An Investigation of the Relationship Between Brand Trust and Customer Retention: A Case Study of Zenith Bank in Sokoto State
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Background of the Study
Brand trust is a crucial element in establishing long-term relationships between consumers and businesses. It refers to consumers' confidence in the brand's reliability, honesty, and ability to deliver on promises (Chaudhuri & Holbrook, 2023). In the banking industry, where trust is fundamental to customers' decision-making, understanding the impact of brand trust on customer retention is essential for maintaining a loyal customer base (Keller & Aaker, 2024).
Zenith Bank, one of Nigeria’s leading financial institutions, has placed significant emphasis on building trust with its customers. In Sokoto State, where banking services are rapidly expanding but face competition from other financial institutions, brand trust becomes an even more critical factor in retaining customers and ensuring sustained business growth. This study seeks to explore the relationship between brand trust and customer retention for Zenith Bank in Sokoto State, considering the impact of trust-building strategies such as personalized services, customer support, and transparency in banking operations.
Statement of the Problem
Despite the growing number of banking services and marketing strategies, many Nigerian banks, including Zenith Bank, face challenges in maintaining long-term customer loyalty. Factors such as service quality, the trustworthiness of financial institutions, and customer perceptions of transparency affect customers' willingness to stay with a bank (Oluwaseyi & Musa, 2024). In Sokoto State, where there are regional variations in customer behavior and trust, it is important to understand how brand trust influences customer retention.
This study seeks to assess the degree to which brand trust contributes to customer retention in Zenith Bank's operations in Sokoto State, with a focus on how trust can be enhanced to improve customer loyalty and reduce churn.
Objectives of the Study
- To examine the relationship between brand trust and customer retention for Zenith Bank in Sokoto State.
- To assess the key factors that build brand trust for Zenith Bank customers in Sokoto State.
- To determine the impact of brand trust on customer loyalty and retention in Zenith Bank.
Research Questions
- What is the relationship between brand trust and customer retention for Zenith Bank in Sokoto State?
- What are the primary factors that build brand trust for customers of Zenith Bank in Sokoto State?
- How does brand trust influence customer loyalty and retention in Zenith Bank?
Research Hypotheses
- There is no significant relationship between brand trust and customer retention for Zenith Bank in Sokoto State.
- The level of personalized service is a significant factor in building brand trust for Zenith Bank customers.
- Brand trust has a significant impact on customer loyalty and retention in Zenith Bank.
Scope and Limitations of the Study
This study focuses on Zenith Bank in Sokoto State and investigates the relationship between brand trust and customer retention. Limitations include challenges in isolating trust-building factors from other variables affecting customer retention and potential biases due to subjective perceptions of trustworthiness.
Definitions of Terms
- Brand Trust: The level of confidence consumers have in a brand's ability to meet their expectations consistently.
- Customer Retention: The ability of a business to retain its customers over time, fostering loyalty and repeat business.
- Loyalty: A customer’s consistent preference for a particular brand, often influenced by positive experiences and trust.
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