Marketing productivity metrics and financial performance: A systematic review with implications for Nigerian Small and Medium Enterprises

Abstract

This study examines the relationship between marketing productivity metrics and firm financial performance, with particular emphasis on small and medium-sized enterprises (SMEs) in emerging markets. Guided by the PRISMA framework, the study undertakes a systematic literature review of peer-reviewed articles published between 2019 and 2025 and retrieved from Scopus, Web of Science, Google Scholar, and ScienceDirect. Following a structured screening and eligibility assessment process, 28 studies were included and analysed using thematic synthesis. The findings indicate that key marketing productivity metrics, including Return on Marketing Investment (ROMI), Customer Acquisition Cost (CAC), and Customer Lifetime Value (CLV), are positively associated with financial performance. However, the relationship is largely indirect, operating through enhanced marketing efficiency, marketing effectiveness, analytics capability, and data-driven decision-making. The review further shows that organisations adopting integrated marketing measurement systems achieve superior performance outcomes compared with those relying on isolated metrics. Despite these benefits, adoption among SMEs in emerging economies remains constrained by limited analytical capabilities, inadequate technological infrastructure, and low data literacy. The study contributes to Marketing Accountability Theory by demonstrating how marketing measurement and analytics support organisational value creation. It also offers practical recommendations and a phased framework to guide SME adoption of marketing productivity metrics in emerging
market contexts.