Social Media Strategy Processes for Centralized Payment Network Firms after a War Crisis Outset

Abstract

From the outset of the war in Ukraine, extensive crises in many sectors of the world economy have occurred, with firms offering services and products both online and through physical stores facing serious problems. These problems are mainly related to higher operational costs and the lack of website visibility. For this research study, centralized payment network organizations (CPNs), firms providing online payment services through their networks, were selected and analytical data from their websites were collected for a period of 6 months. The main focus of this research study is to evaluate benefits and the role of social media strategies for CPNs’ digital marketing performance during crisis events and to also assess their utility as a risk-management tool. Following data collection, the authors performed statistical processes (regression and correlation analysis) and stationary modeling with Fuzzy Cognitive Mapping (FCM) tools; finally, dynamic simulations were performed by utilizing Agent-Based Models (ABM). The authors suggest that various variables of CPNs’ social media platforms can aid in improving their digital marketing performance and, using proper analysis, can lead to higher user social engagement, thus rendering social media strategy a useful risk-management tool.