An evaluation of CRM data analytics on marketing efficiency: Evidence from a retail bank in Abuja, Nigeria
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Background of the Study:
CRM data analytics has revolutionized the way companies understand and engage with their customers, thereby enhancing marketing efficiency. In Abuja, retail banks are increasingly leveraging advanced CRM systems to analyze customer data, predict trends, and tailor marketing campaigns. This data-driven approach enables banks to optimize their resource allocation, improve customer targeting, and ultimately increase marketing ROI (Ibrahim, 2024). By integrating CRM analytics, banks can identify customer segments, monitor behavior patterns, and design personalized marketing initiatives that yield better conversion rates. The implementation of CRM data analytics also facilitates real-time decision-making, ensuring that marketing strategies are agile and responsive to customer needs. As the financial services industry becomes more competitive, the ability to utilize data effectively is crucial for maintaining a competitive edge. This study evaluates the impact of CRM data analytics on marketing efficiency in a retail bank, exploring how data-driven insights can enhance campaign performance and customer engagement (Adeola, 2023).
Statement of the Problem
Despite the promise of CRM data analytics, many retail banks in Abuja face challenges in quantifying its direct impact on marketing efficiency. The complexity of data integration and the lack of standardized measurement tools often result in unclear insights regarding ROI. This uncertainty hampers strategic decision-making and limits the potential benefits of CRM investments. The study aims to fill this gap by examining how CRM data analytics contributes to improved marketing efficiency and customer engagement (Chinwe, 2023).
Objectives of the Study
To evaluate the impact of CRM data analytics on marketing efficiency.
To identify key metrics that indicate improved marketing performance.
To recommend strategies for optimizing CRM analytics in retail banking.
Research Questions
How does CRM data analytics influence marketing efficiency in retail banks?
What metrics can effectively measure the impact of CRM analytics on campaign performance?
How can retail banks optimize their CRM systems to enhance marketing outcomes?
Significance of the Study
This study provides valuable insights into the role of CRM data analytics in boosting marketing efficiency, offering actionable recommendations for retail banks. The findings will help optimize marketing strategies, improve customer targeting, and drive better business outcomes through data-driven decision-making.
Scope and Limitations of the Study
This study is limited to a retail bank in Abuja, Nigeria, focusing on the impact of CRM data analytics on marketing efficiency. It does not extend to other sectors or regions.
Definitions of Terms
CRM Data Analytics: The process of analyzing customer data to inform marketing strategies.
Marketing Efficiency: The effectiveness of marketing efforts measured by ROI and campaign performance.
Retail Bank: A financial institution providing services directly to consumers.
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