Abstract
For the youth, word of mouth (WOM) is an influential marketing tool in determining their bank selection decisions. The extent to which WOM influences the youth in selecting their banks depends on the amount of trust they might have in the source of WOM and how experienced said source is with the bank that they are recommending. This study found that WOM sources are of two types: personal and impersonal. Among the personal sources identified in this study, the study found WOM from parents who have accounts in the recommended banks is the most influential. Among the impersonal sources, the study found that online reviews posted in specialized media have the most impact on young people’s bank selection decisions.
Highlights
Word of mouth (WOM) means exchanging opinions about a firm’s products
Based on the review of relevant literature on WOM, the findings of the pilot study, and the conceptual model shown in Figure 1, we propose the following three hypotheses: H1: Both Personal and impersonal WOM have a significant influence on the youth’s bank selection decision
We proposed that the effectiveness of personal and impersonal WOM on the youth’s bank selection decision depends on the amount of trust WOM receiver has in WOM source and the experience that WOM source has with the recommended bank
Summary
Word of mouth (WOM) means exchanging opinions (positive or negative) about a firm’s products. Such opinions may have a significant impact on consumers’ behavior (Goyette, Richard, Bergeron, & Maricotte, 2008; East, Hammond, & Lomax). Duhan, Johnson, Wilcox and Harrell (1997) found that WOM is the most powerful means of promotion for attracting and retaining customers. A feeling that one might get after using a product, other sources of WOM include communications from trusted people (Bergeron, Ricard, & Perrien, 2003), service quality (Parasuraman, Zeithmal, & Berry, 1988), or the level of relationship that the buyer has with the seller (Boles, Barksdale, & Johnson, 1977)
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