The effect of corporate social initiatives on customer loyalty: A study of a financial services firm in Kaduna, Nigeria.
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Background of the study:
Corporate social initiatives have become an integral part of business strategies, particularly in industries that face intense competition and regulatory scrutiny, such as financial services (Bukar, 2023). In Kaduna, financial institutions are increasingly adopting social initiatives to bolster customer loyalty and enhance their corporate image. This study examines how a leading financial services firm employs corporate social initiatives to build and sustain customer loyalty. It discusses the evolution of these initiatives from mere philanthropy to strategic business practices that integrate social welfare with customer relationship management (Suleiman, 2024). The study highlights how corporate social initiatives can foster a sense of trust and emotional attachment among customers, leading to long-term loyalty and competitive differentiation (Ibrahim, 2023). By evaluating various initiatives—ranging from community outreach programs to financial literacy campaigns—the research aims to provide a nuanced understanding of how these activities influence customer perceptions and behaviors (Nwachukwu, 2024). The findings are expected to offer a roadmap for financial services firms looking to balance profit objectives with social responsibility.
Statement of the problem:
Despite the increasing adoption of corporate social initiatives by financial services firms, there is insufficient empirical evidence linking these initiatives to enhanced customer loyalty in Kaduna. Customers may perceive such initiatives as either genuine or as superficial marketing tactics, leading to uncertainty about their effectiveness (Adebisi, 2023). The firm faces challenges in quantifying the impact of these initiatives on customer retention and satisfaction. Moreover, inconsistent implementation and communication of these initiatives create ambiguity in understanding their true value to customers, thereby hindering strategic decision-making (Chinwe, 2024). This study aims to address these issues by systematically evaluating the relationship between corporate social initiatives and customer loyalty in a financial services context.
Objectives of the study:
To determine the impact of corporate social initiatives on customer loyalty in a financial services firm in Kaduna.
To assess customer perceptions of the firm's social initiatives.
To identify strategies for enhancing the effectiveness of these initiatives in building long-term loyalty.
Research questions::
How do corporate social initiatives influence customer loyalty in the financial services sector?
What are customer perceptions regarding the firm’s social initiatives?
What strategies can enhance the impact of these initiatives on customer retention?
Significance of the study
This study is significant as it provides financial services firms with insights into leveraging corporate social initiatives to build lasting customer loyalty. It offers practical recommendations for aligning social efforts with customer expectations, ultimately enhancing the firm’s competitive edge and corporate reputation (Balogun, 2024).
Scope and limitations of the study
The study is limited to a single financial services firm in Kaduna, Nigeria, and focuses exclusively on the impact of corporate social initiatives on customer loyalty. Broader industry comparisons are not included.
Definitions of terms
Corporate social initiatives: Activities undertaken by a company to contribute positively to society.
Customer loyalty: The likelihood of customers to continue purchasing from a company over time.
Financial services firm: An organization offering financial products and services.
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