Analyzing the Influential Factors of Social Media on Insurance Decision Making
Subject Areas : Innovation and InventionMohsen Gharakhani 1 , Seyedeh OmSalameh pourhashemi 2
1 -
2 -
Keywords: Social Media, Facebook, Consumer Buying Intent, Information Search Intent, Insurance,
Abstract :
Today, social media has greatly influenced the way we receive information and news. searching for information through social media by consumers has received more attentions than ever before. The purpose of this paper is to examine the factors influencing the purchasing decision-making process in the insurance industry. In this study, the quantitative method is used and the data is collected from 223 users who are followers of the fan pages of famous actors and athletes on social media. An online survey of users is conducted to examine the model, followed by at least one influential person. The collected data is analyzed using SPSS 23 and Smart PLS 3.0 statistical software. The results show the effects of influencers' posts, the other people's posts, and company's own posts on the intention to search for information and the effect of perceived value, perceived usefulness, brand image of the company and awareness of sales plans / marketing campaign on the intention to buy fans have a positive effect in a community who is a fan of Facebook brand pages. The study also showed that the search for information has a positive effect on consumer purchasing power. The findings of this study help to understand the importance of the selected factors in influencing the decision to buy consumers in the insurance industry.
1- محسن. اعظمی، وحید. آزادی، و معصومه. آینه "بررسی تأثیر فعالیت‌های بازاریابی رسانه‌های اجتماعی درک‌‌شده بر قصد خرید مصرف‌کننده، "فصلنامه علمی جامعه‌شناسی آموزش و پرورش، شماره 7، صص 197-181. 1397.
2- صدف. بلندطلب سبحانی، هادی. بستام و محمدرضا. ذبیحی، "بررسی تأثیر بازاریابی رسانه‌های اجتماعی بر رضایت مشتریان (مورد مطالعه بیمه عمر نوین در شهر مشهد)،" دوازدهمین کنفرانس بین‌المللی حسابداری و مدیریت و نهمین کنفرانس کارآفرینی و نوآوری‌های باز، تهران، شرکت همایشگران مهر اشراق، 1397.
3- شهرام. امین‌زاده, احسان. جلالی لواسانی، و حامد. صفی آریان، "کاربرد رسانه‌های اجتماعی در بیمه،" تازه‌های جهان بیمه، 1392، شماره 188.
4- G. Basil, E. Etuk, and E. T. Ebitu, "The Marketing Mix Element as Determinants of Consumer’s Choice of Made-In-Nigeria Shoes in Cross River State," Marketing, vol. 5, 2013.
5- T. Al-Maghrabi, C. Dennis, S. V. Halliday, and A. BinAli, "Determinants of customer continuance intention of online shopping," International Journal of Business Science & Applied Management (IJBSAM), vol. 6, pp. 41-66, 2011.
6- M. Franco, F. Di Virgilio, and L. Di Pietro, "A conceptual representation of consumer’s group knowledge and the possible role of new technologies," International Journal of Digital Content Technology and its Applications, vol. 4, 2010.
7- P. Nambisan and J. H. Watt, "Managing customer experiences in online product communities," Journal of Business Research, vol. 64, pp. 889-895, 2011.
8- J. Hanaysha, "The importance of social media advertisements in enhancing brand equity: A study on fast food restaurant industry in Malaysia," International Journal of Innovation, Management and Technology, vol. 7, p. 46, 2016.
9- A. M. Kaplan and M. Haenlein, "Users of the world, unite! The challenges and opportunities of Social Media," Business horizons, vol. 53, pp. 59-68, 2010.
10- C-P. Chen, "Exploring personal branding on YouTube," Journal of internet commerce, vol. 12, pp. 332-347, 2013.
11- R. Brennan and R. Croft, "The use of social media in B2B marketing and branding: An exploratory study, "Journal of Customer Behaviour, vol. 11, pp. 1. 2012, 115-01.
12- O.-E. Platon, "An analysis of the social media presence of the brands," 2014.
