An assessment of direct marketing strategies on customer acquisition: Evidence from a financial services firm in Kano.
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Background of the study:
Direct marketing remains a potent tool for customer acquisition in the financial services industry. Financial firms in Kano are increasingly using targeted direct marketing strategies—such as personalized emails, telemarketing, and direct mail—to reach potential customers directly (Bello, 2023). This study investigates the effectiveness of these strategies in acquiring new customers by focusing on the customization of messages, segmentation of target audiences, and the integration of digital and traditional direct marketing channels. The research examines how direct marketing efforts can create personalized customer experiences, build trust, and generate measurable responses. It also considers the challenges associated with direct marketing, including data privacy concerns and message saturation, which can affect response rates (Ibrahim, 2024). By analyzing campaign performance and customer feedback, the study aims to provide a comprehensive evaluation of how direct marketing strategies drive customer acquisition in the competitive financial services sector (Bello, 2023).
Statement of the problem:
Financial services firms in Kano face challenges in effectively deploying direct marketing strategies to acquire new customers. Despite significant investments in personalized marketing campaigns, there remains uncertainty regarding the conversion rates and overall effectiveness of these initiatives due to issues such as data management and message fatigue (Ibrahim, 2024). This study seeks to address these challenges by evaluating current direct marketing practices and identifying key factors that can improve customer acquisition outcomes (Bello, 2023).
Objectives of the study:
To evaluate the impact of direct marketing strategies on customer acquisition.
To identify challenges in implementing effective direct marketing campaigns.
To recommend strategies for enhancing direct marketing effectiveness in the financial services sector.
Research questions:
How do direct marketing strategies affect customer acquisition?
What challenges do financial services firms face in executing direct marketing campaigns?
What strategies can improve the effectiveness of direct marketing efforts?
Significance of the study:
This study is significant as it provides insights into the effectiveness of direct marketing strategies in acquiring new customers for financial services firms. The findings will help companies in Kano refine their marketing approaches to achieve higher conversion rates and sustained growth (Bello, 2023; Ibrahim, 2024).
Scope and limitations of the study:
This study is limited to assessing direct marketing strategies for a financial services firm in Kano.
Definitions of terms:
Direct marketing: A promotional strategy that involves direct communication with potential customers.
Customer acquisition: The process of gaining new customers.
Financial services firm: A company that provides financial products and services.
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