IDEAS home Printed from https://ideas.repec.org/a/avo/emipdu/v21y2012i1p45-66.html
   My bibliography  Save this article

Financial Services Marketing In The Era Of Online Social Network Sites: The Case Of Insurance Marketing

Author

Listed:
  • Anna Majtanova

    (University of Economics in Bratislava, Slovakia)

  • Zuzana Brokesova

    (University of Economics in Bratislava, Slovakia)

Abstract

Online social network sites (OSNSs) pose a new trend in social communication that gains an enormous popularity in short time. Consequently, the chance for marketing of products and companies is opening. As well, the question about the possibility of using this channel also for the financial sector, including insurance companies, arises. This idea is followed up by the main goal of the paper: to explore Online Social Network Sites’ (OSNS) role in retail commercial insurance marketing and uncover consumers’ perceptions about the acceptability of insurance company communication and distribution into the environment of OSNSs. The paper contains theoretical analysis of the usability of OSNS as a communication and distribution channel for insurance companies. Besides the theoretical analysis, also the survey of consumers’ perception was conducted. Our results indicate that OSNSs represent a possible channel for insurance company marketing mainly in the area of the communication. However, the distribution of commercial insurance by OSNSs is also not an omissible area. These findings are widely applicable also for other financial services’ marketing.

Suggested Citation

  • Anna Majtanova & Zuzana Brokesova, 2012. "Financial Services Marketing In The Era Of Online Social Network Sites: The Case Of Insurance Marketing," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 21(1), pages 45-66, june.
    • Handle: RePEc:avo:emipdu:v:21:y:2012:i:1:p:45-66
    as

    Download full text from publisher

    File URL: https://hrcak.srce.hr/index.php/clanak/124625
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bernard J. Jansen & Mimi Zhang & Kate Sobel & Abdur Chowdury, 2009. "Twitter power: Tweets as electronic word of mouth," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 60(11), pages 2169-2188, November.
    2. Park, Cheol & Lee, Thae Min, 2009. "Information direction, website reputation and eWOM effect: A moderating role of product type," Journal of Business Research, Elsevier, vol. 62(1), pages 61-67, January.
    3. David Godes & Dina Mayzlin, 2004. "Using Online Conversations to Study Word-of-Mouth Communication," Marketing Science, INFORMS, vol. 23(4), pages 545-560, June.
    4. Eric K. Clemons & Lorin M. Hitt, 2000. "The Internet and the Future of Financial Services: Transparency, Differential Pricing and Disintermediation," Center for Financial Institutions Working Papers 00-35, Wharton School Center for Financial Institutions, University of Pennsylvania.
    5. Kristine de Valck & Gerrit H. van Bruggen & Berendt Wierenga, 2009. "Virtual communities: A marketing perspective," Post-Print hal-00458421, HAL.
    6. 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.
    7. Rust, Roland T. & Espinoza, Francine, 2006. "How technology advances influence business research and marketing strategy," Journal of Business Research, Elsevier, vol. 59(10-11), pages 1072-1078, October.
    8. Kevin L. Eastman & Jacqueline K. Eastman & Alan D. Eastman, 2002. "Issues in Marketing Online Insurance Products: An Exploratory Look at Agents’ Use, Attitudes, and Views of the Impact of the Internet," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 5(2), pages 117-134, September.
    Full references (including those not matched with items on IDEAS)

