Attracting and retaining customers on Facebook business pages: a content analysis of an online discussion forum January 2013 DOI: 10.1504/IJTMKT.2013.055340 Authors: Babak Abedin Macquarie. Employees' perspectives of service quality in hotels RMSE values of Artificial Neural Networks (N = 477). The results are tabulated in Table 10. Meanwhile, Part B comprised question items about SMMA, brand equity, and consumer loyalty. Overall, Model A, Model B, and Model C demonstrated high prediction accuracy, as both RMSE training and RMSE scores for testing were rather similar [90]. Google Scholar, Anderson, J.W., Cox, J.E.P., Fulcher, D.: Bank selection decisions and marketing segmentation. : Customer relationship management: an approach to competitive advantage in the banking sector by exploring the mediational role of loyalty. Bank Mark. Engage influencers. 2018 ). Generally, loading is the contribution of an item to the latent variable to which it belongs [79], whereas cross-loading is the contribution of an item to other latent variables. Your brand story and how customers experience it is what people will remember, and itll either make or break your brand. Kim and Lee [67] suggested the positive influence of word of mouth on the levels of brand awareness and brand image among young Bangladeshi consumers. Zhu and Chen [66] have thus identified the two types of publishing, depending on the level of message customisation: custom message and broadcast [56]. Besides, personalisation will accurately help customers locate the products they require, thus indirectly promoting the purchases [40]. The adoption of social media to attract consumers has increased among SMEs [16]. 8 Ways To Attract and Retain Customers - TopRight Partners The feature's aim is to review the latest management developments across the globe and pinpoint practical implications from cuttingedge research and case studies. International Journal of Modern Trends in Business Research (IJMTBR), 3(11), 23 - 30. https://news.gallup.com/businessjournal/162107/customers-interact-banks.aspx. Charity is all about helping those who are in needeither through fundraisers or delivering basic needs to orphanages, hospitals, and rehab centers. 4. 10 Marketing Strategies To Attract and Retain Customers | PDF | Search Meanwhile, trendiness, interaction, and WOM positively impacted brand image, paralleling the results by Yadav and Rehman [25]. The subsequent analysis was performed with only 477 valid cases. As shown in Table 7, this study employed indirect effect coefficients, confidence intervals, and p-values to measure the mediation effects of brand equity in terms of brand awareness and brand image on SMMAs (in terms of entertainment, customisation, trendiness, interaction, and word of mouth) and repurchase intention. Social media is a marketing tool wielded for four primary purposes: market research and feedback; brand promotion and reputation management; customer service and customer relationship management; and business network [13, 14]. (2016). Furthermore, sending birthday or holiday cards, with special offers tailored for each member, will also go a long way in strengthening customer loyalty. After the delivery of a successful customer experience dont be afraid to ask for a referral. Ilmars Kreituss . Zhang et al. As such, the following hypotheses are formulated: H1a: Entertainment positively affects brand awareness among Chinese consumers. Strategies for attracting affluent customers - Beyond the Arc https://www.wseas.us/e-library/conferences/2013/Chania/ICFA/ICFA-37.pdf, Kreituss, I., Rokjane, B.: Factors Influencing Consumers Bank Selection. New challenges of economic and business development - 2019: incentives for sustainable economic growth. [PDF] Customer Relationship Management by 50MINUTES | Perlego Participation is strictly voluntary and you may refuse to participate at any time. RelStat 2020. 10(4), 273290 (2002), Devlin, J., Gerrard, P.: A study of customer choice criteria for multiple bank users. You may be able to access this content by logging in via your Emerald profile. With the right brand story and the right strategy in place, you can consistently win customers in the markets where you compete. The study aimed to employ the second-generation statistical analysis technique of structural equation modelling; therefore, the study collected data from more than 400 respondents. The obtained results revealed positive and significant effects of trendiness, interaction, and word of mouth on brand awareness. PLOS ONE promises fair, rigorous peer review, Bank Mark. Int. Thus, it echoes the measurement of feature accuracy in measuring by using the measuring tool. This new conceptual framework has been used to explore positive and negative linking to provide a predictive framework for interaction that provides the basis for self-sustaining, people, organizations and communities. As such, the following hypotheses are proposed: H5a: Word of mouth positively affects brand awareness among Chinese consumers. Int. Instead of casting a wide net, try a more strategic approach. Attracting and retaining wealthy clients may get even more challenging in the coming years. Wang et al. Moreover, Dillon Goldstein rho (DG rho) values more than 0.80 as seen for all variables, further confirming the measurement item reliability. Try using promotional campaigns, business partnerships, loyalty club member-only deals, and sponsoring charity events to authentically differentiate your brand. The results in Table 9 for Model A confirmed trendiness, word of mouth, and interaction as the most influential three factors that affect brand awareness. If you want to discover how to improve your branding, customer satisfaction with your business, and profits, consider these eight tips and transform and deepen your relationships customers. Apart from enticing existing customers, this could also be a great way to attract new customers. The more familiar and trustworthy the WOM information sources are, the more significant their impact on purchasing decisions [44]. We have found this is best done . The variance inflation factor (VIF) for entertainment (1.685), customisation (2.063), Interaction (3.451), trendiness (2.948), word of mouth (2.202), brand awareness (3.433), brand image (2.277), and repurchase intention (2.781) did not exceed 5. Thus, the following hypotheses are generated: H6a: Brand awareness positively affects repurchase intention among Chinese consumers. 40(1), 4045 (1976), Arora, S., Kaur, H.: Exploring the bank selection criteria in India: scale development and validation. 