E-Marketing Orientation and Social Media Implementation in the Banking Industry in Nigeria

Abstract

The purpose of this study was to empirically investigate how E-Marketing Orientation relates with Social Media Implementation in the Banking Industry in Nigeria. Three hundred and fifty five (355) copies of the questionnaire were administered to respondents. Upon retrieval and data cleaning, 338 cop ies were subjected to Data analysis. Data analyses were aided by the use of SPSS version 20.0 and hypotheses were tested using the Pearson Correlation Coefficient. After the data analysis, it was revealed that: Philosophical component has a weak and positive relationship with Social Media Implementation (Business Use and Private Use). The study also revealed a moderate and positive relationship between initiation components and Business Use as a measure of Social Media Implementation but a weak and positive relationship exists be tween Initiation components and Private Use. Adaptation component was found to have a weak and negative relationship with Social Media Implementation measures (Business Use and Private Use). The study also revealed a strong and positive relationship between Implementation components and Business Use and a moderate and positive relationship between Implementation components as a dimension of E-Marketing Orientation and Private Use as a meas ure of social media implementation. We therefore concluded that there is a weak and positive relationship between Philosophical components as a dimension of E-Marketing Orientation and Social Media Implementation measures (Business Use and Private Use). Moderate and positive relationship exists between Initiation components and Business Use but a weak and positive relationship exists between Initiation component and Private Use as a measure of Social Media Implementation. Adaptation component has a weak and negative relationship with Social Media Implementation (Business Use and Private Use). Also, strong and positive relationship exists between Implementation component and Business Use as a measure of social media implementation but a moderate and positive relationship exists between Implementation components as a dimension of E-Marketing Orientation and Private Use as a measure of social media implementation. Based on the findings and conclusions we recommended that since Philosophical component of EMO has a weak and positive relationship with Social Media Implementation (Business Use and Private Use), Banking firms in Nigeria should make it a strategic necessity to be involved in e-marketing, develop e-marketing initiatives and inform em ployees that success depends on the adoption of advanced e-marketing resources. Since there is a moderate and positive relationship between Initiation components and Business Use and a weak and positive relationship between Initiation com ponents and Private Use, Banking firms in Nigeria should monitor competi tors’ adoption of e-marketing, carry out in-house research about e-marketing and meetings should be held regularly to prepare e-marketing plans and follow the developments in e-marketing. Also, since Adaptation component has a weak and negative relationship with Social Media Implementation, Banking firms in Nigeria should use e-marketing resources such as web site and e-mail to communicate with their customers and also conduct commercial transactions, have a computerized customer database that they can use to perform marketing activities and use e-marketing in the normal course of carrying out day-to-day business. Finally, since a strong and positive relationship exists between Im ple mentation components and Business Use as a measure of Social Media Im ple mentation and a moderate and positive relationship exists between Imple men tation components and Private Use, Banking firms in Nigeria should see that the activities of the different departments which are responsible for e-marketing implementation are well coordinated, ensuring that there is adequate technic al support and also ensuring that the latest e-marketing technologies are in stalled in the bank.