An Appraisal of Customer Acquisition Strategies and Profitability: A Case Study of Banks in Kogi State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Customer acquisition is essential for the growth and sustainability of businesses, particularly in the banking sector. Effective acquisition strategies not only attract new customers but also enhance profitability by increasing the customer base and promoting cross-selling opportunities (Kotler & Keller, 2024).
Banks in Kogi State operate in a competitive environment where customer loyalty is influenced by factors such as service quality, product offerings, and technological advancements. To remain profitable, banks employ various acquisition strategies, including digital marketing, personalized services, and promotional campaigns (Ibrahim & Sule, 2023).
This study appraises the customer acquisition strategies employed by banks in Kogi State and their impact on profitability, providing valuable insights for improving banking operations.
Statement of the Problem
Despite significant investments in customer acquisition strategies, many banks in Kogi State face challenges in achieving sustained profitability. Issues such as high customer acquisition costs, limited customer retention, and competition from fintech firms hinder the effectiveness of these strategies (Obi & Akpan, 2025).
While research on customer acquisition in banking exists, there is limited focus on the specific strategies used in Kogi State and their direct impact on profitability. This study aims to bridge this gap by evaluating the effectiveness of customer acquisition strategies in this region.
Objectives of the Study
- To identify the customer acquisition strategies employed by banks in Kogi State.
- To evaluate the impact of these strategies on bank profitability.
- To explore the challenges banks face in implementing customer acquisition strategies.
Research Questions
- What customer acquisition strategies are employed by banks in Kogi State?
- How do these strategies impact the profitability of banks?
- What challenges do banks face in implementing customer acquisition strategies?
Research Hypotheses
- Customer acquisition strategies significantly influence the profitability of banks in Kogi State.
- Digital marketing strategies positively impact customer acquisition and profitability.
- High acquisition costs negatively affect the profitability of banks.
Scope and Limitations of the Study
The study focuses on banks in Kogi State, from 2023 to 2025, appraising customer acquisition strategies and their impact on profitability. It excludes banks outside Kogi State and other sectors. Limitations include data confidentiality and variations in customer acquisition approaches across banks.
Definitions of Terms
- Customer Acquisition: The process of gaining new customers for a business through various marketing and sales strategies.
- Profitability: The financial performance of a business, measured by its ability to generate income and sustain operations.
- Banks: Financial institutions that offer banking services, including deposits, loans, and financial advisory.
Related Project Materials
An Assessment of Job Satisfaction Among Nurses at University of Maiduguri Teaching Hospital
Background of the Study
Job satisfaction is a critical factor influencing the performance, retention, and overall well-being of nurses. I...
Design and Implementation of a Genomic Data Management System for Infectious Disease Research: A Case Study of Bayero University, Kano State
Background of the Study
Infectious diseases are a major cause of morbidity and mortality in Nigeria, with diseases such as...
An investigation of diplomatic initiatives in addressing global humanitarian crises: A case study of UN peacekeeping efforts in Abuja
Background of the Study
Global humanitarian crises, ranging from conflicts to natural disasters, demand coordinated interna...
Effectiveness of Tax Policies on Local Economic Growth in Gombe LGA
Background of the Study
Tax policies are vital instruments for promoting economic growth and development. By regulating tax...
CHARACTERISTICS OF SOLID WASTE IN AKURE, ONDO STATE
An Investigation of the Impact of Quantum Computing on Cloud-Based Healthcare Systems at National Hospital, Abuja
Background of the Study
Cloud computing has become an essential tool in healthcare, providing platforms for storing, man...
An assessment of informal education’s impact on students’ ability to appreciate traditional storytelling in Jema’a Local Government Area, Kaduna State
Background of the Study
Traditional storytelling has long served as a medium for cultural transmission, moral education, a...
THE IMPACT OF MODERN OFFICE EQUIPMENT ON THE JOB PERFORMANCE OF SECRETARIES
ABSTRACT
This research was conducted to ascertain the impact of modern office equipment on the secretar...
Evaluation of AI-Based Automated Feedback Systems for University Assignments: A Case Study of Federal Polytechnic, Bauchi (Bauchi LGA, Bauchi State)
Background of the Study
Providing timely and constructive feedback is a fundamental aspect of the educational process. It allows students to...
The effect of market unions on price control mechanisms in Aba South Local Government Area, Abia State.
Background of the Study
Market unions have long served as key stakeholders in regulating trade practices and maintaining p...
