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

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