Managing word of mouth communication: empirical evidence from India

Managing word of mouth communication: empirical evidence from India Financial service providers have long placed considerable faith in positive word of mouth communication as a means of attracting new customers and a variety of studies of customer choice of bank highlight the significance of personal recommendation. Given that financial services tend to be characterised by a predominance of experience and credence qualities, word of mouth communication is particularly valuable, providing the potential consumer with vicarious experience of the service under consideration. The impact of word of mouth is probably at its strongest when it originates from social contacts because of their greater perceived reliability. By its very nature, this form of communication is outside the formal control of an organisation and yet its impact is such that the ability to influence or encourage word of mouth could be a powerful marketing tool. This paper provides an exploratory analysis of the importance of word of mouth and the factors which influence its role within an organisation's marketing strategy, with particular reference to customer referral campaigns. Empirical evidence is collected from the (rapidly changing and liberalising) financial services sector in India. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Bank Marketing Emerald Publishing

Managing word of mouth communication: empirical evidence from India

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Publisher
Emerald Publishing
Copyright
Copyright © 2000 MCB UP Ltd. All rights reserved.
ISSN
0265-2323
DOI
10.1108/02652320010322985
Publisher site
See Article on Publisher Site

Abstract

Financial service providers have long placed considerable faith in positive word of mouth communication as a means of attracting new customers and a variety of studies of customer choice of bank highlight the significance of personal recommendation. Given that financial services tend to be characterised by a predominance of experience and credence qualities, word of mouth communication is particularly valuable, providing the potential consumer with vicarious experience of the service under consideration. The impact of word of mouth is probably at its strongest when it originates from social contacts because of their greater perceived reliability. By its very nature, this form of communication is outside the formal control of an organisation and yet its impact is such that the ability to influence or encourage word of mouth could be a powerful marketing tool. This paper provides an exploratory analysis of the importance of word of mouth and the factors which influence its role within an organisation's marketing strategy, with particular reference to customer referral campaigns. Empirical evidence is collected from the (rapidly changing and liberalising) financial services sector in India.

Journal

International Journal of Bank MarketingEmerald Publishing

Published: Apr 1, 2000

Keywords: Banking; Interpersonal communications; India; Consumer behaviour; Marketing strategy

References

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