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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/4488

Title: Customer Relationship Marketing and Customer Retention in the Non-Bank Financial Sector: A Case of Savings and Loans Companies
Authors: Sackitey, Gertrude
Issue Date: 22-Aug-2011
Abstract: The study sought to examine the relationship between customer relationship marketing and customer retention. The fierce competition in today’s business has forced companies to build long-term profitable relationship with customers and to retain them. Customers of Savings and Loans Companies often complain of high charges (monthly interest charge between 5% to 10%) resulting in frequent customer complaint and loss. The question therefore is, does customer relationship marketing influence customer retention? In order to answer this question, 300 questionnaires were administered to customers of Savings and Loans Companies randomly from six selected Savings and Loans Companies. Responses were analyzed using the SPSS and results indicate that customer relationship marketing has a strong correlation with customer retention in Savings and Loans Companies. Even though sample considered for the study are doing well by maintaining relationship with their clients, customers still complain of low time spent with them and erosion of their profit due to high bank charges. Relationship marketing tactics including bonding, empathy, reciprocity and responsiveness confirm that customers trust and are satisfied with their Savings and Loans Companies and will recommend them to other customers. In summary, customers are happy with their bankers except high charges. Following from the study, it is recommended that Savings and Loans Companies should deepen their relationship with their customers as well as facilitate measures to minimize cost of doing business with these Savings and Loans Companies.
Description: A Thesis Submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology- Kumasi, in partial fulfilment of the requirement for the award of the degree of Commonwealth Executive Masters in Business Administration, October, 2011
URI: http://hdl.handle.net/123456789/4488
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