The Satisfaction and Stress of Being a Market Maven: A Social Network Perspective
By Dr. Shouyang Zhang—
Who are Market Mavens?
Market mavens are “individuals who have information about many kinds of products, places to shop, and other facets of markets, and initiate discussions with consumers and respond to requests from consumers for market information” (Feick and Price, 1987, p. 85). Market mavens are information transfer agents and are considered to be important social actors in the marketplace (Slama et al., 1992). Market mavens (compared with non-mavens) desire to share market knowledge with others in their social networks (Walsh et al., 2004). Mavens are also characterized as extraverted and likeable, which contributes to their reputation and ability to enact their active social personality within their networks (Feick and Price, 1987; Price et al., 1988). Thus, market mavenism has been shown to be related to engagement in network behavior. Indeed, Barnes and Pressey (2012) discovered that market mavens have an interest in developing connections with other like-minded individuals in virtual worlds and in real life.
The Social Network Perspective
Given the seeming importance of social connections for market mavens, it is surprising that the literature has largely ignored the networking behavior of mavens or that it has not explored the personal consequences of such network participation. The majority of previous network studies in consumer behavior have focused on consumer-to-consumer dyadic relationships, overlooking the structural dimensions of the network that encompass these relationships.
In other words, it is not simply a membership in a social network that affects market mavens, but also their position within the network that affects them. Thus, using a social network lens, our objective was to investigate the role of market mavenism as a basis for the formation of social network ties over time. In addition, we examined the moderating role of market mavenism on the relationship between social network positions (i.e., network centrality) and personal outcomes (i.e., satisfaction/stress).
Compared with the average consumer, market mavens possess a unique set of characteristics including a greater depth of knowledge of the marketplace and its products, as well as a strong social network. Based on a field study of an emerging social network of Canadian undergraduate students, we examined the level of satisfaction and stress that market mavens experience as a result of their network participation.
What We Discovered About Market Mavens in an Evolving Network
The results of our research show that central market mavens generate more satisfaction than non-mavens. While they do not experience satisfaction immediately, their network building efforts provide satisfaction over time. Occupying central positions allows market mavens to better fulfill their role and obligations including answering requests and informing others of market-related information.
However, we also find that the interaction between market mavenism and network centrality is positively associated with stress, which stems from the challenge of keeping up with the resource requirements necessary to meet network demands. As the centrally positioned market maven’s level of interaction and information exchange grows, so does their level of stress.
Second, our findings suggest that market mavens (versus non-mavens) experience lower network growth in terms of quantity of ties. That is, market mavens tend to seek fewer friendships over time. Despite market mavens’ tendency to develop social connections with others (Slama et al., 1992), their relationship-building patterns do not resemble an assembly of a large network, but rather a selective network of like-minded market mavens. This is consistent with one of the characteristics identified by Barnes and Pressey (2012): market mavens typically have greater awareness of other mavens.
Last but not least, we discover that an individual’s perceptions of their network (out-degree), rather than others’ perception of that individual’s position (in-degree), are more strongly associated with satisfaction and stress. This is an important discovery because it suggests consumers’ perceptions of their networks are the primary driver of how they experience and report their personal outcomes. Regarding practical implications, market mavens accrue greater satisfaction from being centrally located in a network; however, they also experience stress due to the inability to meet their position’s demands. This finding is important to marketers who seek to connect with “influentials” (e.g., market mavens) as possible channels for positive word of mouth and information dissemination (Watts and Dodds, 2007).
Conclusion
Marketers prefer that these individuals are located in central positions where they can be a valuable source of influence (Lee et al., 2010). However, we caution marketers when using central market mavens as advocates as these individuals may be susceptible to stress in developed networks. Any conflicting outcomes (i.e., stress) that market mavens incur, as a result of their network position, may deter them from exchanging product information with others or, worse, reduce their inclination to actively participate in their networks.
While marketing managers revere market mavens as active communicators of product information, we on the other hand attach a warning label to this notion. Although we do encourage mavenism in the marketplace, we also caution mavens (and marketers targeting these mavens) of the potential stress they may experience as a result of their active networking behavior.
For references and full article please visit: https://onlinelibrary.wiley.com/enhanced/doi/10.1002/cb.1523
Assistant Professor of Management & Marketing, Cameron School of Business
University of St. Thomas