CUSTOMER PREFERENCES IN CHOOSING A SECURITIES COMPANY

. Abstract. Investment is not something foreign to the people of Indonesia. In general, people choose traditional investments that have low risk, such as deposits in banks, buying land, gardens, buildings and precious metals. People feel safe by investing like that even though the return on investment is small. This changed after the 2000s, when various groups began to look at investments that could generate large returns, namely investing in the capital market. There was a decrease in the number of securities companies from year to year which was inversely proportional to the increase in SID individual investor type shares. The decline in the number of securities companies was due to the inability of several companies to compete due to the small number of customers. One of the factors causing the decline in the number of securities companies is the ability of marketing strategies. This research will measure the factors that become the preferences of potential customers of securities companies in the decision to become their customers. The model used as a reference is the marketing mix. Data processing uses factor analysis which produces 5 factors containing marketing mix derivatives.


INTRODUCTION
Investing is not something foreign to the people of Indonesia.Indonesian people choose traditional investments that have low risk, such as deposits in banks, buying land, gardens, buildings, and precious metals.They feel safer by investing like that because the price of these goods will increase even though the return (investment return) they get is small.This changed after the 2000s, various groups have started to look at investments that can generate large returns.One form of investment that generates high returns is investment in the capital market (Cochrane, 2005).
According to the Indonesian Central Securities Depository on the website www.ksei.co.id the number of mutual fund investors as of December 28 2022 reached 9.59 million SID (Single Investor Identification).This is an increase of 40.25% from 6.84 million at the end of 2021.Securities Companies better known as Securities Companies as described in Law Number 8 of 1995 concerning Capital Markets, are parties that carry out business activities as Underwriters, Broker-dealers, and or Investment Managers.
Based on data reported by the Financial Services Authority (OJK), there were 140 securities companies registered in January 2015 and the number continued to decrease until 2020 to 123.According to the OJK, the growth of securities companies in Indonesia can be seen in the graph below: As can be seen from Figure 1, the decline in the number of securities firms from year to year is inversely proportional to the increase in SID.The decline in the number of securities companies was caused by several companies being unable to compete due to the small number of customers.According to Eid et al (2002) stated that one of the determinants of a company's success is its marketing strategy.According to Vanessa in Pardiyono & Nugrahati (2020) Marketing is the main factor for companies to survive and develop.The instrument that can be used to develop a marketing strategy for service companies is the marketing mix model.According to Kotler et al (2018) Marketing Mix is a set of marketing tools combined by the company to produce the response the target market wants.The 7P marketing mix dimensions are product, price, promotion, place, process, people, and physical evidence.
Marketing strategy research using Marketing Mix in securities companies has been carried out in Indonesia.Irwanto and Solihin (2015) analyzed the marketing strategy using the marketing mix at PT.The results of Danareksa Sekuritas Medan Branch show that the most dominant in marketing strategy is Physical Evidence while the lowest is Place and Promotion.Akbar (2015) conducted research at BNI Securities Yogyakarta which resulted in the right marketing strategy through a combination of product and promotion strategies.Ambarphati (2020) designed a marketing strategy at PT. Phintraco Sekuritas Mataram and PT.Indo Primer Sekuritas Mataram, the result is the most appropriate marketing strategy with a combination of products and promotions.
From the description above, it can be concluded that one of the factors causing the decline in the number of securities companies is the ability of marketing strategies.So this study will measure the factors that become a reference for securities company customers in the decision to become a customer.The model used as a reference is the marketing mix.

LITERATURE REVIEW
McCharthy in 1964 developed the 4P marketing mix model (product, price, promotion and place), this model was developed for marketing products produced by the manufacturing industry (Goi, 2009).Along with its development, not only the manufacturing industry, but also the service industry, so to accommodate the characteristics of services, Booms and Bitner in 1980 developed a marketing mix model for the service industry by adding 3P to 7P (product, price, promotion, place, process, people, and physical evidence).This study uses the 7P marketing mix model.
According to Pardiyono (2020); Pardiyono et al (2022) marketing mix is a set of tactical marketing tools that can be controlled by product, price, place and promotion combined by the company to produce the desired response in the target market.According to Kotler & Armstrong (2018); Pardiyono & Puspita (2021); Pardiyono & Puspita (2022) The 7P Marketing Mix is as follows: a. Place In this research, the definition of place used is the location as the place where the interaction between the securities company and the customer occurs b.Product.In this study, product is defined as all securities company services offered to customers c.Promotions.In this study promotion is defined as all efforts to introduce securities companies to prospective customers d.Price.In this study, price is defined as a fee paid by customers for each transaction at a securities company.e. People.This study uses the definition of people who are directly involved in carrying out securities company activities.f.Physical Evidence.This study uses the definition of evidence owned by a securities company addressed to customers as a customer value added proposal.g.Process.In this study, the process includes how a securities company serves the requests of each customer.
Starting from customers ordering securities products to finally buying them.
Marketing strategy research using Marketing Mix in securities companies has been carried out in Indonesia.Irwanto and Solihin (2015) analyzed the marketing strategy using the marketing mix at PT.The results of Danareksa Sekuritas Medan Branch show that the most dominant in marketing strategy is Physical Evidence while the lowest is Place and Promotion.Akbar (2015) conducted research at BNI Securities Yogyakarta which resulted in the right marketing strategy through a combination of product and promotion strategies.Ambarphati (2020) designed a marketing strategy at PT. Phintraco Sekuritas Mataram and PT.Indo Primer Sekuritas Mataram, the result is the most appropriate marketing strategy with a combination of products and promotions.

