Role of Influencer Marketing in Promoting Financial Products in the Banking Sector of Pakistan

Rizwan Tariq ,Nosheen Maqbool ,Umair Zahid ,Mudassar Hussain ,Junaid Ali Khan ,Uma Priya Mohan

doi:10.7176/jmcr/68-06

Abstract

Purpose: The aim of this paper is to analyse the role of influencer marketing in promoting financial products in the banking sector of Pakistan and also to identify the factors through which banks are successfully implementing influencer marketing. Research Design: In this study, the researcher adopted quantitative research design, and all the data were collected through survey questionnaires using five-point Liker scale, and a sample of 300 consumers were selected in Pakistan. The collected data analysed by the researcher through Frequency analysis and Correlation analysis. In addition to this, as the researcher employed the instrument of questionnaire, thereby, to check the reliability of the instrument, the reliably testing was done, and the instrument was found to be reliable. Findings: It was found in the study that there was strong relationship between the influencer marketing and promotion of financial products. The study has found that customer reach, customer preference and engagement, shareable content and promotional tools are the factors through which banks are practising influencer marketing. Besides, it was further analysed that on the promotion of financial products in Pakistani banking sector. Limitations: The main limitation of the study is that this study specifically focused on the banking sector of Pakistan, which means the findings of the study is limited to the banking sector of Pakistan only. Besides, there had been limited knowledge possessed by respondents despite the awareness of the topic as they were all consumers, and not bank managers or experts, so future studies can be conducted among bank managers or field experts. Keywords: Digital Marketing, Influencer Marketing, Customer Engagement, Financial Products, Banking, Pakistan DOI: 10.7176/JMCR/68-06 Publication date: June 30 th 2020

Highlights

The art of science of working closely with the influential people to create awareness of the goods and services that are offered by a company is defined as influencer marketing
This research is objected to recognising the role of influencer marketing in promoting financial products in the banking industry of Pakistan
The identified problem which has the focus of this study is the insufficiency of previous studies related to influencer marketing which are undertaken in consideration of Pakistan

Summary

Introduction

The art of science of working closely with the influential people to create awareness of the goods and services that are offered by a company is defined as influencer marketing. It has been observed that in the recent times, to ensure the optimal level of engagement with the customers, there is exceptional significance has been gained by the concept of influencer marketing (Vivek et al, 2012). It has been inferred in a study conducted Weiss (2013) that influencer marketing is preferred by 75% of the professionals worldwide in order connect with potential and existing customers. Both the opinion leaders and celebrity endorsement play a crucial role in influencer marketing, and the purchasing decision is influenced by them (El Khoury and Farah, 2018)

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