13- J. Blythe, Consumer behaviour: Cengage Learning EMEA, 2008.
14- M. Solomon, G. Bamossy, S. Askegaard, and M. Hogg, "Consumer Behavior: Buying: A European Perspective," ed: Financial Times Press, 2010.
15- C. Lou and S. Yuan, "Influencer marketing: how message value and credibility affect consumer trust of branded content on social media," Journal of Interactive Advertising, vol. 19, pp. 58-73, 2019.
16- D. M. Romero, W. Galuba, S. Asur, and B. A. Huberman, "Influence and passivity in social media," in Joint European Conference on Machine Learning and Knowledge Discovery in Databases, 2011, pp. 18-33.
17- N. Aggrawal, A. Ahluwalia, P. Khurana, and A. Arora, "Brand analysis framework for online marketing: ranking web pages and analyzing popularity of brands on social media," Social Network Analysis and Mining, vol. 7, p. 21, 2017.
18- W. G. Mangold and D. J. Faulds, "Social media: The new hybrid element of the promotion mix," Business horizons, vol. 52, pp. 357-365, 2009.
19- L. De Vries, S. Gensler, and P. S. Leeflang, "Popularity of brand posts on brand fan pages: An investigation of the effects of social media marketing," Journal of interactive marketing, vol. 26, pp. 83-91, 2012.
20- Facebook. (2011). Available: http://www.facebook.com/facebook, accessed 22 August 2011. Return to ref 8 in article
21- G. Tsimonis and S. Dimitriadis, "Brand strategies in social media," Marketing Intelligence & Planning, 2014.
22- K. F. Hew, "Students’ and teachers’ use of Facebook," Computers in human behavior, vol. 27, pp. 662-676, 2011.
23- M. Van Gelderen, T. Kautonen, and M. Fink, "From entrepreneurial intentions to actions: Self-control and action-related doubt, fear, and aversion," Journal of Business Venturing, vol. 30, pp. 655-673, 2015.
24- T. Kautonen, M. Van Gelderen, and M. Fink, "Robustness of the theory of planned behavior in predicting entrepreneurial intentions and actions," Entrepreneurship theory and practice, vol. 39, pp. 655-674, 2015.
25- A. Dwivedi, L. W. Johnson, and R. E. McDonald, "Celebrity endorsement, self-brand connection and consumer-based brand equity," Journal of Product & Brand Management, 2015.
26- D. Pradhan, I. Duraipandian, and D. Sethi, "Celebrity endorsement: How celebrity–brand–user personality congruence affects brand attitude and purchase intention," Journal of Marketing Communications, vol. 22, pp. 456-473, 2016.
27- D. L. Hoffman and M. Fodor, "Can you measure the ROI of your social media marketing?," MIT Sloan Management Review, vol. 52, p. 41, 2010.
28- T. Niciporuc, "ANALIZAREA EFICIENȚEI TIPURILOR DE POSTĂRI ÎN REȚEAUA DE SOCIALIZARE FACEBOOK," Review of Management & Economic Engineering, vol. 13, 2014.
29- M. A. Hodis, R. Sriramachandramurthy, and H. C. Sashittal, "Interact with me on my terms: A four segment Facebook engagement framework for marketers," Journal of Marketing Management, vol. 31, pp. 1255-1284, 2015.
30- A. Malhotra, C. K. Malhotra, and A. See, "How to create brand engagement on Facebook," MIT Sloan Management Review, vol. 54, pp. 18-20, 2013.
31- S. Jayasingh and R. Venkatesh, "Customer engagement factors in facebook brand pages," Asian Social Science, vol. 11, p. 19, 2015.
32- J. Gummerus, V. Liljander, E. Weman, and M. Pihlström, "Customer engagement in a Facebook brand community," Management Research Review, vol. 35, pp. 857-877, 2012.
33- V. A. Zeithaml, "Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence," Journal of marketing, vol. 52, pp. 2-22, 1988.
