An appraisal of innovative marketing campaigns on customer base growth in banking: a case study of Wema Bank
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Background of the Study
Innovative marketing campaigns have become essential for banks seeking to expand their customer base in a competitive environment. Wema Bank has actively embraced creative marketing strategies, integrating digital platforms, social media, and influencer partnerships to reach new customer segments (Eze, 2023). These campaigns focus on personalized messaging, interactive content, and targeted promotions that resonate with diverse demographic groups. The bank’s innovative approach leverages data analytics to tailor campaigns in real time, thereby increasing engagement and conversion rates (Oladipo, 2024). Digital marketing not only facilitates brand awareness but also drives customer acquisition by offering unique value propositions and streamlined onboarding processes.
Recent studies suggest that innovative marketing campaigns significantly contribute to customer base growth by creating emotional connections and fostering brand loyalty. However, challenges such as digital oversaturation, privacy concerns, and rapidly shifting consumer preferences can impact the effectiveness of these initiatives (Ibrahim, 2025). This study will appraise Wema Bank’s innovative marketing efforts by analyzing campaign performance metrics, customer feedback, and market share trends. The research aims to determine the extent to which these campaigns drive customer growth and to identify strategies that can sustain long-term expansion in a dynamic digital landscape.
Statement of the Problem
Wema Bank’s innovative marketing campaigns, while creative and engaging, have encountered mixed results in driving sustained customer base growth. Despite high initial engagement levels, there are concerns that the impact on long-term customer acquisition is not as significant as expected. Issues such as digital oversaturation, inconsistent messaging across platforms, and privacy concerns have led to customer skepticism and reduced conversion rates (Chinwe, 2023). Additionally, the rapid evolution of digital media means that marketing strategies can quickly become outdated, requiring continuous adaptation and investment. These challenges create uncertainty about the return on investment in innovative marketing initiatives and raise questions about their sustainability in an increasingly competitive market. This study aims to investigate these issues by evaluating the effectiveness of current marketing campaigns and identifying the key factors that influence customer acquisition outcomes at Wema Bank.
Objectives of the Study
– To assess the impact of innovative marketing campaigns on customer base growth at Wema Bank.
– To identify challenges that hinder effective customer acquisition.
– To recommend strategies for enhancing marketing effectiveness and sustaining customer growth.
Research Questions
– How do innovative marketing campaigns affect customer base growth?
– What challenges limit the effectiveness of these campaigns?
– What strategies can optimize marketing efforts for sustained growth?
Research Hypotheses
– H₁: Innovative marketing campaigns are positively correlated with customer base expansion.
– H₂: Digital oversaturation negatively moderates marketing campaign effectiveness.
– H₃: Tailored marketing strategies lead to higher customer conversion rates.
Scope and Limitations of the Study
The study focuses on Wema Bank’s digital and traditional marketing campaigns. Data will be collected from marketing performance reports, customer surveys, and market analyses. Limitations include the rapidly evolving digital marketing landscape and potential biases in self-reported customer perceptions.
Definitions of Terms
• Innovative Marketing Campaigns: Creative and technology-driven strategies used to promote banking services.
• Customer Base Growth: The increase in the number of bank customers over time.
• Digital Oversaturation: The phenomenon of excessive digital marketing content leading to diminished consumer engagement.
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