Sustainable Marketing and Customer Retention as A Measure of Organisational Performance in Selected Nigeria Deposit Money Banks
- Country : Nigeria
- Subject :
Keywords : Business, Customer retention, Performance, Sustainable marketing.
Abstract
The challenges of over-regulation, intense competition, technological development, continuous customer behavioural changes among others have continued to account for banking business setbacks in the area of customer retention performance. Studies in the past have focused more on the manufacturing sector as well as financial metrics of business performance, and mainly in the developed nations, with far little studies done on the banking sector, especially in developing nations. This study examined the interaction between sustainable consumer marketing dimensions like (societal marketing, social marketing, relationship, green marketing and social media marketing) and customer retention of selected deposit money banks in Nigeria. The survey research design was adopted in the study, with the study population of 1,542 employees of the selected banks and sample size of 565 respondents; using Cochran’s formula, while stratified random sampling method was adopted in selecting the respondents. A validated structured questionnaire with Cronbach’s alpha reliability coefficients for the constructs ranging from 0.70 to 0.99 was used for data collection. The results revealed significant effect of sustainable marketing on customer retention (Adj.R2 = 0.145, F(3, 507) = 29.753, p<0.05). The study concluded that sustainable marketing dimensions enhanced customer retention business performance of the selected banks, with special attention recommendation on societal marketing and social marketing in the Nigeria banking industry.
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