are used, and show
customer reviews as a means of promotion (Giantari et al., 2022).
Customer relationship management
Customer Relationship Management (CRM) can be defined based on two theories: the
relationship marketing theory and the resource-based theory, according to which resources
can be divided into multiple categories based on how much they are controlled by the
organization and how much they contribute to its operational efficiency. Over the years, the
field of marketing has experienced a shift from traditional marketing to customer-oriented
marketing with more emphasis on customer relationships and awareness of customer
expectations, the success of which is reflected in the extent of improvement in customer
acquisition and retention. In this context, the concept of CRM has been defined as the art of
managing the relationships of the business with its customer and strengthening these

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relationships with the purpose of improving customer satisfaction (Deif, Aly & Farahat,
2019). CRM is the most critical responsibility of any marketing department, and its purpose
is to establish and maintain strong relationships with customers so as to improve sales
performance (Shahbaz et al., 2020). CRM practices enable companies to capture, store,
access, share, and analyze large amounts of customer data (Suoniemi et al., 2021), and are
expected to offer benefits such as increased customer loyalty, more effective marketing,
improved customer service, and cost reduction through improved efficiency (Dalla Pozza et
al., 2018).
Business performance of MSMEs
Business performance has always been a subject of interest to economic scholars and
researchers and can be considered the most important measure of success in business
activities. Business performance refers to the organizational effectiveness of a business in
creating and providing value to its internal and external customers (Umrani, Kura & Ahmed,
2018) and is usually reflected in the amount of revenue, profit, or wealth it generates for the
shareholders/owners over a certain period of time. This term is used interchangeably with
similar terms such as firm performance and organizational performance (Barrett et al., 2012).
Business performance can be generally defined in two dimensions: financial and non-
financial (Combs et al., 2005). However, in the management literature, it has been discussed
as a multidimensional construct with financial and non-financial aspects (Martz, 2013).
The relationship between digital marketing and business performance of MSMEs
Extensive research has been conducted on the benefits of social media marketing for
businesses (Siamagka, Christodoulides, Michaelidou, & Valvi, 2015; Zolkepli &
Kamarulzaman, 2015). The advent and popularization of digital communication have enabled
companies to interact with a large number of customers through social networking platforms.
Social media platforms allow companies to reach customers and allow customers to shop
online at any time from any place without physical limitations. With the growing use of high-
tech devices and social media applications, researchers across the world have been
incentivized to determine how they can be utilized to compete in today’s highly competitive
markets (Gazal, Montague, Poudel, & Wiedenbeck, 2016). Research has shown the
effectiveness of various marketing approaches that utilize digital technologies and devices
including (i) online advertising, (ii) email marketing, (iii) social media marketing, (iv) text
message marketing, (v) affiliate marketing, (vi) search engine optimization, and (vii) pay-per-
click (PPC) (Yasmin, Tasneem, & Fatema, 2015). A number of studies have been conducted
on the impact of marketing efforts on the performance of businesses in terms of customer
responses to products/services. Some of these studies have shown that the number of
product/service reviews provided by customers positively affects business performance and
revenue growth (Kim, Li, & Brymer, 2016). Therefore, this study tested the following
hypothesis:
Hypothesis 1- Digital marketing programs have had a significant positive effect on the
business performance of MSMEs during the COVID-19 pandemic.

