The influence of marketing communications strategy on consumer purchasing behaviour in the financial services industry in an emerging economy

Mensah, Kobby; Amenuvor, Fortune Edem

doi:10.1057/s41264-021-00121-0

Cited by 15 publications

(13 citation statements)

References 76 publications

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“…Marketing communication is one of the most important activities that businesses rely on to satisfy the desires of consumers, raise awareness of the company's products or services and, consequently, increase sales. The study by Mensah et al (2021) [9] establishes the impact of marketing communication on consumer purchasing behavior in developing countries. All hypotheses were tested using the method of structural equations modeling.…”

Section: Literature Reviewmentioning

confidence: 99%

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Chornous

Fareniuk

2023

KSS

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The paper contains the results of marketing mix modeling for Ukrainian retail in conditions of the COVID-19 crisis. The main goals of the research are modeling the level of traffic to the store based on regression analysis and forming appropriate recommendations for media strategy. Estimating the influence of media on business KPI makes a basis for ROI calculations and optimization of budget allocation between communication channels by periods, formats, and optimization of media pressure. Models for offline and online traffic were constructed based on weekly data for 2018-2021 and since 2020 there is a strong impact of COVID-19 on traffic and media response. In 2020 there was a significant drop in offline traffic due to the lockdown, but also there was deferred demand, which was compensating for a part of the traffic. The results show that TV is the main driver for offline traffic and digital - for online, but there are also significant impacts of TV and digital on online and offline traffic, respectively. During the lockdown, the mobility of consumers dropped, that is, a decrease in response from Out of Home advertising; therefore, we need to compensate for this by higher activity in other media channels. Scenario forecasting of different media mix helps to select the most efficient strategy taking into account memory decay of advertising, period of activity, and weekly weights. Marketing mix modeling is an effective tool for business management, as it generates opportunities to improve ROI by more than 15% and ensures the achievement of business goals in the most efficient way. Keywords: marketing mix modeling, COVID-19, ROI, regression analysis, retail, traffic

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Section: Literature Reviewmentioning

confidence: 99%

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Chornous

Fareniuk

2023

KSS

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“…Website transparency and quality can be interesting factors that affect switching behavior, so websites must provide comprehensive information in an easily understandable format (Kim and Nihem 2009 ). Mensah and Amenuvor ( 2022 ) investigated the relation between marketing communications strategy and consumer purchasing behaviour in the financial services industry. Based on a responses from 360 users of several financial institutions in Ghana, they found that the consumer purchase behaviour is affected positively by the marketing communication strategies.…”

Section: Literature Reviewmentioning

confidence: 99%

A model explaining perceived investment value and switching intentions toward FinTech: the case of crowdlending

Riahi

Garrouch

2023

J Financ Serv Mark

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This study aims to validate a new model that explains the switching intentions of banking customers toward crowdlending based on the perceived investment value, the quality of the crowdlending platform, and two comparative technology adoption factors. The empirical investigation was conducted by conducting an online survey of a sample of 201 potential and actual users of two crowdlending platforms in the Kingdom of Saudi Arabia. The findings of the study highlighted that the switching intentions of potential crowdlenders was affected by perceived emotional and economic investment values, which may in turn be influenced by the relative advantage of this kind of investment and the platform’s information quality. The perceived relative complexity, however, had no significant impact on perceived investment value. This study extends our body of knowledge about the adoption of FinTech and specifically crowdlending by considering that the perceived investment value may include an emotional dimension, something that has been ignored in prior research. Finally, this investigation highlights the need for crowdlending platforms to employ communication strategies based on the notion of promoting the hedonic and economic values of this kind of investment and its relative advantages over traditional forms of investment, namely banking deposits.

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“…The medium of communication, which is described as the means of communication, such as email, face-to-face meetings and conferences, is essential as they present a hierarchy of richness, with more personalized communication having a greater influence on the listener than impersonal communications (Huber and Daft, 1987;Marmenout, 2011;Mohr and Nevin, 1990). This brings to conformity the concept of direct marketing as a communication strategy (Mensah and Amenuvor, 2021). Thus, customers' views are influenced by whether messages are available to everyone or restricted in scope, and whether they are unidirectional or interactive.…”

Section: Immersive Marketing Communicationmentioning

confidence: 99%

“…Weber et al (2014) revealed that effective marketing communication impacts positively on customer intention to remain customers. This implies that when firms properly communicate to customers their strategic position, there is a high probability of retaining existing customers and acquiring new ones (Mensah and Amenuvor, 2021;Anning-Dorson and Nyamekye, 2020;Xing et al, 2017).…”

Section: Immersive Marketing Communicationmentioning

confidence: 99%

Consumer intentions, reactance and the marketing implications of policy induced mergers and acquisitions in financial services

Mensah

Madichie

Mensah

et al. 2022

IJBM

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PurposeThe purpose of this study is to establish, drawing upon the indirect effects of customer reactance from an emerging economy perspective, the marketing implications of policy induced Mergers and Acquisitions (M&A) in Financial Services.Design/methodology/approachThe study employed a quantitative research approach, relying on data from 517 customers of M&A banks in Ghana. Purposive sampling technique was used in selecting respondents for the study. Hypotheses were tested using a structural equation modelling.FindingsA positive and significant relationship between immersive marketing communication and consumer intention is revealed in the study. The presence of consumer reactance highly influenced the relationship. As a public policy tool, forced mergers and acquisitions was found to increase customer reactance. However, when customers are frequently engaged with relevant and consistent marketing communications through appropriate channels, such reactance would only be partial.Research limitations/implicationsAlthough some of the information were collected, they were not the main focus of our analysis. We acknowledge, from the sample demographics perspective, the study did not consider certain other confounding factors that could influence customers' decisions to remain or switch such as customers' level of banking, type of account, income level, banking experiences in relation to service fees, online banking etc., as these could also potentially influence customers' reactance. Perhaps these may have to be considered in future studies.Social implicationsWhen timely and relevant marketing communications are targeted at the customers who are directly impacted by the M&A process, they would experience reactance, but only partially. This has a range of marketing implications for policy-induced M&A and its impact on consumer intention, reactance and attitudes towards the new entity.Originality/valueThe marketing of financial services literature has been silent on the implications of M&A from a policy induced perspective. This study, therefore, contributes to theory by highlighting that the “destruction” of brand value of the affected firms is relatively high in a policy induced M&A and thus increases the level of customer reactance. This is because a regulator enforced M&A, as public policy, usually generates high public interest and public discourse, leading to a heightened customer reactance. However, when immersive marketing communications are targeted at the customers directly impacted by the M&A, they would experience reactance, but only partially.

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The influence of marketing communications strategy on consumer purchasing behaviour in the financial services industry in an emerging economy

Cited by 15 publications

References 76 publications

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

A model explaining perceived investment value and switching intentions toward FinTech: the case of crowdlending

Consumer intentions, reactance and the marketing implications of policy induced mergers and acquisitions in financial services

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