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.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:rhodes/vital:1157 |
| Date | January 2015 |
| Creators | Purohit, Ashish |
| Publisher | Rhodes University, Faculty of Commerce, Information Systems |
| Source Sets | South African National ETD Portal |
| Language | English |
| Detected Language | English |
| Type | Thesis, Masters, MCom |
| Format | 238 leaves, pdf |
| Rights | Purohit, Ashish |
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