    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. Kick, Markus, 2015. "Social Media Research: A Narrative Review," EconStor Preprints 182506, ZBW - Leibniz Information Centre for Economics.
    2. Rishikesh Bhaiswar & N. Meenakshi & Deepak Chawla, 2021. "Evolution of Electronic Word of Mouth: A Systematic Literature Review Using Bibliometric Analysis of 20 Years (2000–2020)," FIIB Business Review, , vol. 10(3), pages 215-231, September.
    3. Marchand, André & Hennig-Thurau, Thorsten & Wiertz, Caroline, 2017. "Not all digital word of mouth is created equal: Understanding the respective impact of consumer reviews and microblogs on new product success," International Journal of Research in Marketing, Elsevier, vol. 34(2), pages 336-354.
    4. Babutsidze, Zakaria, 2018. "The rise of electronic social networks and implications for advertisers," Technological Forecasting and Social Change, Elsevier, vol. 137(C), pages 27-39.
    5. repec:hal:spmain:info:hdl:2441/7eeckjdtj29ncak518t23a2j25 is not listed on IDEAS
    6. Angshuman Ghosh & Sanjeev Varshney & Pingali Venugopal, 2014. "Social Media WOM: Definition, Consequences and Inter-relationships," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 39(3), pages 293-308, August.
    7. Bambauer-Sachse, Silke & Mangold, Sabrina, 2011. "Brand equity dilution through negative online word-of-mouth communication," Journal of Retailing and Consumer Services, Elsevier, vol. 18(1), pages 38-45.
    8. Payal S. Kapoor & K.R. Jayasimha & Ashish Sadh, 2013. "Brand-related, Consumer to Consumer, Communication via Social Media," IIM Kozhikode Society & Management Review, , vol. 2(1), pages 43-59, January.
    9. King, Robert Allen & Racherla, Pradeep & Bush, Victoria D., 2014. "What We Know and Don't Know About Online Word-of-Mouth: A Review and Synthesis of the Literature," Journal of Interactive Marketing, Elsevier, vol. 28(3), pages 167-183.
    10. Akbari, Morteza & Foroudi, Pantea & Zaman Fashami, Rahime & Mahavarpour, Nasrin & Khodayari, Maryam, 2022. "Let us talk about something: The evolution of e-WOM from the past to the future," Journal of Business Research, Elsevier, vol. 149(C), pages 663-689.
    11. Carmela Milano, 2015. "Democratization or else vulgarization of cultural capital? The role of social networks in theater’s audience behavior," Working Papers CEB 15-004, ULB -- Universite Libre de Bruxelles.
    12. Yucheng Zhang & Zhiling Wang & Lin Xiao & Lijun Wang & Pei Huang, 2023. "Discovering the evolution of online reviews: A bibliometric review," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-22, December.
    13. Zhang, Jason Q. & Craciun, Georgiana & Shin, Dongwoo, 2010. "When does electronic word-of-mouth matter? A study of consumer product reviews," Journal of Business Research, Elsevier, vol. 63(12), pages 1336-1341, December.
    14. Inyoung Chae & Andrew T. Stephen & Yakov Bart & Dai Yao, 2017. "Spillover Effects in Seeded Word-of-Mouth Marketing Campaigns," Marketing Science, INFORMS, vol. 36(1), pages 89-104, January.
    15. Sebastian Schneider, 2022. "Price-related consumer discussions in China and the United States: a cross-cultural study investigating price perceptions and word-of-mouth transmission," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 21(3), pages 274-290, June.
    16. Agnieszka Zablocki & Bodo Schlegelmilch & Michael J. Houston, 2019. "How valence, volume and variance of online reviews influence brand attitudes," AMS Review, Springer;Academy of Marketing Science, vol. 9(1), pages 61-77, June.
    17. Nguyen, Hang T. & Chaudhuri, Malika, 2019. "Making new products go viral and succeed," International Journal of Research in Marketing, Elsevier, vol. 36(1), pages 39-62.
    18. Ana Babić Rosario & Kristine Valck & Francesca Sotgiu, 2020. "Conceptualizing the electronic word-of-mouth process: What we know and need to know about eWOM creation, exposure, and evaluation," Journal of the Academy of Marketing Science, Springer, vol. 48(3), pages 422-448, May.
    19. Ahmet Bayraktar & Emine Erdogan, 2015. "What Makes Offline Word-Of-Mouth More Influential Than Online Word-Of-Mouth?," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 9(2), pages 95-107.
    20. Rajković, Borislav & Đurić, Ivan & Zarić, Vlade & Glauben, Thomas, 2021. "Gaining trust in the digital age: The potential of social media for increasing the competitiveness of small and medium enterprises," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 13(4).
    21. Krishen, Anjala S. & Dwivedi, Yogesh K. & Bindu, N. & Kumar, K. Satheesh, 2021. "A broad overview of interactive digital marketing: A bibliometric network analysis," Journal of Business Research, Elsevier, vol. 131(C), pages 183-195.

    More about this item

    Keywords

    financial services marketing; insurance marketing; Online Social Network Sites; communication channel; distribution channel;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

    Statistics

    Access and download statistics

    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:avo:emipdu:v:21:y:2012:i:1:p:45-66. 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: Nebojsa Stojcic (email available below). General contact details of provider: https://edirc.repec.org/data/oedubhr.html .

    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.