The Impacts of Customer Loyalty on Negative Word-of-Mouth Communication and. Repurchase Intention. Bunyamin Topcu, PhD
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1 Journal of Marketing and Management, 6 (1), 16-27, May The Impacts of Customer Loyalty on Negative Word-of-Mouth Communication and Repurchase Intention Bunyamin Topcu, PhD Marmara University, Istanbul/Turkey bunyamintopcu@gmail.com Adnan Duygun Akademik Platform, Kadiköy Istanbul/Turkey adnanduygun@yahoo.com Abstract This research aims to develop and test a model to reveal the influence of customer loyalty on negative word-of-mouth communication and repurchase intentions. Data were gathered through survey from bank customers who have co-branded credit cards and use it at least one year. The results show that the customer loyalty decreases the bad impact of the negative wordof-mouth intention and has positive effects on repurchase intention. Key Words: Customer Loyalty, Negative Word-of-Mouth Communication Intention, Repurchase Intention, Co-branded Credit Cards Introduction Companies try hard to survive in the cost-cutting and intensive competitive pressure. Thus, in today s ever-changing business world, the race for a higher market share has become linked to the concept of customer loyalty. As customers become harder to reach and engage in a technologically advanced and information rich world, the need for businesses to create loyal
2 Journal of Marketing and Management, 6 (1), 16-27, May customers and sustainable business and plan strategies aimed at retention, has never been more important. In this regard, loyalty marketing is one of the most important vehicle not only to increase customer centric initiatives but also for increasing direct and indirect revenues and business continuity especially for many retail companies including banks, airlines, hotels etc. (Donavan & Samler, 1994). Hence, it is very important to estimate the customers future decision since the company can take corresponding actions proactively. Creating a good customer loyalty helps companies to be different from their competitors and be one step in front of them. Therefore, the customer loyalty is important matter of concern of the companies. So, establishing a loyalty program strategy should be a company s highest priority. Because, loyalty marketing is a system that was designed to create stronger bonds between customers and businesses has turned into a massive revenue stream. The program revenue generated via alliances with credit card issuers and consumer businesses that profit off loyalty programs are making businesses rich (De Boer & Gudmundsson, 2012). Especially, in recent years, almost all banks have significantly increased their variety of services in individual banking and focused on the customer loyalty. Co-branded credit cards are examples of this case. In addition, co-branded credit card is an outcome of bank s and airlines/hotels collaborative loyalty initiatives and today there are many examples of this case. Through these credit cards banks aim to keep their number of customers, assure customer satisfaction and even turn satisfaction to customer loyalty (Savaşçı & Tatlıdil, 2006). From this point on, it is useful to examine the customer loyalty and so, it is noteworthy to keep in mind that customer loyalty may also affect negative word-of-mouth communication intention and repurchase intention of customers. This situation is much more important in service industry and, consequently, this research has been conducted on banking services. The extreme competition and saturation in the financial markets and the growing demand of products and services have forced banks to create robust Customer Relation Management
3 Journal of Marketing and Management, 6 (1), 16-27, May (CRM) strategies and increased the need for creating loyal customers. To point out the findings in marketing and finance literature with displaying the interaction between customer loyalty, word-of-mouth communication and repurchase intention is the main purpose of this study. Literature Review Brand or company loyalty is a key marketing asset for companies. Marketers evaluate aspects of it through a number of metrics, including repurchase rate, share of requirements, willingness to pay a price premium, and other measures. In increasingly competitive markets, being able to build loyalty in customers is seen as the key factor in winning market share (Jarvis & Mayo, 1986). A robust loyalty strategy must be executed through a comprehensive customer loyalty programmes that have currently been adopted by firms seem to be aimed at motivating repeat purchases. (Hart et al., 1999). Loyalty depends on in a number of factors, including satisfied and influential customers who are willing to recommend the brand, hidden values or emotional benefits, which are effectively communicated and a strong image for the product, the user, or the usage experience (Farris et al., 2010). In todays globalised competition