Targeting Financial Influential by Means of the Decision-Making Process

This study empirically examines the pre-purchase behavior of financial opinion leaders. Respondent information for the study was obtained from National Family Opinion Research, Inc. panel members who had recently moved and faced decisions concerning a new financial services provider. A multivariate nominal analysis model was developed which significantly predicted interpersonal communication group categories with independent variables representing the stages of consumer decision-making. Results indicate that problem recognition, search, and choice stages are important areas of differences across the interpersonal categories. Findings also suggest the existence of different patterns in the overall decision process for opinion leaders versus nonopinion leaders. Strategic implications of the study for financial institutions are discussed.