International Journal of Research Studies in Management
CollabWritive Special Issue
2024 Volume 12 Issue 2
Available Online: 15 April 2024
Author/s:
Xue, Jingjing
Graduate School, Lyceum of the Philippines University – Batangas, Philippines
Abstract:
With the rapid development of Internet technology, social media has become a part of people’s daily life. In this digital era, social media has not only changed the way people socialize, but has also become an important channel for companies to interact with consumers. Especially in the wealth management industry, the influence of social media has become increasingly obvious. This study aimed to explore the relationships among social media marketing, CRM strategies, and E-commerce strategies and proposed an enhance online CRM framework for wealth management companies. This study involved the investors as the research respondents and conducted reliability and validity analysis, descriptive statistical analysis and correlation analysis with 411 participants through questionnaire survey. Based on the results of the study, social media marketing is a powerful tool that businesses can use to attract new customers, collect customer feedback, and build customer loyalty. CRM strategies are a valuable tool that businesses can use to improve customer retention, customer satisfaction, and customer support. The respondents moderately agreed on e-commerce strategies as to website design, security features, and use of personalization and these strategies are important for e-commerce businesses to focus on. A highly significant relationship exists among social media marketing (SMM), customer relationship management (CRM) strategies and e-commerce strategies, which suggests that these three factors are closely linked and can work together to improve the success of e-commerce businesses. An enhanced online CRM framework for wealth management companies was proposed. The research has significant implications for both individual wealth management firms and the industry as a whole. By effectively integrating social media marketing, CRM strategies, and e-commerce functionalities into online CRMs, wealth management firms can enhance client acquisition, engagement, and revenue generation. Furthermore, the study contributes to ongoing advancements in the industry toward embracing digital solutions and offering personalized, data-driven experiences for clients.
Keywords: social media marketing, CRM strategies, e-commerce strategies, wealth management industry
DOI: https://doi.org/10.5861/ijrsm.2024.1026
Cite this article:
Xue, J. (2024). Social media marketing, customer relationship management strategies, and e-commerce strategies: Basis for marketing performance framework. International Journal of Research Studies in Management, 12(2), 155-166. https://doi.org/10.5861/ijrsm.2024.1026