34- G. H. McDougall and T. Levesque, "Customer satisfaction with services: putting perceived value into the equation," Journal of services marketing, 2000.
35- H. H. Chang and H. W. Wang, "The moderating effect of customer perceived value on online shopping behaviour," Online Information Review, 2011.
36- C.-F. Chen and M.-H. Tsai, "Perceived value, satisfaction, and loyalty of TV travel product shopping: Involvement as a moderator," Tourism management, vol. 29, pp. 1166-1171, 2008.
37- J. Fang, C. Wen, B. George, and V. R. Prybutok, "Consumer heterogeneity, perceived value, and repurchase decision-making in online shopping: The role of gender, age, and shopping motives," Journal of Electronic Commerce Research, vol. 17, p. 116, 2016.
38- K. B. Monroe, "Buyers’ subjective perceptions of price," Journal of marketing research, vol. 10, pp. 70-80, 1973.
39- C. W. Chu and H. P. Lu, "Factors influencing online music purchase intention in Taiwan," Internet Research, 2007.
40- F. D. Davis, "Perceived usefulness, perceived ease of use, and user acceptance of information technology," MIS quarterly, pp. 319-340, 1989.
41- M. N. Hajli, "A study of the impact of social media on consumers," International Journal of Market Research, vol. 56, pp. 387-404, 2014.
42- Y. C. Cho and E. Sagynov, "Exploring factors that affect usefulness, ease of use, trust, and purchase intention in the online environment," International Journal of Management & Information Systems (IJMIS), vol. 19, pp. 21-36, 2015.
43- S. S. Sin, K. M. Nor, and A. M. Al-Agaga, "Factors Affecting Malaysian young consumers’ online purchase intention in social media websites," Procedia-Social and Behavioral Sciences, vol. 40, pp. 326-333. 2012.
44- B. Han and J. Windsor, "User's willingness to pay on social network sites," Journal of computer information systems, vol. 51, pp. 31-40, 2011.
45- J. Cha, "Shopping on social networking Web sites: Attitudes toward real versus virtual items", Journal of Interactive Advertising, vol. 10, pp. 77-93, 2009.
46- L.-d. Chen, M. L. Gillenson, and D. L. Sherrell, "Enticing online consumers: an extended technology acceptance perspective," Information and Management, vol. 39, pp. 705-719, 2002.
47- A. Darban and W. Li, "The impact of online social networks on consumer’s purchase de," 2012.
48- S. Hassan, A. Nadzim, S. Zaleha, and N. Shiratuddin, "Strategic use of social media for small business based on the AIDA model," Procedia-Social and Behavioral Sciences, vol. 172, pp. 262-269, 2015.
49- N. Rubio, J. Oubiña, and N. Villaseñor, "Brand awareness–Brand quality inference and consumer’s risk perception in store brands of food products," Food quality and preference, vol. 32, pp. 289-298, 2014.
50- H. H. Chang and Y. M. Liu, "The impact of brand equity on brand preference and purchase intentions in the service industries," The Service Industries Journal, vol. 29, pp. 1687-1706, 2009.
51- J. B. Faircloth, L. M. Capella, and B. L. Alford, "The effect of brand attitude and brand image on brand equity," Journal of Marketing Theory and Practice, vol. 9, pp. 61-75, 2001.
52- C. J. Beukeboom, P. Kerkhof, and M. de Vries, "Does a virtual like cause actual liking? How following a brand's Facebook updates enhances brand evaluations and purchase intention," Journal of Interactive Marketing, vol. 32, pp. 26-36, 2015.
53- F. Perreau, "The 5 stages of consumer buying decision process," [Online]. [Accessed 16 June 2016]. Available from: http://theconsumerfactor.com/en/5-stages-consumer-buying-decision-process/, 2013.
54- E. Lee, "Impacts of social media on consumer behavior: decision making process," [Online]. [Accessed 21 June 2016]. Available from: https://www.theseus.fi/bitstream/handle/10024/62367/Lee_Ethel.pdf?sequence=1, 2013.
