Exploring the Relationship Between Social Media and Social Influence

Introduction

The transition from traditional modes of marketing to a consumer-centric marketing approach in B2C environments has had an explicit impact on the psychological behaviours of consumers. Such developments have captured the attention of marketers and academic researchers (Michaelidou et al., 2011). The shift to an integrated marketing communication paradigm from traditional media to internet based multi-channel marketing has revolutionised the concept of integrated marketing communication (Huang & Benyoucef, 2013). Furthermore, the continuous development of online media from computer mediated marketing applications to more sophisticated Web 2.0-based social media has dramatically transformed the purchase behaviours of online users by enhancing the speed of communications between businesses and consumers and reducing the costs associated with doing so (Tsai & Men, 2013). The development of social media has become one of the prime tools of online marketing, and this has captured the attention of stakeholders due to its significant impact on promotional communications between businesses and consumers, as well as amongst consumers (Ansarin & Ozuem, 2014). However, the empirical efforts for online consumers behavioural modelling on social media could result in its greater acceptability, making it a real-time online marketing tool for transforming online users into potential customers through change of behaviour via valuable information exchange. The extent to which social media and the development of behavioural modelling based on networked online social interactions can determine changes to purchase intentions and decision making behaviour lacks empirical understanding (Zhu & Chen, 2015). The aim of this chapter is to explain recent changes in the beliefs, opinions, attitudes and intentions of individuals as a result of complex heterogenic online social interactions among online users. Such interactions take place to expedite exchange information. They are valued for facilitating collaborative learning and circulating vital information about products and services (Lim & Heide, 2015). Further, this chapter also reveals how group-based online social interactions develop multiple levels of social influence to create behavioural uniformity among members of online social groups based on social influence.

The development of appropriate marketing and communication strategy on the basis of impartial changes to integrated marketing communication helps businesses to establish a direct connection with end-consumers at relatively low cost, and in an efficient timely manner. Such exchanges can socially influence the purchase behaviour of online users (Bhatli & Mehri, 2015). Businesses can exert significant influence by taking advantage of interactions between online members who join communities to satisfy a need to belong. This is achieved when they associate themselves with certain brand communities to feel socially connected and recognised after interacting with similar, like-minded online users (Bamberg et al., 2007; Zhang et al., 2015). Such an enhanced sense of belonging increases the desire of online users to become part of an online brand community. It also significantly increases the level of trust that exists between online users in financial services and enhances interactions and information sharing between group members who engage with financial services brands. Such online users feel more valued and recognised when associating with certain brands, and this is a direct result of engagement which significantly influences purchase intentions (Zhou, 2011).