"Ajak Teman'' as a Referral Strategy to Persuade Friends to Use Digital Banking
Abstract
The emergence of digital banks in Indonesia triggered intense competition among digital banks. This competition encouraged digital banks to create marketing strategies that are tailored to customer behavior and preferences. The invite-a-friend strategy, known as referral marketing, involves the participation of customer connections to recommend products and services to new customers through word of mouth. The potential target customers of digital banks are Generation Z. Therefore, digital banks need to develop innovative business strategies to encourage Generation Z usage decisions by utilizing the referral concept in their promotions. This study examined the effect of the invite-a-friend strategy that occurs due to the dimensions of eWOM - the dimensions of concern for others, economic incentives, helping the company, and expressing positive emotions implemented in the referral program contained in XYZ digital banking on usage decisions. The sample included 148 respondents XYZ digital bank customers who use the referral program. The data analysis technique used in this study was PLS-SEM using SmartPLS version 3 as an analysis tool. The results of this study showed that three dimensions have a positive and significant influence on the usage decisions of Generation Z customers, concern for others, economic incentives, helping the company and expressing positive emotions. Helping the company is the most dominant factor influencing Generation Z customer decisions.
Keywords: digital bank, e-referral, strategy to invite friends, usage decision
References
[1] Wicaksono A. Nilai Transaksi Digital Banking Tembus Rp5.184,1 T Pada Oktober 2022. Cnnindonesia.
[2] Albert D, Chein J, Steinberg L. Peer Influences on Adolescent Decision Making. Curr Dir Psychol Sci. 2013 Apr;22(2):114–20.
[3] Cao Z, Chu J, Hui KL, Xu H. The Relationship Between Online Referral Marketing And Price Promotion: Evidence From A Large E-Commerce Platform. J Manage Inf Syst. 2021;38(3):855–88.
[4] Berman B. Referral Marketing: Harnessing The Power Of Your Customers. Business Horizon 3026;59:19–28.
[5] Buttle F. Word Of Mouth: Understanding And Managing Referral Marketing. J Strateg Mark. 1998;6(3):241–54.
[6] Philipp, Bernd, Christophe. Referral Programs And Customer Value. J Mark; 47.
[7] Lesmana In. Analisis Pengaruh Media Sosial Twitter Terhadap Pembentukan Brand Attachment Studi Pada Pt. Xl Axiata. Jakarta.
[8] Thurau T. Electronic Word Of Mouth Via Consumer-Opinion Platforms : What Motivates Consumers To Articulate Themselves On The Internet? J Interact Market. 2004;18(1):38–52.
[9] Woojin L, Timothy T, Mehmet E. Exploring The Behavioral Aspects Of Adopting Technology: Meeting Planners Use Of Social Network Media And The Impact Of Perceived Critical Mass. Journal Of Hospitality And Tourism Technology. 2013. 4(1): 6-22
[10] Kotler K. Manajemen Pemasaran Edisi 12. Jakarta: Erlangga; 2012.
[11] Schiffman, Kanuk. Persepsi Kualitas, Consumer Behaviour. New Jersey: Pearson Prentice Hall.
[12] Kotler P. Prinsip - Prinsip Pemasaran. Jakarta: Erlangga; 2005.
[13] Ghazali I, Latan H. Partial Least Squares Konsep, Teknik Dan Aplikasi Menggunakan Program Smartpls 3.0 Untuk Penelitian Empiris. Semarang: Badan Penerbit Universitas Diponegoro; 2015.
[14] Oley D. Massie Jd, Ogi Iw. The Effect Of Ewom (Electronic Word Of Mouth) On Instagram On Decisions To Visit Tours In Tomohon City. Jurnal Emba. 2023;11:78– 89.
[15] Hwang Y, Shin J. Recommend Friends For Miles: Effective Referral Marketing Strategies In Frequent Flyer Programs. International Journal Of Hospitality & Tourism Administration. 2022. 23(6): 231-225
[16] Sari Vm. Pengaruh Electronic Word Of Mouth (Ewom) Di Sosial Media Twitter Terhadap Minat Beli Konsumen. Depok: Skripsi Universitas Indonesia.
[17] Byers J, Mitzenmacher M, Zervas G. The Groupon Effect On Yelp Ratings: A Root Cause Analysis. In: Proceedings Of The 13th Acm Conference On Electronic Commerce. Acm. 2012;248–265. https://doi.org/10.1145/2229012.2229034.
[18] Syahputra D. Murwatiningsih. Building Customer Engagement Through Customer Experience, Customer Trust, And Customer Satisfaction In Kaligung Train Customers. Management Analysis Journal. 2019;8:350–9.
[19] Cheung, Christy M.K, Matthew K.O Lee. What Drives Consumers To Spread Electronic Word Of Mouth In Online Consumer Opinion Platforms. Decision Support Systems. 2012. 53(1): 218-225.
[20] Sundaram V Et Al. Impact Of Service Quality On Customer Satisfaction And Loyalty Empirical Study In India. Online Business. Kinerja. 12(1):48 – 69.
[21] Ghozali I, Latan H. Partial Least Squares: Konsep, Teknik Dan Aplikasi Menggunakan Program Smartpls 3.0. 2nd Ed. Badan Penerbit Undip.
[22] Fatmasari, Fitri, Rachmawati N, Endro T. Analisis Pengaruh Electronic Word Of Mouth Twitter Terhadap Keputusan Pembelian Di Restoran Mie Akhirat Surabaya. Jurnal Dinamika Bisnis. 2015. 1(1): 1-6.
[23] Hasan A, Setiyaningsih N.W. Pengaruh Electronic Word Of Mouth Pada Media Sosial Instagram Terhadap Keputusan Pembelian Di Flip Flop Coffee. Jurnal Media Wisata. 2015; 13(1).
[24] Muhaeminah. Game Therapy Untuk Meningkatkan Sense Of Belonging Anak Panti Asuhan. Jurnal Ilmiah Psikologi Terapan. 3(1):32 – 35.