Investigate the factors affecting consumer brand preferences by considering the life cycle of customers in banking sector

This article aims to investigate the factors affecting consumer brand preferences by considering the customer life cycle. In the field of banking, due to the similarity of the services provided and the close competition between them, it is worth examining the factors that create the preferences of consumers and their tendency towards a particular brand. Therefore, helpful information should be provided to the management of banks so that by adequately allocating resources, they can properly manage their customers throughout their life cycle. In this research, the mixed method was used. In the qualitative phase, the Delphi method was used with banking experts and university professors, which finally identified 63 indicators in five dimensions: consumer-related factors, strategic factors, brand-related factors, and related factors. It led to the organization and psychological factors and the design of a conceptual model. In the quantitative part, to test the model, 385 researcher-made questionnaires were completed by Parsian Bank customers who were in different stages of their life cycle. Based on the analysis of structural equations and the calculation of standard coefficients by PLS software, psychological dimensions and organizational factors have had the highest impact on creating consumer brand preferences at all stages of their life cycle, respectively.