Social Media Data Strategies Bankers Use to Increase Customer Market Share

• Main Author: Wright, Michelle Christine
• Format: Others
• Language: en
• Published: ScholarWorks 2019
• Subjects: Banking; Big Data; Customer Market Share; Marketing; Social Media; Strategies
• Online Access: https://scholarworks.waldenu.edu/dissertations/7356; https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=8633&context=dissertations

Banking leaders who fail to implement social media data-driven marketing strategies lose opportunities to increase customer market share through customer acquisition and retention, improved customer service, heightened brand awareness, customer cocreation, and relationship management. The purpose of this multiple case study was to explore strategies banking leaders used to integrate social media analytics into marketing strategies to increase customer market share. The target population was 6 senior bankers from 2 banks in the mid-Atlantic region of the United States, with a significant social media presence, including 25,000 or more followers across 2 social media platforms. The disruptive innovation theory served as the conceptual framework for the study. Data were collected from semistructured interviews and a review of the organizations' public business documents, websites, and social media websites. Data were analyzed using coding to determine themes. By analyzing these sources and performing methodological triangulation, 8 key themes emerged that were categorized into 4 groupings: (a) social media knowledge management, (b) social media marketing strategy implementation, (c) social media data challenges and communication, and (d) social media competitive gain and future enhancements. The implications of this study for positive social change include social and environmental benefits such as creating jobs and economic growth through a corporate social responsibility initiative. Current and prospect customer bases, local communities, bankers, and stakeholders might benefit from the findings of this study.