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| Relationship Marketing Practices and Customer Retention of Commercial Banks in Nigeria
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OSUJI, A.O; Dr. Ekakitie, E. Sunny; Dr. Okwuise, U.Y
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Abstract:
The study examined relationship marketing practices and customer retention of commercial banks in Nigeria. The study appraised some basic concepts, theories and current trends in relationship marketing consumption and how the proof of effective relationship marketing factors can have significant outcome in retaining customers in the Nigeria banking sector. The study adopted the descriptive survey research approach by administering questionnaire to the employees of selected banks in Uyo, Akwa-Ibom State. The outcome of the study findings were analyzed through pearson correlation analysis, which revealed that there is a significant effect between the dimensions of relationship marketing practices (compliant handling and community experience) adopted in this study and customer retention. The conclusion drawn was that, with top management commitment and through developing a relationship marketing culture that could give more concern to customer retention, where banks can enhance high customer retention rates. The study recommends that banks should address each barrier on a case-by-case basis, establish and implement a relationship marketing implementation report (for all relationship marketing aspects). To handle client complaints that should be on behalf of complaints, competent and experienced specialists and/or staff should be employed.
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