Relationship Marketing and Organizational Performance in Nigerian’s Banking Sector
Authors:
AJIKE Emmanuel
Publication Type: Journal article
Journal:
ISSN Number:
0
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Abstract
Today’s bank customers have a tendency of, each of them, extending their patronage to more than a bank at a time despite the increasingly improved level of banking services that might transpire in their current bank. The premium value of key customers over the value of bank products and services is underscored in this situation. Banks are beginning to learn the importance of developing strong relationships with their customers so as to retain the key customers and improve their bank turnover and profitability. This paper focused on determining the extent to which relationship marketing influences organizational performance in the banking sector in Nigeria. This study revealed that on the average bank employees and customers believe that relationship marketing leads to customer loyalty and retention as revealed by the high average scores and low standard deviation obtained from the data analysis. The result buttresses the fact that the practise of relationship marketing in the banking sectors will lead to improved performance of banks in Nigeria. The study recommends that adoption and management of Relationship Marketing requires the involvement of everyone in the bank in order for it to succeed.