the strategic importance of satisfaction, quality and consequently loyalty has increased through winning consumer preferences and maintaining sustainable competitive advantages (Petruzzellis et al., 2008). Moreover, the bank attributes such as perceived convenience, service quality and price (Bhatnagar & Ratchford, 2004) which also shapes customers s attraction. As a result choice or purchase decision starts and it includes satisfaction and met expectations. Hence, the importance of a bank attribute for the choice or repurchase decision might vary for different situations and customers. We can say that the most fundamental test of loyalty, however, can be captured in a simple question: When faced with a situation in which a brand is not available, will its customers search further or substitute the best available option? When a brand enjoys loyalty at this level,
4 Journal of Marketing and Management, 6 (1), 16-27, May its provider can generate powerful leverage in trade negotiations. Often, such loyalty will also give providers time to respond to a competitive threat. Customers will stay with them while they address the threat (Farris et al., 2010). Thus; high switching barriers may mean that customers have to stay with suppliers who do not care for the satisfaction created in the relationship. On the other hand, customer satisfaction is usually the key element in securing repeat patronage, this outcome may be dependent on switching barriers in the context of service provision (Jones et al., 2000). One of the remarkable research which was done by Forrester Research indicates that %71 of banks customers are reluctant to switch (Little & King Integrated Marketing Group Inc., 2011). Moreover, the financial impact of a one percent increase in customer retention rate has been calculated (Van den Poel & Larivière, 2004). Besides, there are some researches proving the impact of customer loyalty such as; in his book Ferederick F. Reichheld (Reichheld, 1996) finds that 5% increase in customer retention yields a 25 percent to 100 percent increase in profits, on the orther hand, McCaughey and Behrens findings presented indicate that airlines loyal customers positively impacts the probability that a customer chooses a more expensive fare (McCaughey & Behrens, 2011). Generally; there is a strong connection between customer loyalty and repurchase decision (of same product and from the same company) (Walters & Bergiel, 1989) and in order to generate customer loyalty, service recovery is important. A successful service recovery increases the customer satisfaction, repurchase or revisit intention and positive or negative word-of-mouth, whereas an unsuccessful trial of service recovery creates a second negative effect, multiplying the effects of the first failure on the customer (Ekiz et al., 2008).
5 Journal of Marketing and Management, 6 (1), 16-27, May Methodology and Findings This section contains; research purpose, scope and limitations, research model, variables and hypotheses, sampling plan and finally results and suggestions. The Purpose, Scope and Limitations of the Research The purpose of our research is to develop and test a model to reveal the influence of customer loyalty on negative word-of-mouth communication intention and repurchase intentions, and to examine the relationships between them. Anyone having a co-branded credit card and use it at least one year is in the scope of this research. Taking into consideration the high number of customers and the difficulty in finding all of them as well as the limitations of time and cost, it has been decided to conduct a pilot study on bank customers who meet the above mentioned criteria. The research has been carried out involving customers residing in Istanbul. The Model, Variables and Hypotheses of the Research As seen in Figure 1, customer loyalty affects the customers negative speeches or negative word-of-mouth communication intention and repurchase intention.
6 Journal of Marketing and Management, 6 (1), 16-27, May Figure 1: Model of Research Variables of the research are shown in Table 1. Additionally, the resources that were used while defining and adapting the variables are shown in Table 1. The variables were asked in questionnaire format by using a five-point Likert scale. Table 1: Variables of the Research Variables Number of Variables Resource Customer Loyalty 4 Chitty et al. (2007), Luarn and Lin (2003) Negative Word-of-Mouth Communication Intention 3 Blodget et al.(1997), Davidow (2003), Wirtz and Mattila (2004) Variables Repurchase Intention Variables 3 Blodget et al.(1997), Davidow (2003), Wirtz and Mattila (2004) These variables were that are shown in Table 1, readjusted to the banking services on which the study was to be conducted. Additionally, variables on negative word-of-mouth communication intention were asked as negative sentences in the questionnaire. Then, necessary changes were done and the obtained data were included in the research.