Determination of Respondents and Determination of Sample Size
In a study, it is often not possible to take all elements of the population under observation.This is due to several factors such as the time, effort and costs incurred when making observations in the field (Levy & Lemeshow, 2013).Determining the number of research samples can be done in various ways, including according to Roscoe in Sugiyono (2013 revealed that if the sample is divided into categories then the number of sample categories is at least 30.According to Acharya et al (2013) argues that the sample must be as large as possible.They assume that the more samples taken, the more representative and the results can be generated.However, the sample size accepted will depend on the type of research

Questionnaire Preparation
Data collection in this study was carried out using a questionnaire, which is a list of questions or written statements arranged according to the variables to be studied (Sekaran and Bougie (2016).The questionnaire uses closed questions and open questions.According to Krosnick (2018); Rowley (2014) Closed questions are questions that limit respondents to choose/answer questions, while open questions are questions that give freedom to respondents in answering according to what is known.This study used a closed questionnaire.

Factor Analysis Method
The factor analysis method uses SPSS software.Factor analysis is a technique used to find factors that can explain the relationship or correlation between various independent indicators that are observed.Factor analysis is an extension of principal component analysis.It is also used to identify a relatively small number of factors that can be used to explain a large number of interrelated variables.
According to Pardiyono & Nugrahati (2020)  Factor analysis seeks to address the complex and diverse relationships within the set of variables studied by finding dimensions or common factors that link apparently unrelated variables, thus providing an understanding of the underlying structure.Factor analysis can reduce manifest variable data into a smaller number of latent variables by exploiting the degree of relationship between variables.The relationship between the manifest variable and the latent variable is given by the weight factor (loading factor).To obtain the grouping of manifest variables in a latent variable, each manifest variable must be calculated for its correlation with other manifest variables in the formed latent variables.One latent variable with another latent variable has an orthogonal relationship.Which means there is no correlation between these variables.The latent variables that are formed cannot be considered for all the variances contained in each manifest variable.The rest of the variance of each variable is described with errors or errors (Kline, 2014).The results of the collection are then tested for validity and reliability.With the help of SPPS 22 Software, it can be concluded that all variables are declared valid because all correlation values are above the r value.The reliability results

