American Journal of Marketing Research
Articles Information
American Journal of Marketing Research, Vol.1, No.2, Aug. 2015, Pub. Date: Jul. 10, 2015
Upsurge of Social Media Advertising (SMA) in the Nigerian Financial Services Sector: Are the Youths Ready
Pages: 37-44 Views: 4260 Downloads: 1995
Authors
[01] Samuel Sunday ELEBODA, Department of Administration and Management, College of Business and Social Sciences, Crawford University, Faith City, Igbesa, Ogun State, Nigeria.
[02] Bimpe Emmanuella MAJEKODUNMI, Department of Marketing, Moshood Abiola Polytechnic, Ojere, Abeokuta, Ogun State, Nigeria.
Abstract
The study investigates the growing adoption of Social Media Advertising (SMA) among financial services providers, particularly banks, in Nigeria. SMA has gained ground as a weapon for penetrating the ‘computer-savvy’ youth segment of the society. As a relatively new marketing tool, it has also presented organizations with a platform that allows them to get to know and reach out to their customers and prospects in ways that were previously not possible. As evidenced in the literature, the youth market is viewed as a difficult group to connect with and sell to, due to young people's keen ability to identify and reject marketing messages that lack credibility. Nonetheless, many brands market to youths by offering relevant products and services while also communicating a brand message in an appropriate voice and tone. This underscores the appropriateness of SMA as a penetration strategy for targeting this market segment. Despite this fact however, there is need to assess the ‘readiness’ of the Nigerian youths to imbibe the culture of ‘shopping’ on the social media. Primary data were collected for the study through a self-administered questionnaire. A random sample of 110 respondents, predominantly students, was selected from six higher institutions in Ogun State of Nigeria using multistage sampling procedure. Of the 110 copies of the questionnaire distributed, 93 (84.5%) were retrieved. Data were analyzed with the use of both descriptive and inferential statistics including regression analysis. Results show that youth buying behaviour, including liking, interest and actual purchasing, are influenced through SMA. This translates to the fact that the Nigerian youths are responding to SMA and are likely to respond in stronger terms in years to come because the coefficient of the youth buying behaviour is 2.31 (P<0.05) thus indicating that every unit of SMA effort will yield 2.31 unit change in youths buying behaviour, other things being equal.
Keywords
Social Media Advertising, Youth-Focused Advertising, Upsurge, Financial Services Sector, Youths, Banking
References
[01] Ahlqvist, Toni; Bäck, A., Halonen, M., Heinonen, S (2008). "Social media road maps exploring the futures triggered by social media". Online Journal. Available at www.tiedotteita.com/Teknillinen/Tutkimuskeskus. Retrieved 9 May, 2014.
[02] Arens, W. F., Weigold, M., & Arens, C. (2011). Contemporary advertising and integrated marketing communications (13thed.). New York: McGraw-Hill/Irwin.
[03] Aromowole, K. A., Ebeloku, A. I. (2000) Theory and Practice of Modern Marketing. Sodipe Nigeria Limited, Mushin, Lagos, Nigeria.
[04] Belch, E. G. and Belch, A.M.(2004). Advertising and Promotion; An Integrated Marketing Communications Perspective, 6th ed., New York, McGraw Hill Irwin
[05] Eun Sook, K. (2011). Follow me! global marketers' twitter use. Journal of Interactive Advertising, Vol.12 (1).
[06] Facebook statistics by country (2014). Available at www.socialbakers.com/facebook/statistics. Retrieved March 8, 2014.
[07] Facebook.Com. (2014). Statistics, Press Center [Online] Available at www. facebook.com/press/info.php? Retrieved June 12, 2014.
[08] Gbadeyan, R. A (2010). Direct Marketing to Online Social Network (OSN) Users in Nigeria. International Journal of Marketing Studies, Vol. 2, (2). Pp 275-282
[09] Kietzmann, J. H., Canhoto, A. (2013). "Bittersweet! Understanding and Managing Electronic Word of Mouth" (PDF). Journal of Public Affairs. Vol. 13 (2): Pp 146–159.
[10] Kur, J. T. (2003). The Perceptual Impact of Online Advertising on Internet Users in Nsukka Town. Nsukka Journal of Mass Communication, Vol. 1(1), pp 31-41.
[11] Macmillan Online Dictionary (2014). Macmillan Publishers Limited. Retrieved 4 June, 2014.
[12] MaQuail, D. (2011). Mass Communication Theory. London: Sage.
[13] Mayfield, A. (2008). What is Social Media? Available at www.icrossing.co.uk/fileadmin/uploads/ebooks/what issocial media crossing ebook.pdf. Retrieved February 22, 2014.
[14] Nyekwere, E. O., Kur, J. T., and Nyekwere, O. (2013). Awareness and Use of Social Media in Advertising: The Case of Facebook among Residents of Port Harcourt, Nigeria. African Research Review. Vol. 7 (4), Pp.174-194
[15] Ojobor, I. J.(2002). Mass Communication Theories. In C. S. Okunna (Ed.), Teaching Mass Communication: A Multi-dimensional Approach (pp. 1 - 26). Enugu: New Generation Books
[16] Paul, H. D (2011). Successful Marketing Technique Approach. New Jersey: McDonald and Evans Ltd.
[17] Philip Kotler, Veronica Wong, John Saunders, Gary Armstrong, (2005) Principles of Marketing, Fourth European Edition, Pearson Prentice Hall.
[18] Picton and Broderick, 2005, Integrated Marketing Communication Pearson Education ltd..Second Edition, Edinburgh Gate, England.
[19] Rodman, G. (2010). Mass media in a changing world (3rd ed.). New York: McGraw-Hill.
[20] Trattner, C., Kappe, F. (2013). "Social Stream Marketing on Facebook: A Case Study". International Journal of Social and Humanistic Computing (IJSHC. Vol. 2 (2)).
[21] Twitter (2014). https://mobile.twitter.com/gtbank
[22] Wikipedia (2014). What is social media? Available at www.wikipedia.org/wiki/social media. Retrieved March 17, 2014.
[23] William Well, John Burnett, Sandra Moriarty (1999) Advertising Principles and Practice, 4th Edition. New Jersey, Prentice Hall.
[24] Young Charles E. (2005). The Advertising Handbook, Ideas In flight, Seattle, W. A.
600 ATLANTIC AVE, BOSTON,
MA 02210, USA
+001-6179630233
AIS is an academia-oriented and non-commercial institute aiming at providing users with a way to quickly and easily get the academic and scientific information.
Copyright © 2014 - American Institute of Science except certain content provided by third parties.