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The mediating role of CRM
Digital marketing has had a significant impact on business performance by necessitating a
continuous evolution in marketing strategies to create and maintain strong relationships with
customers (Husnain & Toor, 2017). In a study by Ahmed and Zahid (2014), they found that
CRM significantly mediates the relationship between digital marketing and customer
purchase intention. A study by Husnain and Toor (2017) also supported this finding.
However, Karjaluoto and Ulkuniemi (2015) have reported that digital marketing does not
significantly affect CRM, as the presence of too many digital platforms creates a perception
of poor service among customers, which ultimately affects their purchase intention. In any
case, not enough research has been conducted on the relationship between digital marketing,
business performance, and CRM, and how much CRM mediates the relationship of digital
marketing capabilities with business performance improvement. Therefore, the study also
tested the following hypothesis:
Hypothesis 2- CRM mediates the relationship between digital marketing programs and the
business performance of MSMEs during the COVID-19 pandemic.
Method
This study was designed as a cross-sectional quantitative research with the goal of
investigating the effect of digital marketing on the business performance of MSMEs during
the COVID-19 pandemic taking into account the mediating role of CRM. All variables were
examined using questions designed on a 5-point scale according to the research model shown
in Figure 1. The study used a questionnaire consisting of three parts. The first part comprised
6 questions derived from the digital marketing questionnaire of De Pelsmacker, Van Tilburg,
& Holthof (2018). The second part consisted of 5 questions derived from the customer
relationship management questionnaire of Anderson and Gerbing (1988). The third part had 6
questions derived from the business performance questionnaire of Ahmad et al. (2019). The
validity of the questionnaires was checked by content validity assessment. Questions were
modified to match the circumstances of the COVID-19 pandemic and the respondents were
asked to consider these circumstances when answering questions. The respondents were
marketing and IT managers of MSMEs operating in Tehran (Iran). A total of 440
questionnaires were distributed among the respondents. Out of these 440 questionnaires, 257
that were completely filled out were included in data collection and analysis. Hypotheses
were tested by structural equation modeling and the partial least squares method using
SmartPLS.

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Figure 1. Conceptual framework
Analysis of results
The background profile of the respondents is presented in Table 1. As mentioned, the
respondents were marketing and IT managers of MSMEs operating in Tehran, Iran.
Table 1. Respondents’ background profile
Variable Category Frequency (%)
Age
25–30 years 98 38.13
30–40 years 120 46.69
40 and above 39 15.18
Gender
Female 138 53.70
Male 119 46.30
Education level
Bachelor degree 72 28.02
Master’s degree 130 50.58
Doctorate/PhD 55 21.40
Working experience
5–10 years 75 29.18
10–15 years 143 55.64
Over 15 years 39 15.18
The convergent validity of the constructs was assessed according to the guidelines provided
by Hair (2019). For this purpose, the measurement model was tested in terms of factor
loadings, average variance extracted (AVE), and composite reliability (CR). As shown in
Table 2, for all variables, Cronbach’s alpha and CR values were higher than 0.7, factor
loadings were higher than 0.4, and AVE values were higher than 0.5, indicating satisfactory
convergent validity.
Digital Marketing
Online advertising
Affiliate marketing
Email marketing
Social media marketing
Business Performance
Customer relationship
management

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Table 2. Convergent validity and reliability assessment
Constructs Factor loadings CR Cronbach’s alpha AVE
Digital Marketing
DM1 0.658
0.886 0.846 0.566
DM2 0.747
DM3 0.805
DM4 0.809
DM5 0.776
DM6 0.709
Customer relationship management
CRM1 0.847
0.852 0.775 0.543
CRM2 0.721
CRM3 0.830
CRM4 0.745
CRM5 0.484
Business Performance
BP1 0.729
0.838 0.786 0.565
BP2 0.721
BP3 0.717
BP4 0.620
BP5 0.690
BP6 0.605
Notes: Average variance extracted (AVE); composite reliability (CR)
For discriminant validity, it is now common to use the Heterotrait-Monotrait (HTMT) ratio of
Henseler et al. (2015) instead of traditional measures. To establish discriminant validity based
on this index, the square root of the AVE of latent variables should be higher than the
correlation between these variables (Kline, 2015). Using this approach, discriminant validity
was established for all variables.
Table 3. Hetrotrait-Monotrait ratio (HTMT0.85)
Discriminant validity assessment
Digital
Marketing
Customer relationship
management
Business
Performance
Digital Marketing 0.752 - -
Customer relationship management 0.625 0.736 -
Business Performance 0.544 0.569 0.751
Using the explained variance fraction to determine the accuracy of model predictions, it was
determined that the model explains 42.9% of the variability. Also, predictive relevance was
measured by calculating the Stone-Geisser Q2
(cross-validated redundancy). Following a
blindfolding procedure, Q2
for Business Performance was calculated to 0.161, which is
greater than zero, confirming the predictive relevance of endogenous variables (Chin, 2010).