Sampling
show that the measuring instrument is concluded to be reliable because the Cronbach's alpha value is above 0.5 or equal to 0.894.The results of reliability statistics are presented in table 2 below.Factor extraction is carried out by principal component analysis, carried out by forming linear combinations of the observed variables.The first linear combination is the combination that explains the largest variance of the sample, the second linear combination is the second largest variance, and so on.Each linear combination is uncorrelated with each other.There are two important quantities in factor extraction, namely communalities and eugen value.Communnalities are the number of variances of an initial variable that can be explained by existing factors.Communalities values ranged from 0 to 1. From the processing results, all variables were found to have moderate communal values, namely above 0.5.The results of communalities and eugen values are presented in Figure 2   The Comunnalities values are all above 0.5 which means that all variants can be explained by existing factors.The selection of the main components (factoring) uses the method according to Keisser, this method uses the mineigen criteria 1.This criterion states that the main components selected are the main components that have an eigenvalue above 1.The results of the selection of the main components in Figure 3 show that only five factors are formed with a eugenvalue above Figure 3.Total Variance Explained DISCUSSION The matrix component rotation is intended to obtain the maximum value of the variable effect on the main components that appear so that it is easier to interpret.The rotation method used is the varimax factor rotation method.Through this rotation, very large or very small variable loading values are generated.This very extreme loading value reflects the magnitude of the variable's influence on the main component.Based on the value of the Rotated Component Matrix, five main factors are formed.The first factor contains the variables PL2, Peo2, Pm1, Pm2, and Pm4, namely the company's location is easy to reach, online and offline service officers are quick to handle questions, the company conducts socialization through electronic media, the company socializes via internet media, and the company conducts socialization directly with oral presentations.These results are in accordance with those carried out by Akbar (2015) conducting research at BNI Securities Yogyakarta which resulted in the right marketing strategy through a combination of product and promotion strategies and Ambarphati (2020) designing a marketing strategy at PT. Phintraco Sekuritas Mataram and PT.Indo Primer Sekuritas Mataram, the result is the most appropriate marketing strategy with a combination of products and promotions.
The second factor that is formed contains the variables Pd3, Peo1, Pro1, and Pro3, namely the company offers bond products, online and offline service officers are friendly, buying and selling transaction processes are upgraded quickly, and there is a service for canceling sales or purchases of products.These results are in accordance with those carried out by Akbar (2015) conducting research at BNI Securities Yogyakarta which resulted in the right marketing strategy through a combination of product and promotion strategies and Ambarphati (2020) designing a marketing strategy at PT. Phintraco Sekuritas Mataram and PT.Indo Primer Sekuritas Mataram, the result is the most appropriate marketing strategy with a combination of products and promotions.
The third factor contains the variables Pd1, Pro2, Pm3, and Pm4, namely the company offers stock products, the process of depositing and withdrawing money is accurate and fast, the company socializes through brochures, banners, billboards, and customers socialize to invite new customers.These results are in accordance with those carried out by Akbar (2015) conducting research at BNI Securities Yogyakarta which resulted in the right marketing strategy through a combination of product and promotion strategies and Ambarphati (2020) designing a marketing strategy at PT. Phintraco Sekuritas Mataram and PT.Indo Primer Sekuritas Mataram, the result is the most appropriate marketing strategy with a combination of products and promotions.
The fourth factor contains the variables Pd2, Pc1, Pc2, Pe1, Pe2, and Pe3 namely the company offers mutual fund products, affordable initial account opening fees, low stock buying and selling transaction costs, the company provides tutorial books for customers, the company always informs the latest product prices, and the company provides a mobile application for transactions.This factor is in line with the findings of Ernestivita (2016) who analyzed the effect of place, promotion, and people on consumer decisions to purchase capital market products by using equity brokerage services at PT Sucorinvers Central Gani, Kediri branch.
The fifth factor contains the variables PL1, PL2 and Peo3, namely there are company branches in various cities, there is a website as an online company location, and online and offline service officers have extensive knowledge.This factor is also in line with the findings of Ernestivita (2016) who analyzed the effect of place, promotion, and people on consumer decisions to purchase capital market products using equity brokerage services at PT Sucorinvers Central Gani, Kediri branch.

Impact Practice
The findings of this study are in the form of factors that become customers' references in choosing a securities company as stated above, which will be very useful for securities companies in fulfilling the wishes of prospective customers.Companies should apply the findings of this research to be able to compete amidst the many security companies in Indonesia.In addition, the findings of this study can also add to the diversity of findings regarding the preferences of prospective customers in making choices at securities companies.

CONCLUSION
Based on the results of data processing, there are 5 factors that become customer preferences in choosing a securities company.The first factor is the company's location is easy to reach, online and offline service officers are quick to handle questions, the company conducts socialization through electronic media, the company socializes through internet media, and the company conducts socialization directly with oral presentations.The second factor is that the company offers bond products, online and offline service officers are friendly, sale and purchase transaction processes are upgraded quickly, and there is a product sale or purchase cancellation service.The third factor is that the company offers stock products, the process of depositing and withdrawing money is accurate and fast, the company conducts socialization through the media of brochures, banners, billboards, and customers carry out outreach to invite new customers.The fourth factor is that the company offers mutual fund products, the cost of opening an initial stock is affordable, the transaction costs for buying and selling shares are low, the company provides tutorial books for customers, the company always informs the latest product prices, and the company provides a mobile application for transactions.The fifth factor is that there are company branches in various cities, there is a website as a location.

Figure 1 .
Figure 1.Graph of Growth of Securities Companies in Indonesia Source: www.ojk.go.id (2021) factor analysis is used to reduce manifest variables into fewer latent variables but can represent as many of the existing manifest variables as possible.The calculation procedure in factor analysis consists of the following steps: (a) preparing the raw data matrix; (b) construct a correlation matrix; (c) Eigenvalue calculation; (d) factor extraction; (e) perform factor weighting; (f) perform Varimax rotations; (g) determining the manifest variables that make up the factors; h) calculate the Mean factor formed; (i) parameters. below.

Figure 2 .
Figure 2. Number communalities Figure 3.Total Variance Explained DISCUSSION The matrix component rotation is intended to obtain the maximum value of the variable effect on the main components that appear so that it is easier to interpret.The rotation method used is the varimax factor rotation method.Through this rotation, very large or very small variable loading values are generated.This very extreme loading value reflects the magnitude of the variable's influence on the main component.Rotated Component Matrix presents clearer variable distribution data.The loading factor shows increasingly clear values as well.The results of the Rotated Component Matrix values are presented in Figure 4.

Table 2 .
Reliability Statistics

Table 3 .
The validity of measuring instruments