An investigation into the use of social media channels within the South African retail banking environment in support of creating and maintaining brand loyalty
- Authors: Purohit, Ashish
- Date: 2015
- Subjects: Social media -- Economic aspects , Banks and banking -- Internet marketing -- South Africa , Bank marketing -- South Africa , Brand loyalty -- South Africa , Branding (Marketing) -- South Africa , Structural equation modeling
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1157 , http://hdl.handle.net/10962/d1018920
- Description: The use of social media in the retail banking environment has changed the way the banking industry communicates with customers, creates sales and performs marketing and operational tasks. Social media strategies need to be aligned to business goals and effectively used to integrate social media as part of the overall marketing strategy. Only by understanding brand loyalty, multi-channel systems and social media channels can marketers effectively implement social media. In measuring brand loyalty, factors that influence customer buying behaviour and components that influence online interaction are essential in engaging different groups of customers in social media. This research study aimed to examine the use of social media within the South African retail banking environment with a focus on creating and maintaining brand loyalty. An exploratory, mixed method research design was employed. Data collection instruments used in the study includes online surveys, structured interviews, and focus groups. Participants consisted of marketing personnel and customers. Three lead/head social media marketing personnel participated in the interview process, 14 marketing personnel took the online survey and 4 participated in a focus group. Participants for the online survey also consisted of 40 customers who were connected through the internet and performed various online banking activities. Data was analysed both quantitatively and qualitatively. Data from the online surveys completed by customers was analysed quantitatively using descriptive analysis, structural equation modelling (SEM) and factor analysis which was performed on the brand loyalty variables and the brand loyalty measures. Content analysis was used to qualitatively analyse data from the structured interviews. Data from the online surveys completed by marketing personnel was analysed quantitatively and qualitatively. Findings indicated that social media forms an integral part of the marketing strategy that needs be aligned with the core business goals. Banks therefore need to focus on creating campaigns that are fun, exciting and appealing to the target market. A culture of innovation and new ideas is essential to grow the product/service. Building brand trust and creating customer satisfaction forms the core of creating brand loyalty on social media. Banks need to be aware of factors that influence customer brand loyalty and components that influence loyalty on social media in order to measure things that matter through analytical tools so that an actionable strategy can be put in place and implemented.
- Full Text:
- Date Issued: 2015
- Authors: Purohit, Ashish
- Date: 2015
- Subjects: Social media -- Economic aspects , Banks and banking -- Internet marketing -- South Africa , Bank marketing -- South Africa , Brand loyalty -- South Africa , Branding (Marketing) -- South Africa , Structural equation modeling
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1157 , http://hdl.handle.net/10962/d1018920
- Description: The use of social media in the retail banking environment has changed the way the banking industry communicates with customers, creates sales and performs marketing and operational tasks. Social media strategies need to be aligned to business goals and effectively used to integrate social media as part of the overall marketing strategy. Only by understanding brand loyalty, multi-channel systems and social media channels can marketers effectively implement social media. In measuring brand loyalty, factors that influence customer buying behaviour and components that influence online interaction are essential in engaging different groups of customers in social media. This research study aimed to examine the use of social media within the South African retail banking environment with a focus on creating and maintaining brand loyalty. An exploratory, mixed method research design was employed. Data collection instruments used in the study includes online surveys, structured interviews, and focus groups. Participants consisted of marketing personnel and customers. Three lead/head social media marketing personnel participated in the interview process, 14 marketing personnel took the online survey and 4 participated in a focus group. Participants for the online survey also consisted of 40 customers who were connected through the internet and performed various online banking activities. Data was analysed both quantitatively and qualitatively. Data from the online surveys completed by customers was analysed quantitatively using descriptive analysis, structural equation modelling (SEM) and factor analysis which was performed on the brand loyalty variables and the brand loyalty measures. Content analysis was used to qualitatively analyse data from the structured interviews. Data from the online surveys completed by marketing personnel was analysed quantitatively and qualitatively. Findings indicated that social media forms an integral part of the marketing strategy that needs be aligned with the core business goals. Banks therefore need to focus on creating campaigns that are fun, exciting and appealing to the target market. A culture of innovation and new ideas is essential to grow the product/service. Building brand trust and creating customer satisfaction forms the core of creating brand loyalty on social media. Banks need to be aware of factors that influence customer brand loyalty and components that influence loyalty on social media in order to measure things that matter through analytical tools so that an actionable strategy can be put in place and implemented.
