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Networks in Finance and Marketing II
Prof. Dr. Daning Hu Department of Informatics University of Zurich Dec 4th, 2012
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Outline n Introduction: Networks in Marketing
n Bank Networks
Introduction: Networks in Marketing n Marketing channels and business networks have been
referred to, by Achrol & Kotler as: ¨ Interdependent systems of organizations and relations that are
involved in carrying out all of the production and marketing activities involved in creating and delivering value in the form of products and services to intermediate and final customers.
n There are many types of marketing networks.
n In recent years marketing network research have focused on product diffusion in various social networks. ¨ Social media (follower) networks ¨ Networks on Social networking websites
Utilize Peer Influence in Online Social Networks
§ Intelligent Marketing, Product Recommendation § Who are the most influential people? § What are the patterns of information diffusion? 4
Peer Influence in Online Social Networks*
n How to identify peer influence in social networks ¨ Prof. Sinan Aral has conducted a stream of studies in distinguishing
Influence Based contagion From Homophily driven diffusion in social networks
¨ Science, Marketing Science, PNAS ¨ Competing theory: Homophily - Birds of a feather, flock together.
n Previous research identifies “clustering” of behaviors in social networks and infers social influence or contagion from it. ¨ Correlation of Observed Behaviors and Network Structure
¨ Friends adoption of the behavior is correlated in time
§ * Some of the contents are from Prof. Sinan Aral’s previous presentations.
Case I: Yahoo Study (Sinan Aral, PNAS)*
Influence, Selection, Homophily, Confounding*
§ * Some of the contents are from Prof. Sinan Aral’s previous presentations.
Distinguish Influence from Homphily*
§ Much of the estimated influence is really observable homophily
Exaggerated Homophily Amongst Early Adopters*
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IPAD Effect
Peer Influence in Online Social Networks*
n Decisions tend to cluster in network space and in time.
n Clustering may be caused by: Influence, Homophily, & Confounding Factors.
n Homophily is to a large extent responsible for what seems at first to be a contagious process. ¨ Implications for Policy (Marketing, Organizations, Social Policy)
Case II: Facebook Study (Sinan Aral, Science)*
n 10 K Experimental Users
n 1.4 M Friends of Experimental Users
n They Observe application diffusion over this network ¨ Facebook profiles ¨ Adoption ¨ Use
Which Features Spread Influence/Contagion Best
Personal Invitations
Passive Awareness
Influence Per Message
Global Diffusion
Stickiness
6%
246% 98%
2%
17% N/A
Virtuous Cycle between Peer Adoption and Engagement
Engagement
Peer Adoption
Effects of age, gender on influence and susceptibility*
n Influence increases with age.
n Susceptibility decreases with age.
n Women are less susceptible to influence than men. n Published by AAAS
Dyadic influence models involving age, gender, and relationship status
n Influence transmits over relationship pairs of the same age
n Order people influence younger people more than the other way around.
n Married to Single, Relation to Single n Published by AAAS
Susceptibility to Influence*
Single Relationship Engaged Married It’s Complicated