The Impact of Social Media Marketing on Zimbabwean Commercial Bank Customers Behaviour

Abstract

While research has underscored the benefits of social media marketing, organizations including banks, still fail to justify their continued investment on social media marketing, mainly because its impact on customer behaviour remains unclear. Thus, this study aimsto establish the impact of social media marketing (SMM) on Zimbabwean commercial bank customers’ behaviour, from a Social Exchange Theory (SET) perspective. The objectives included determining the influence of the SET determinants inherent in SMM on commercial bank customers’ satisfaction; loyalty and repurchase intentions. A quantitative research approach was used to survey 384 bank customers in Harare and Bulawayo, Zimbabwe, using a structured questionnaire. Descriptive and inferential statistical analyses were conducted using the Statistical Package for Social Sciences program. Structural Equation Modellingrevealed a positive and significant relationship between the perceived social, informational and monetary benefits inherent in SMM and the bank customers’ satisfaction. There was also a significant positive relationship between social connectedness inherent in SMM and the bank customers’ loyalty. Furthermore, significant positive relationships were found between perceived fairness, customer engagement, perceived reciprocity inherent in SMM and bank customers’ trust, while the strength of community ties inherent in SMM is negatively and significantly related to bank customer loyalty. It is thus recommended that marketers take cognizance of the influence of the social exchange theory determinants inherent in social media marketing on customer behaviour, when developing and implementing social media marketing strategies and policies.