Waliyu Oladosu Adebayo
&
Oseyomon E. P. (PhD)
Department of Marketing,
Faculty of Management Sciences,
University of Benin, Benin City, Edo State, Nigeria
For correspondence, email: rovetscientific@gmail.com
Abstract
This study investigated the relationship between role of cultural marketing and consumer brand loyalty of financial technology products in Benin City. Specifically, the study examined the relationship between collective identity, personal identity, social identity and cognitive loyalty of Fin-Tech products among consumers in Benin City. Data information for the research was sourced from primary data for the study through survey administered to respondents to acquire their opinions. Convenience sampling was employed as the sampling technique for this study and the sample size consists of 385 respondents who were drawn from the population using Cochran sample estimation formula. The data were analysed using simple percentage, frequency, mean, standard deviation and multiple regression models with the aid of SPSS version 24. The findings revealed that collective identity, social identity and cognitive loyalty were statistically significant while personal identity was not significant but positively related. The R value of 0.769 is an indication that cultural marketing had 77%, with significant effects with consumer brand loyalty in financial sector. The R2 value of 0.591 in the regression indicated the strength of the model. That is, it showed the goodness of fit of the model and its ability in providing explanation to the dimensions of cultural marketing. The study recommends that financial technology operators in Benin should continue to leverage on collective identity, social identity and cognitive loyalty strategy while deploying more strategic skills to personal identity. Marketing firms should continue to adapt social identity strategy, brands that successfully cultivate and nurture collective identity among their consumers can benefit from stronger brand loyalty and a more engaged and committed customer base.
Keywords: Consumer Brand Loyalty, Cognitive Loyalty, Collective Identity, Personal Identity, Social Identity