3.Do you encourage customers to return to your business? Complete this exercise annually to update your customer insights and adjust your business game plan. Int. Localised self-help groups provide the best scenario for rebuilding communities and nations. It was implemented in this study to explore the impact of SMMA on Chinese consumer repurchase intentions in the presence of non-normality issues. Cases with D2 of more than 26.125 were declared outliers; as a result, 35 cases were dropped. A good example of such a brand is Casinosterson, which always puts the customer first by providing them with a variety of options to make their experience as smooth as possible. To start, set up one-on-one meetings with your direct reports and ask questions that will help you understand what areas they most want to grow in. How to Attract the Right Shareholders - Harvard Business Review J. Accordingly, improving brand awareness is among the well-known corporate SMMA [33, 64]. Therefore, when one posts their photo and attaches a brand hashtag, its actually your brand thatll be exposed to the online customer base. Serv. Banking customer 2020. Mark. Data Availability: All relevant data are within the paper and its Supporting Information files. (PDF) Attracting and Retaining Staff: The Role of Branding and Industry In contrast, the recorded path coefficient for the influence of trendiness on brand image ( = 0.312, p < 0.001) showed its significant and positive influence on brand image. J. The five most essential factors are as follows: service quality; convenient distance banking services (online banking, telephone banking, mobile banking); a bank's reputation; financial stability of a bank; and finally, a bank's service costs. The results of the research were also compared with identical studies in other countries. Therefore, understanding how social media activities affect customer loyalty is essential for enhanced marketing strategies. Customer profitability analysis and the marketing funnel help marketers decide how to manage groups of customers that vary in loyalty, profitability, risk, and other factors. 2(4), 9398 (2007), Safar, F., Gayyem, A.: Study of factors influencing the choice of marketing strategies to increase loyalty and attract banking customers. Your method of communicating content needs to be guided by your customers interests and needs, as well as a deep respect for their time. 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We have carried out a detailed survey of 587 private persons as well as a focus group discussion. Banks and Bank Syst. Apart from that, the results showed that all ANN models had good data fitting. You can also leverage the power of social media channels through user-generated content or by sharing unique and valuable knowledge and skills with your audience. By definition, social media encompass online applications, platforms, and media promoting interaction, collaboration, and content sharing among users [1]. Try using promotional campaigns, business partnerships, loyalty club member-only deals, and sponsoring charity events to authentically differentiate your brand. J. The brand image helps understand and accept the brands meaning through consumer perception [49], which is a collective result of various marketing activities and consumer experience [50]. Factors Important for Banks in Attracting and Retaining Customers Authors: Ilmars Kreituss Tatjana Vasiljeva RISEBA University of Applied Sciences Baiba Rokjane Abstract Nowadays the vast. Remember, loyal consumers will oftentimes become your advocates and brand ambassadors. It should be noted that this study was not limited to any specific product brand or category, but rather a general assessment of high-tech products collectively. If you want to get the most from your promotional program, you need to follow up and see exactly which offers every customer redeemed. Therefore, future works should look into designing research embedded with more variables to explore different social medias effects on brand equity and brand loyalty across different brand-consumer segments. By using our site, you agree to our collection of information through the use of cookies. Table 5 shows all loadings and cross-loadings generated, whereby almost all loadings in the current study exceeded 0.7. Anyone you share the following link with will be able to read this content: Sorry, a shareable link is not currently available for this article. No data was collected from anyone under 18 years old. Its important that you incentivize existing customers periodically to keep them satisfied, delighted and most importantly, returning for more. The review provides strategic insights and practical thinking that have influenced some of the world's leading organizations. Thus, H5a was supported. Attracting and retaining B2B customers in a world of choice eCommerce. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. https://doi.org/10.24136/oc.2018.001, Tucker, M., Jubb, C., Ya, C.J. The only answer is to give people hope by first providing a secure base and then through Holographic Community Centres incorporate a School, Health Hub and Enterprise Zone to reestablish dignity and perseverance. H6b: Brand image positively affects repurchase intention among Chinese consumers. (eds) Reliability and Statistics in Transportation and Communication. Organizations are reexamining how they recruit, develop, and retain talent. By extension, brand equity is regarded as a multi-dimensional facet that comprise of brand . PDF Curated Coaching for Entrepreneurs - Attract and Retain Customers to Price promotions have proven to be quite effective in luring customers, whether new or existing. 28 No. Accordingly, a positive brand attitude can positively influence the customers repurchase intentions [55]. As for the influence of word of mouth on brand awareness, the recorded path coefficient ( = 0.109, p < 0.001) denoted its significant influence on brand awareness. Reward them with club points or gift cards to thank them for their support and loyalty. In fact, its nearly impossible to think about any successful brand that doesnt leverage thebenefits of social media. Customer acquisition management process involves identifying, attracting, and retaining potentially profitable customers. With power of 0.95, effect size of 0.15, and a total of seven predictors, the required sample size for the current study was 168 [78]. The current exploratory study aimed to examine the effects of social media marketing activities on brand equity (brand awareness and brand image) and repurchase intention of high-tech products among Chinese consumers. For example, Zhang and Benyoucefs [22] research has supported SMMA as an environmental stimulus in the SOR model. In contrast, validity denotes their effectiveness by measuring whether the comprehensive evaluation system can accurately reflect the evaluation purposes and requirements.
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