A Study on Understanding the Role of Various Social Media Marketing Practices in Supporting Customer Retention Through Machine Learning Models in South Indian Private Banks
摘要
The marketing landscape has been significantly altered as a direct consequence of companies’ use of social media platforms for the purposes of informing, impressing, and keeping their current clientele. The use of social media marketing gives businesses the opportunity to participate in activities that boost the perceived value of their brand and cultivate the idea that the goods and services that their customers purchase from them have lasting worth, which in turn encourages continuing consumption. Customers are more likely to voice increased levels of worry over the quality of service (QoS) that companies are able to provide, and this trend is expected to continue in the foreseeable future. In the absence of any discernible differences between the services offered by various suppliers, businesses are facing increased levels of competition in their attempts to maintain and improve quality of service (QoS). Platforms for social media provide companies with an invaluable resource that can be used to communicate with new customers, cultivate long-lasting relationships, and improve customer loyalty, all of which may eventually contribute to an increase in revenue creation for the company. The use of machine learning models to assess personal and behavioral data provided by users of social media platforms provides companies with a competitive edge by increasing the percentage of clients they are able to retain. It is generally acknowledged that a company’s profitability and financial performance are directly correlated to the level of pleasure its customers have with the company’s products and services. As a direct consequence of this, businesses are placing an ever-increasing emphasis on the satisfaction of their customers as an essential component of their daily operations. In the context of marketing efforts, making efficient use of social media platforms makes it easier to discover and differentiate between different types of potential clients, while simultaneously developing and cultivating meaningful relationships with those specific people. The current research investigated the effect that marketing techniques based on social media have on the number of repeat customers. There has been a discernible increase in the number of entrepreneurial enterprises and major organisations participating in marketing activities that harness social media platforms in today’s business landscapes. This trend may be seen in modern company landscapes. This strategic strategy strives to not only educate, but also improve the appeal of these organisations to their present customer base as well as potential clients in order to increase the number of customers who choose to do business with these organisations. This research analyses the use of machine learning models in the context of social networking platforms for the aim of customer acquisition. Specifically, the study looks at how these models may be used to target certain demographics. To be more specific, the emphasis is on the identification of questions that might attract prospective clients in an efficient manner. This project intends to expand our knowledge of how social networking platforms may be optimised to target and engage prospective consumers by utilising approaches from machine learning. Ultimately, this will lead to superior customer acquisition tactics. In the course of the investigation, a wide variety of machine learning algorithms and techniques will be investigated in order to determine which method is the most efficient for query detection.