The Impact Of Social Interactionmarketing On Bank Customer Relationship Value

Adapting with customer-based times, customer relationship management has become increasingly important. It is a value-based management, which reflects the value-oriented management philosophy. Customer relationship has social attributes; therefore social interaction is an indispensable part of relationship marketing. And since the development of information technology provides a wealth of means for the application of social interaction in marketing, so it is necessary to study new marketing strategies and tools to increase corporate revenue while creating value for their customers by the means of building social interaction with them. Both academia and business community are trying to combine theory of social interaction with marketing, and fully tap into relationship value with customers. And building a theoretical system of customer relationship management based on social interaction to innovate marketing model, has become a new research field of management.In this area there are still several issues to be studied in depth, including how to combine the interaction between corporations and customers with customers’ social interaction as well as how to combine with product features to test the effect of social interaction management in different customer segmentation. These are not only the integral combination of social interaction and customer relationship management, but also the requirements for excavating relationship value effectively.In response to the above problems, this project is based on the relative theory of sociology and psychology, tries to combine social interaction with economic interests stimulation, and excavates relationship value by combining customer relationship management, regarding natural experiment as its main research method as well as cooperating with a large Chinese commercial bank. It specifically includes:(1) To design new customer reward programs based on the reciprocity theory and prospect theory of behavioral economics, and integrate means that can influence customers’ psychology on the basis of the economic drivers. Customers participating in the experiment received unexpected gifts, rather than redeem feedback. And it was first discovered that loyalty of customers accepting gifts was significantly higher than the control group, and they usually created more value in the long-term customer relationship cycle, moreover presenting in multiple times was better than that in one time.(2) To design new promotions based on the explaining level theory of psychology, and test the effect of psychological distance on customer purchasing behavior. Product peculiarity was controlled according to the asymmetry of information, and it was found that when consumers buy experience products, perceived temporal distance had a significantly influence on purchasing decisions, and could significantly influence the value of customers’ contributions in single purchase, while its affection on the purchasing search product was not obvious.(3) To design promotion programs based on the theory of social interaction, and test the effect of observational learning on customer purchasing willingness. Product features were controlled according to the asymmetry of information. The results showed that observational learning had an asymmetric influence on customer purchasing intention when customers purchase experience produces, while it had no obvious influence on their purchase behaviors when they purchase searching products. The observational learning could influence potential relationship value.(4) To analyze that how economic interaction(Namely enterprises encourage customers to recommend) and social interaction(Interpersonal communication between customers) interact with each other, to influence the final outcome of customer recommendation in the bounty referral scheme based on social distance theory. The results showed that the impact of bounty referral on recommendation willingness would be regulated by social distance. Besides bounty referral would affect the recommendation willingness of presenters and the possibility new customers would accept the recommendations as well as improved customers’ recommendation value.The research achievement of this project will help enrich customer relationship management theory and tools, and will have strong guiding significance for enterprises’ building customer relationship management strategies based on social interaction and fully excavating customer relationship value as well as improving the efficiency and effectiveness of marketing.