Leveraging influencer marketing for banks: An empirical study on young consumers in Vietnam
-
DOIhttp://dx.doi.org/10.21511/im.20(1).2024.15
-
Article InfoVolume 20 2024, Issue #1, pp. 172-184
- 431 Views
-
243 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This study examines the role of influencer marketing for banks in Vietnam with the objective of reaching to the demographic of young customers between the ages of 18 and 35. A quantitative methodology was utilized in this study, which involved the distribution of an online survey to a total of 732 young banking consumers in Vietnam. The data were analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicated significant positive indirect effects on the intention to use influencer marketing in relation to influencer credibility, trustworthiness, expertise, friendliness, similarity, and attractiveness. The impacts mentioned were mediated by the individual’s attitude toward the influencer. Favorable attitudes toward an influencer boosted respondents’ intention to use endorsed banking products/services. Similarly, positive attitudes toward influencers directly increased usage intentions. The results offer innovative empirical proof that partnering with influencers on social media can serve as a successful marketing tactic for banks to positively impact the acceptance of their services among young consumers in Vietnam’s digital landscape. The study provides practical recommendations for banks to effectively identify and collaborate with influencers who have the strongest appeal to youth target audiences.
Acknowledgment
I would like to express my gratitude to those of you who took part in the survey and to the Ho Chi Minh University of Banking for their assistance in enabling me to finish my research.
- Keywords
-
JEL Classification (Paper profile tab)G21, G28, M31, M37
-
References41
-
Tables5
-
Figures2
-
- Figure 1. Research model
- Figure 2. PLS-SEM model
-
- Table 1. Demographic statistics
- Table 2. Statistics on the influencer marketing behavior of young customers in Vietnam
- Table 3. Reliability testing
- Table 4. Stability and discriminant validity of variables
- Table 5. Hypotheses evaluations
-
- Alba, J. W., & Hutchinson, J. W. (1987). Dimensions of consumer expertise. Journal of Consumer Research, 13(4), 411-454.
- AlFarraj, O., Alalwan, A. A., Obeidat, Z. M., Baabdullah, A., Aldmour, R., & Al-Haddad, S. (2021). Examining the impact of influencers’ credibility dimensions: Attractiveness, trustworthiness and expertise on the purchase intention in the aesthetic dermatology industry. Review of International Business and Strategy, 31(3), 355-374.
- Anymind. (2021, December 2). Báo cáo “Influencer Marketing in Vietnam 2021” [Influencer Marketing in Vietnam 2021]. (In Vietnamese).
- Asyari, Hoque, M. E., Hassan, M. K., Susanto, P., Jannat, T., & Mamun, A. A. (2022). Millennial generation’s Islamic banking behavioral intention: The moderating role of profit-loss sharing, perceived financial risk, knowledge of Riba, and marketing relationship. Journal of Risk and Financial Management, 15(12), 590.
- Bland, J. M., & Altman, D. G. (1997). Statistics notes: Cronbach’s alpha. BMJ, 314(7080), 572.
- Chetioui, Y., Benlafqih, H., & Lebdaoui, H. (2020). How fashion influencers contribute to consumers’ purchase intention. Journal of Fashion Marketing and Management: An International Journal, 24(3), 361-380.
- De Veirman, M., & Hudders, L. (2020). Disclosing sponsored Instagram posts: The role of material connection with the brand and message-sidedness when disclosing covert advertising. International Journal of Advertising, 39(1), 94-130.
- De Veirman, M., Cauberghe, V., & Hudders, L. (2017). Marketing through Instagram influencers: The impact of number of followers and product divergence on brand attitude. International Journal of Advertising, 36(5), 798-828.
- Djafarova, E., & Rushworth, C. (2017). Exploring the credibility of online celebrities’ Instagram profiles in influencing the purchase decisions of young female users. Computers in Human Behavior, 68, 1-7.
- Djafarova, E., & Trofimenko, O. (2019). ‘Instafamous’ – Credibility and self-presentation of micro-celebrities on social media. Information, Communication & Society, 22(10), 1432-1446.
- Dwivedi, Y. K., Ismagilova, E., Hughes, D. L., Carlson, J., Filieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H., Krishen, A. S., Kumar, V., Rahman, M. M., Raman, R., Rauschnabel, P. A., Rowley, J., Salo, J., Tran, G. A., & Wang, Y. (2021). Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, 59, 102168.
- Evans, J. R., & Mathur, A. (2018). The value of online surveys: A look back and a look ahead. Internet Research, 28(4), 854-887.
- Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50.
- Geyser, W. (2023, February 6). The state of influencer marketing 2022: Benchmark report. Influencer Marketing Hub.
