IDEAS home Printed from https://ideas.repec.org/a/gam/jijfss/v10y2022i3p79-d911220.html
   My bibliography  Save this article

From White Collar to Influencer Marketing? How Banks Can Reach Young Customers

Author

Listed:
  • Nicole Walzhofer

    (Faculty of Management, Seeburg Castle University, 5201 Seekirchen, Austria)

  • Marcus Riekeberg

    (Faculty of Management, Seeburg Castle University, 5201 Seekirchen, Austria)

  • Florian Follert

    (Faculty of Management, Seeburg Castle University, 5201 Seekirchen, Austria)

Abstract

Banks distribute intangible services, so that traditional marketing instruments are often limited concerning their effectiveness to reach new clients, especially teenagers and young adults. With respect to this relevant practical problem, we used survey data for the relevant group ( n = 302) in Austria to investigate whether influencer marketing could be a banking strategy to reach the young generation. Due to the particular complexity of a financial product, we assume that the credibility and trustworthiness of an influencer can lead to respondents being more willing to engage with financial products. Based on our survey results, we can provide first evidence that influencer marketing also has untapped potential for banks. Although our respondents revealed a certain skepticism towards this form of marketing, the results indicate a weak positive correlation between influencer marketing, customer engagement with the subject of financial products and ultimately the purchase of financial products. In this respect, our results are of particular interest to decision-makers in banks. However, they are also relevant for the whole of society. If influencer marketing works for financial products, then other topics that are particularly sensitive, e.g., health care, could be addressed accordingly.