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Figure 2. Final model
The results in relation to the direct relationships of the variables are presented in Table 4.
Table 4. Direct relationships
Constructs
Direct effects
(coefficients)
t-value
(p-value)
0.05%
Results
Digital MarketingBusiness Performance 0.344 3.988 4.426 Supported
Digital Marketing Customer relationship
management
0.233 2.633 4.286 Supported
Customer relationship managementBusiness
Performance
0.253 2.386 3.034 Supported
Table 5 shows the results in relation to the indirect relationships of the variables via the
mediation of CRM.
Table 5. Mediation effects
CD as mediator
Direct effects Indirect effect Total
effect
Results
coefficients t-value coefficients t-value
Digital Marketing Customer
relationship
managementBusiness
Performance
0.344 3.988 0.084 2.381 0.428 Supported
Discussion and conclusion
The goal of this research was to investigate the impact of digital marketing on the business
performance of MSMEs during the COVID-19 pandemic taking into account the mediating
role of CRM. The results suggested that Digital Marketing has had a significant positive
impact on Business Performance during the COVID-19 pandemic, which is consistent with
previous findings in this regard (Siamagka, Christodoulides, Michaelidou, & Valvi, 2015;
Zolkepli & Kamarulzaman, 2015). In normal times, marketing capability tends to be a key

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driver of business performance. By the same token, digital marketing capability has a positive
effect on the success of a business in a market warped by the pandemic crisis and its
consequent limitations, which completely disrupt many non-digital business operations. With
digital marketing, some businesses can even use such a crisis as an opportunity to promote
their products/services. The results of this study also showed the significant positive effect of
digital marketing on CRM during the COVID-19 pandemic, which is consistent with
previous findings (Ahmed and Zahid, 2014; Husnain & Toor, 2017). The COVID-19
pandemic has caused customers to experience many (negative) emotions and events over the
past few years, which have somewhat changed the way they think and act in the marketplace.
Businesses should be sensitive to this issue (customer reactions to the pandemic), which
means for now they should put more focus on developing their relationships with customers
through digital marketing programs such as online advertising, affiliate marketing, email
marketing, and social media marketing. The results also showed the significant positive
impact of CRM on business performance during the COVID-19 pandemic, which is also
consistent with previous findings (Shahbaz et al., 2020; Suoniemi et al., 2021; Dalla Pozza et
al., 2018). Furthermore, CRM was found to mediate the relationship between digital
marketing and business performance during the COVID-19 pandemic. This is because digital
marketing is a type of inbound marketing cycle that reinforces CRM’s emphasis on consumer
awareness, learning, and transformation by studying customer needs and behavior via
personalized feedback and opinions. Also, digital marketing can stimulate customer
relationships by enabling a business to take or track customer feedback and reviews and
personalize its marketing strategies accordingly.
To conclude, the investigations of this study in relation to the effect of digital marketing
programs such as online advertising, affiliate marketing, email marketing, and social media
marketing on business performance showed the impact of digital marketing efforts on the
business performance of MSMEs in Tehran during the COVID-19 pandemic, as digital
technologies have enabled businesses to remotely interact with their customers. It was also
found that the said impact has been strengthened by customer relationships management.
This study had two main limitations. Firstly, the study was performed only on MSMEs based
in Tehran, Iran. Secondly, it was conducted in the form of a cross-sectional research. Thus,
further research should be conducted to examine other factors that may influence business
performance during the COVID-19 pandemic. Interested researchers can also expand the
work in terms of geographical domain and objectives. Also, future studies should compare
the findings obtained during the COVID-19 pandemic with the corresponding finding in
normal times.
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