- Hair, J. F., Sarstedt, M., Ringle, Ch., & Gudergan, S. (2018). Advanced issues in partial least squares structural equation modeling. Sage.
- Hair, J., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106-121.
- Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. In R. R. Sinkovics & P. N. Ghauri (Eds.), New Challenges to International Marketing (vol. 20, pp. 277-319). Emerald Group Publishing Limited.
- Hulland, J. (1999). Use of partial least squares (PLS) in strategic management research: A review of four recent studies. Strategic Management Journal, 20(2), 195-204.
- Lee, J. E., & Watkins, B. (2016). YouTube vloggers’ influence on consumer luxury brand perceptions and intentions. Journal of Business Research, 69(12), 5753-5760.
- Li, F., Larimo, J., & Leonidou, L. C. (2021). Social media marketing strategy: Definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49(1), 51-70.
- Li, X., & Zhang, G. (2018). Perceived credibility of Chinese social media: Toward an integrated approach. International Journal of Public Opinion Research, 30(1), 79-101.
- Lou, C., & Yuan, S. (2019). Influencer marketing: How message value and credibility affect consumer trust of branded content on social media. Journal of Interactive Advertising, 19(1), 58-73.
- Niforos, M. (2017). Blockchain in financial services in emerging markets, Part I: Current trends. Washington, DC: International Finance Corporation.
- Nunnally, J. C. (1975). Psychometric theory – 25 years ago and now. Educational Researcher, 4(10), 7-21.
- Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd ed.). McGraw-Hill.
- Ohanian, R. (1990). Construction and validation of a scale to measure celebrity endorsers’ perceived expertise, trustworthiness, and attractiveness. Journal of Advertising, 19(3), 39-52.
- Olanrewaju, A.-S. T., Hossain, M. A., Whiteside, N., & Mercieca, P. (2020). Social media and entrepreneurship research: A literature review. International Journal of Information Management, 50, 90-110.
- Peng, D. X., & Lai, F. (2012). Using partial least squares in operations management research: A practical guideline and summary of past research. Journal of Operations Management, 30(6), 467-480.
- Saima, & Khan, M. A. (2021). Effect of social media influencer marketing on consumers’ purchase intention and the mediating role of credibility. Journal of Promotion Management, 27(4), 503-523.
- Schouten, A. P., Janssen, L., & Verspaget, M. (2020). Celebrity vs. Influencer endorsements in advertising: The role of identification, credibility, and product-endorser fit. International Journal of Advertising, 39(2), 258-281.
- Sokolova, K., & Kefi, H. (2020). Instagram and YouTube bloggers promote it, why should I buy? How credibility and parasocial interaction influence purchase intentions. Journal of Retailing and Consumer Services, 53, 101742.
- Tabachnick, B. G., Fidell, L. S., & Ullman, J. B. (2013). Using multivariate statistics (6th ed.). Boston, MA: Pearson.
- Taber, K. S. (2018). The use of Cronbach’s Alpha when developing and reporting research instruments in science education. Research in Science Education, 48(6), 1273-1296.
- Taillon, B. J., Mueller, S. M., Kowalczyk, C. M., & Jones, D. N. (2020). Understanding the relationships between social media influencers and their followers: The moderating role of closeness. Journal of Product & Brand Management, 29(6), 767-782.
- Tavakol, M., & Dennick, R. (2011). Making sense of Cronbach’s alpha. International Journal of Medical Education, 2, 53-55.
- Torres, P., Augusto, M., & Matos, M. (2019). Antecedents and outcomes of digital influencer endorsement: An exploratory study. Psychology & Marketing, 36(12), 1267-1276.
- Venciute, D., Mackeviciene, I., Kuslys, M., & Correia, R. F. (2023). The role of influencer-follower congruence in the relationship between influencer marketing and purchase behaviour. Journal of Retailing and Consumer Services, 75, 103506.
- Walzhofer, N., Riekeberg, M., & Follert, F. (2022). From white collar to influencer marketing? How banks can reach young customers. International Journal of Financial Studies, 10(3), 79.
- Wiedmann, K.-P., & von Mettenheim, W. (2021). Attractiveness, trustworthiness and expertise – Social influencers’ winning formula? Journal of Product & Brand Management, 30(5), 707-725.
- Xiao, M., Wang, R., & Chan-Olmsted, S. (2018). Factors affecting YouTube influencer marketing credibility: A heuristic-systematic model. Journal of Media Business Studies, 15(3), 188-213.
- Yoganathan, D., Jebarajakirthy, C., & Thaichon, P. (2015). The influence of relationship marketing orientation on brand equity in banks. Journal of Retailing and Consumer Services, 26, 14-22.