55- J. Hardwick, L. Delarue, B. Ardley, and N. Taylor, "Mobile phones purchases and consumer decision making process: the role of Facebook online advertising," 2014.
56- E. Akar, H. F. Yüksel, and Z. A. Bulut, "The impact of social influence on the decision-making process of sports consumers on Facebook," Journal of internet vol. 6, pp. 1-23, 2015.
57- J. Phua and S. J. Ahn, "Explicating the ‘like’on Facebook brand pages: The effect of intensity of Facebook use, number of overall ‘likes’, and number of friends' ‘likes’ on consumers' brand outcomes," 2014.
58- W. B. Dodds, K. B. Monroe, and D. Grewal, "Effects of price, brand, and store information on buyers’ product evaluations," Journal of marketing research, vol. 28, pp. 307-3. 1991, 19.
59- D. D. Gunawan and K.-H. Huarng, "Viral effects of social network and media on consumers’ purchase intention," Journal of Business Research, vol. 68, pp. 2237-2241, 2015.
60- S.-u. Rehman, R. Mohamed, and H. Ayoup, "The mediating role of organizational capabilities between organizational performance and its determinants," Journal of Global Entrepreneurship Research, vol. 9, p. 30, 2019.
61- E. Babakus and W. G. Mangold, "Adapting the SERVQUAL scale to hospital services: an empirical investigation," Health services research, vol. 26, p. 767, 1992.
62- J. A. Bamgbade, A. M. Kamaruddeen, and M. Nawi, "Factors influencing sustainable construction among construction firms in Malaysia: A preliminary study using PLS-SEM," Revista Tecnica De La Facultad De Ingenieria Universidad Del Zulia (Technical Journal of the Faculty of Engineering, TJFE), vol. 38, pp. 132-142, 2015.
63- J. F. Hair, G. T. M. Hult, C. Ringle, and M. Sarstedt, "A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM)," 2014.
64- W. Afthanorhan, "A comparison of partial least square structural equation modeling (PLS-SEM) and covariance based structural equation modeling (CB-SEM) for confirmatory factor analysis," International Journal of Engineering Science and Innovative Technology, vol. 2, pp. 198-205, 2013.
65- J. C. Anderson and D. W. Gerbing, "Structural equation modeling in practice: A review and recommended two-step approach," Psychological bulletin, vol. 103, p. 411, 1988.
66- D. Gefen, D. Straub, and M.-C. Boudreau, "Structural equation modeling and regression: Guidelines for research practice," Communications of the association for information systems, vol. 4, p. 7, 2000.
67- R. P. Bagozzi and Y. Yi, "On the evaluation of structural equation models," Journal of the academy of marketing science, vol. 16, pp. 74-94, 1988.
68- C. Fornell and D. F. Larcker, "Structural equation models with unobservable variables and measurement error: Algebra and statistics," ed: SAGE Publications Sage CA: Los Angeles, CA, 1981.
69- J. Henseler, C. M. Ringle, and M. Sarstedt, "A new criterion for assessing discriminant validity in variance-based structural equation modeling," Journal of the academy of marketing science, vol. 43, pp. 115-135, 2015.
70- J. F. Hair Jr, G. T. M. Hult, C. Ringle, and M. Sarstedt, A primer on partial least squares structural equation modeling (PLS-SEM): Sage publications, 2016.
71- J. Cohen, "Statistical power analysis for the behavioral sciences," 0805802835, 1988.
72- W. W. Chin, "Commentary: Issues and opinion on structural equation modeling," ed: JSTOR, 1998.
73- J. Henseler, C. M. Ringle, and R. R. Sinkovics, "The use of partial least squares path modeling in international marketing," in New challenges to international marketing, ed: Emerald Group Publishing Limited, 2009.
74- S. Sutton, "Predicting and explaining intentions and behavior: How well are we doing?," Journal of applied social psychology, vol. 28, pp. 1317-1338, 1998.