7 Journal of Marketing and Management, 6 (1), 16-27, May Hypotheses of the research can be listed as it follows: H1: Customer loyalty has a statistically negative impact on negative word-of-mouth communication intention at a significance level of α = 0,05. H2: Customer loyalty has a statistically positive impact on repurchase intention at a significance level of α = 0,05. Sampling Plan The number of persons as bank customers involved in the present study is to many. Because of the above mentioned reasons, it has not been possible to perform the questionnaire on all of them. For this reason, a sampling plan has been conceived. As it is not possible for most of the times to know the standard deviation and variance in the population, it has to be estimated. Such estimation is easier achieved via rates. Even in cases in which there is no information about these rates, the value (0,5 X 0,5 = 0,25), where P (1-P) is the highest, can be accepted. Because of all these reasons, the most common sampling formula in practice is the following: n= P (1- P)/(e / z)2 (Kurtuluş, 1989). According to this formula, the sample size should be 384 persons of persons as the value of z is 1,96 for the maximum variance (0,5 X 0,5 = 0,25) and 95 % of confidence interval. Concerning the sampling method, the simple random sampling was used. Some 1000 persons were included in the research in case there may be questionnaires which are not correctly filled in or not all the people are accessible. Of all the questionnaires, some 935 were observed to be useful.
8 Journal of Marketing and Management, 6 (1), 16-27, May Results and Suggestions Measuring variables of customer loyalty, negative word-of-mouth communication intention and repurchase intention, as mentioned earlier in Table 1, have been defined with the help of important studies in literature. The research has been conducted on customers possessing cobranded credit cards at least one year. By focusing on the model in Figure 1, two hypotheses have been put forward and tested. As seen in Table 2, the results of these hypotheses can be summarized as the following: Table 2: Hypotheses Test Results H1: Customer loyalty has a statistically negative impact on negative wordof-mouth communication intention at a significance level of α = 0,05. H2: Customer loyalty has a statistically positive impact on repurchase intention at a significance level of α = 0,05. ACCEPTED ACCEPTED Implications The present research offers important results to managers. Firstly, customer loyalty has a negative effect on negative word-of-mouth communication intention, we can say that the good customer loyalty would reduce the negative word-of-mouth communication intentions of the customers. This should increase the possibility for the bank to be chosen by its customers and potential customers. Secondly, it is clear that the customer loyalty have a positive effect on repurchase intention; therefore, the studies conducted on customer loyalty will increase the possibilities of repurchase intention in the future.
9 Journal of Marketing and Management, 6 (1), 16-27, May Limitations and Future Research There are some limitations of this research. For instance, the study has been conducted only in relation to the banking services (co-branded credit cards) and in a specific area which is that of Istanbul, Turkey. Therefore, the results of the research cannot be generalized to other service areas and other geographical regions. For this reason, the research should be performed separately for other services and other geographical regions. Conclusion Customer loyalty can occur directly through a compnay s products and services and recently has received attention from marketing researchers. This research has proven that customer loyalty affects negative word-of-mouth communication and repurchase intention; namely product choice, overall attitudes about products and services, trust, and purchase intentions. Finally, repurchase intention and willingness to recommend which includes financial outcomes like market share, reduced communication costs and shareholder value etc. The increased profit from satisfaction and loyalty comes from several factors, i.e. reduced marketing and operational costs, and increased sales. Loyal customers are less likely to switch because of price and they make more purchases than similar non-loyal customers (Reichheld and Sasser, 1990). Also, this research shows that the customer loyalty have a negative impact on negative word-of-mouth communication intention and positive impact on repurchase intention. References Bhatnagar, A., & Ratchford, B. T., A model of retail format competition for non-durable goods, International Journal of Research in Marketing, 21(1),
