Social media, brand loyalty and the banking industry in Colombia
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Author(s)Heidy RicoLink to ORCID Index: https://orcid.org/0000-0003-4509-6117
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Mario de la PuenteLink to ORCID Index: https://orcid.org/0000-0002-0783-1267
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Juan Diego Rios MahechaLink to ORCID Index: https://orcid.org/0000-0003-3288-4499
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Helen Perez
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DOIhttp://dx.doi.org/10.21511/im.20(1).2024.03
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Article InfoVolume 20 2024, Issue #1, pp. 31-39
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- 561 Views
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179 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This study analyzed the relationship between retail bank customers’ loyalty and trust, and focused social media marketing in Barranquilla, Colombia. The survey was conducted in-person among customers (528 participants) at various Colombian banks over a period of seven months, from May 2021 to November 2021. The responses on the survey were rated on a 5-point Likert scale, ranging from “Strongly disagree” to “Strongly agree”. The study also incorporated a focus group with 25 participants aged between 34 and 51. Moreover, the research employs factorial analysis to elucidate the underlying correlations between the variables. The discussion was structured around seven pre-determined variables: Personalization, Entertainment, Engagement, Marketing, Word of Mouth, Trust, and Loyalty. The load factors range between 0.583 and 0.914, implying a high correlation between the survey questions and the constructs. The Cronbach’s Alpha values (from 0.753 to 0.996) and the Composite Reliability values (from 0.739 to 0.875) suggest a high level of internal consistency within the constructs. In the realm of social media marketing, the research underscores the pivotal role of trust as an intermediary in cultivating brand loyalty. The study abstains from concentrating on hypothesis testing, instead it illuminates the criticality of understanding the role trust plays in social media marketing. The research results provide valuable insights for future investigations as well as for enhancing service marketing strategies in the banking sector.
Acknowledgments
This study was funded by Education For All Online EU. We thank our participants for their generous contribution to this work.
- Keywords
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JEL Classification (Paper profile tab)G21, M31, D12
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References25
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Tables3
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Figures0
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- Table 1. General data on the observed population
- Table 2. Cronbach’s alpha, composite reliability and mean variance
- Table 3. Validation of the hypothesis
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Social media marketing, functional branding strategy and intentional branding
Mohammad Fahmi Al-Zyoud
doi: http://dx.doi.org/10.21511/ppm.16(3).2018.09
Problems and Perspectives in Management Volume 16, 2018 Issue #3 pp. 102-116 Views: 5067 Downloads: 2114 TO CITE АНОТАЦІЯIt has been suggested that social media marketing may be inclined more towards functional branding than intentional branding. The present study empirically examined the relationship between social media marketing strategies, intentional branding and functional branding with a view to determining where social media marketing strategies are more strongly inclined towards intentional than functional branding. Quantitative data were collected from 133 participants from Jordan marketing departments using questionnaires and analyzed using SPSS. The results of the study confirmed the relationship between social media marketing strategies. However, results showed that social media marketing strategies are more strongly inclined towards intentional branding than functional branding suggesting that social media marketing strategies are oriented towards intentional branding. The study recommends examining the idea of intentional branding and its role in controlling the image of the brand among customers.
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Factors that affect customer loyalty in small enterprises
Zeleke Worku
doi: http://dx.doi.org/10.21511/im.15(4).2019.07
The study was conducted by collecting the data from 608 customers of migrant retailers working in the retail industry of Pretoria West in South Africa in order to identify socioeconomic factors that affect customer loyalty. Data was collected from eligible respondents by using a pre-tested, validated and standardised questionnaire of study that was self-administered by respondents. The study found that about 69% of customers were loyal to their retailers. About 68% of customers had a favorable attitude towards their retailers. About 68% of retailers used appropriate promotional measures for marketing their goods to potential customers. About 69% of retailers provided their customers with satisfactory quality of services. About 67% of customers were loyal to their retailers’ brands. Factor analysis was used for extracting 3 influential predictors of customer loyalty. These factors were entrepreneurial skills, marketing skills, and selling price. The percentage of variance explained by the 3 extracted factors was equal to 92.58%.
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A study on the effect of service quality on customer loyalty and corporate performance in financial industry
Problems and Perspectives in Management Volume 15, 2017 Issue #2 (cont. 2) pp. 355-363 Views: 2204 Downloads: 720 TO CITE АНОТАЦІЯSince the government opened to the establishment of new private banks in 1990s, the competition in banking industry has become fierce in Taiwan. Especially, the establishment of financial holding companies after 2000s has resulted in the merge among financial institutions. The competition in banking industry becomes even fiercer. The price war of interest rate among banks gradually shortens the deposit and lending rate difference in banking industry that banks could no longer survive with the traditional business of deposit and lending rate differences. Banks have to attract customers with different service quality, satisfy customer needs, and create new profits for banking industry. Generally speaking, service quality is related to customer satisfaction after receiving service, and satisfaction becomes the internal assessment indicator of financial industry for customers. A lot of excellent foreign businesses or national financial institutions present brilliant competitiveness in the field of finance by the specialty and service quality. Taking Land Bank of Taiwan as the research subject, this study aims to discuss the effect of service quality on customer loyalty and corporate performance in financial industry.
It is discovered in this study that an enterprise enhancing the service quality through the mediation effect of customer loyalty could effectively promote the corporate performance. For this reason, the relationship between customer loyalty and service quality, corporate performance are established in this study, and the results of the analysis could be the reference for banking industry in Taiwan.