Suggested Citation

  • Nicole Walzhofer & Marcus Riekeberg & Florian Follert, 2022. "From White Collar to Influencer Marketing? How Banks Can Reach Young Customers," IJFS, MDPI, vol. 10(3), pages 1-26, September.
  • Handle: RePEc:gam:jijfss:v:10:y:2022:i:3:p:79-:d:911220
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7072/10/3/79/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2227-7072/10/3/79/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kristine de Valck & Roberts V. Kozinets & Andrea C. Wojnicki & Sarah J.S. Wilner, 2010. "Networked Narratives: Understanding Word-of-Mouth Marketing in Online Communities," Post-Print hal-00458424, HAL.
    2. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    3. Diederich BAKKER, 2018. "Conceptualising Influencer Marketing," Journal of Emerging Trends in Marketing and Management, The Bucharest University of Economic Studies, vol. 1(1), pages 79-87, November.
    4. Anjali Chopra & Vrushali Avhad & and Sonali Jaju, 2021. "Influencer Marketing: An Exploratory Study to Identify Antecedents of Consumer Behavior of Millennial," Business Perspectives and Research, , vol. 9(1), pages 77-91, January.
    5. Kim, Do Yuon & Kim, Hye-Young, 2021. "Trust me, trust me not: A nuanced view of influencer marketing on social media," Journal of Business Research, Elsevier, vol. 134(C), pages 223-232.
    6. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    7. Ford, Gary T & Smith, Darlene B & Swasy, John L, 1990. "Consumer Skepticism of Advertising Claims: Testing Hypotheses from Economics of Information," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 16(4), pages 433-441, March.
    8. McCracken, Grant, 1986. "Culture and Consumption: A Theoretical Account of the Structure and Movement of the Cultural Meaning of Consumer Goods," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 13(1), pages 71-84, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lie Ao & Rohit Bansal & Nishita Pruthi & Muhammad Bilawal Khaskheli, 2023. "Impact of Social Media Influencers on Customer Engagement and Purchase Intention: A Meta-Analysis," Sustainability, MDPI, vol. 15(3), pages 1-15, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wierenga, Berend, 2011. "Managerial decision making in marketing: The next research frontier," International Journal of Research in Marketing, Elsevier, vol. 28(2), pages 89-101.
    2. Christina Leuker & Thorsten Pachur & Ralph Hertwig & Timothy J. Pleskac, 2019. "Do people exploit risk–reward structures to simplify information processing in risky choice?," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 5(1), pages 76-94, August.
    3. Marianne Bertrand & Dean S. Karlan & Sendhil Mullainathan & Eldar Shafir & Jonathan Zinman, 2005. "What's Psychology Worth? A Field Experiment in the Consumer Credit Market," Working Papers 918, Economic Growth Center, Yale University.
    4. Gerd Gigerenzer, 1997. "Bounded Rationality: Models of Fast and Frugal Inference," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(II), pages 201-218, June.
    5. Giuseppe Pernagallo & Benedetto Torrisi, 2020. "A theory of information overload applied to perfectly efficient financial markets," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 14(2), pages 223-236, October.
    6. Siegfried Berninghaus & Werner Güth & M. Vittoria Levati & Jianying Qiu, 2006. "Satisficing in sales competition: experimental evidence," Papers on Strategic Interaction 2006-32, Max Planck Institute of Economics, Strategic Interaction Group.
    7. Stefano DellaVigna, 2009. "Psychology and Economics: Evidence from the Field," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 315-372, June.
    8. Patrick Krieger & Carsten Lausberg, 2021. "Entscheidungen, Entscheidungsfindung und Entscheidungsunterstützung in der Immobilienwirtschaft: Eine systematische Literaturübersicht [Decisions, decision-making and decisions support systems in r," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 7(1), pages 1-33, April.
    9. Yildiz, Özgür, 2014. "Lehren aus der Verhaltensökonomik für die Gestaltung umweltpolitischer Maßnahmen [Lessons from behavioral economics for the design of environmental policy measures]," MPRA Paper 59360, University Library of Munich, Germany.
    10. Sadok Mansour, 2007. "Modelisation Du Risque Dans Les Methodologies D'Audit : Apport Des De La Psychometrie," Post-Print halshs-00543217, HAL.
    11. Leković Milјan, 2020. "Cognitive Biases as an Integral Part of Behavioral Finance," Economic Themes, Sciendo, vol. 58(1), pages 75-96, March.
    12. Hosseini, Hamid, 2003. "The arrival of behavioral economics: from Michigan, or the Carnegie School in the 1950s and the early 1960s?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(4), pages 391-409, September.
    13. Wüstenhagen, Rolf & Menichetti, Emanuela, 2012. "Strategic choices for renewable energy investment: Conceptual framework and opportunities for further research," Energy Policy, Elsevier, vol. 40(C), pages 1-10.
    14. Paula-Elena Diacon, 2014. "From Economic Behaviour to Behavioural Economics," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 1(1), pages 171-180, February.
    15. Elisa Giuliani & Federica Nieri & Andrea Vezzulli, 2019. "BEST IN CLASS BUT BIG WRONGDOERS: Exploring the financial performance and human rights infringe ments nexus in large emerging country companies," Discussion Papers 2019/250, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    16. Jasman Tuyon & Zamri Ahmada, 2016. "Behavioural finance perspectives on Malaysian stock market efficiency," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 16(1), pages 43-61, March.
    17. Giacomo Rubbini, 2023. "Mechanism Design without Rational Expectations," Papers 2305.07472, arXiv.org, revised Nov 2023.
    18. van Wee, Bert & Witlox, Frank, 2021. "COVID-19 and its long-term effects on activity participation and travel behaviour: A multiperspective view," Journal of Transport Geography, Elsevier, vol. 95(C).
    19. Ji, Xiangfeng & Chu, Yanyu, 2020. "A target-oriented bi-attribute user equilibrium model with travelers’ perception errors on the tolled traffic network," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 144(C).
    20. Sandri, Serena & Schade, Christian & Mußhoff, Oliver & Odening, Martin, 2010. "Holding on for too long? An experimental study on inertia in entrepreneurs' and non-entrepreneurs' disinvestment choices," Journal of Economic Behavior & Organization, Elsevier, vol. 76(1), pages 30-44, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijfss:v:10:y:2022:i:3:p:79-:d:911220. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.