10 Journal of Marketing and Management, 6 (1), 16-27, May Blodgett, J. G., Hill D. J., & Tax, S. S., The Effects of Distributive, Procedural, and Interactional Justice on Postcomplaint Behavior, Journal of Retailing, Summer, 73(2), Chitty, B., Ward, S. & Chua, C., An application of the ECSI model as a predictor of satisfaction and loyalty for backpacker hostels, Journal of Marketing Intelligence and Planning, 25(6), Davidow, M., Have You Heard The Word? The Effect of Word of Mouth on Perceived Justice, Satisfaction and Repurchase Intentions Following Complaint Handling, Journal of Consumer Satisfaction, Dissatisfaction and Complaining Behavior, 16(3), De Boer, E. R., & Gudmundsson, S. V., years of frequent flyer programs, Journal of Air Transport Management, 24, September, Donavan, P., & Samler T., Delighting Customer How to Build Customer-Driven Organization, London: Chapman- Hall. Ekiz, E. H., Araslı, H., Farivarsadri, G., & Bavik, A., Measuring organizational responses to the student complaints in the perceived justice framework: Some evidence from northern cyprus universities, Educational Research and Reviews, 3(7), July, Farris, P. W., Bendle, N. T., Pfeifer, P. E., & Reibstein, D. J., Marketing Metrics: The Definitive Guide to Measeurin Marketing Performance, 2 nd Edition, Pearson Education Inc., United States of America. Hart, S., Smith, A., Sparks, L. & Tzokas, N., 1999, Are loyalty schemes a manifestation of relationship marketing, Journal of Marketing Management, 15(6), Jarvis, L.P. & Mayo, E. J., Winning the Market-Share Game, Cornell Hotel Restaurant Administration Quarterly, November, 27(3), Jones, M. A., Mothersbaugh, D. L. & Beatty, S.E., Switching barriers and repurchase intentions in services, Journal of Retailing, 70(2),
11 Journal of Marketing and Management, 6 (1), 16-27, May Kurtuluş, K., Reseach Methodolgy for Business (Research Methods), Istanbul, Faculty of Business Publication Number: 210, Business Economics Instute Publication Number: 106. Little & King Integrated Marketing Group Inc., Retrieved from Luarn, P., & Lin, H-H., A Customer Loyalty Model for E-Service Context, Journal of Electronic Commerce Research, 4(4), McCaughey N. C., & Behrens, C., Paying for Status? - The effect of frequent flier program member status on air fare choice, Department of Economics, Issn , Discussion paper 04/11, Retrieved from hrens.pdf Petruzzellis, L., Romanazzi, S., & Gurrieri, A. R., Loyalty and Customer Satisfaction in Retail Banking: The Role of Social Network, Retrieved from rrieri.pdf Reichheld, F. F., & Sasser W. E. Jr., Zero Defections: Quality Comes to Services, Harward Business Review, September-October, 68(5), Reichheld, F. F., The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value, Harvard Business Press. Savaşçı, İ., & Tatlıdil, R., The Impacts of CRM Strategies of Banks through Credit Card Applications on Customer Loyalty, Aegean Academic View Journal, 6(1), Van den Poel, D., & Larivière, B. (2004). Customer attrition analysis for financial services using proportional hazard models, European Journal of Operational Research, August, 157(1),
12 Journal of Marketing and Management, 6 (1), 16-27, May Walters, G., & Bergiel, B. J., Consumer Behaviour: A Decision Making Approach, South-Western Publishing Co. Wirtz, J., & Mattila, A. S., Consumer responses to compensation, speed of recovery and apology after a service failure, International Journal of Service Industry Management, 15(2), Bünyamin Topçu works as a visiting lecturer in Marmara University and Istanbul University and works as an independent consultant for loyalty marketing initiatives due to his professional experience. He has published academic books and papers in finance and loyalty marketing. He holds a PhD degree in Finance and Banking as well. Adnan Duygun works as a freelance management consultant and lectures at various universities. Mr. Duygun holds master degrees in marketing, management and international trade. Mr. Duygun is also in process of completing his Ph.D. thesis at Istanbul University.
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