- Full Text:
- Date Issued: 2015
Investigating factors affecting customer retention at Nedbank South Africa
- Authors: Madzivhandila, Rofhiwa
- Date: 2013
- Subjects: Banks and banking -- Customer services -- South Africa , Customer services -- Quality control , Bank marketing -- South Africa , Customer relations -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8845 , http://hdl.handle.net/10948/d1020100
- Description: The banking sector plays an important role in the economy of any country across the world. The recent financial crisis shows how much of the world’s economy is influenced by the banking sector. There are different roles that banks play in contributing to the operation and growth of an economy. Their role spreads from that of intermediary to that of provider of payment clearing services. Banks are an important and integral part of any economy. According to a study by Greenberg & Simbanegavi (2009), the South African banking sector is fertile ground for high levels of competition amongst its players. This competition is important for the proper working of the modern economy. According to Van Leuvensteijn et al. (2008), because banks act as the main vehicle for monetary policy, reduced competition in the banking sector can hinder the efficiency of monetary policy. As a result of the competition in the banking sector, customer retention is a key component of banks’ strategies in today’s market. The main aim of the study was to investigate factors affecting customer retention at Nedbank South Africa. The study focused on the institutional causes of bank customer defection and sought to investigate the effects of three factors (Customer service quality, Satisfaction with product, and Switching costs) on Customer Retention. This study showed the importance of customer retention and more importantly how the mentioned three factors affect customer retention at Nedbank South Africa. One of the highlights that came out of this research was that 50 perscent of the respondents were either considering closing their account or were likely to close their account within the next 12 months. In conclusion, these three factors were found to be important in the customer retention strategy of the bank. Recommendations were presented by the author on how to integrate the factors into a retention framework that can contribute to the profitability of the bank. Areas of future research that can be helpful to the bank were also highlighted by the author.
- Full Text:
- Date Issued: 2013
- Authors: Madzivhandila, Rofhiwa
- Date: 2013
- Subjects: Banks and banking -- Customer services -- South Africa , Customer services -- Quality control , Bank marketing -- South Africa , Customer relations -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8845 , http://hdl.handle.net/10948/d1020100
- Description: The banking sector plays an important role in the economy of any country across the world. The recent financial crisis shows how much of the world’s economy is influenced by the banking sector. There are different roles that banks play in contributing to the operation and growth of an economy. Their role spreads from that of intermediary to that of provider of payment clearing services. Banks are an important and integral part of any economy. According to a study by Greenberg & Simbanegavi (2009), the South African banking sector is fertile ground for high levels of competition amongst its players. This competition is important for the proper working of the modern economy. According to Van Leuvensteijn et al. (2008), because banks act as the main vehicle for monetary policy, reduced competition in the banking sector can hinder the efficiency of monetary policy. As a result of the competition in the banking sector, customer retention is a key component of banks’ strategies in today’s market. The main aim of the study was to investigate factors affecting customer retention at Nedbank South Africa. The study focused on the institutional causes of bank customer defection and sought to investigate the effects of three factors (Customer service quality, Satisfaction with product, and Switching costs) on Customer Retention. This study showed the importance of customer retention and more importantly how the mentioned three factors affect customer retention at Nedbank South Africa. One of the highlights that came out of this research was that 50 perscent of the respondents were either considering closing their account or were likely to close their account within the next 12 months. In conclusion, these three factors were found to be important in the customer retention strategy of the bank. Recommendations were presented by the author on how to integrate the factors into a retention framework that can contribute to the profitability of the bank. Areas of future research that can be helpful to the bank were also highlighted by the author.
- Full Text:
- Date Issued: 2013
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