A review of CRM strategies on customer lifetime value: A case study of a financial institution in Kano, Nigeria
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Background of the study
Customer Relationship Management (CRM) strategies are vital in enhancing customer lifetime value (CLV) within competitive financial institutions. In Kano, Nigeria, financial institutions are adopting sophisticated CRM systems to personalize interactions, streamline services, and build enduring customer relationships. By leveraging data analytics and customer insights, these institutions can tailor financial products and services to meet individual needs, ultimately increasing CLV (Bello, 2023). Effective CRM practices not only foster loyalty but also drive cross-selling and up-selling opportunities, resulting in higher revenue per customer. However, the dynamic nature of consumer behavior and evolving technological landscapes present ongoing challenges to CRM implementation (Ahmed, 2024). This study reviews the current CRM strategies employed by a leading financial institution in Kano, assessing their impact on enhancing customer lifetime value. It explores the integration of digital tools, the role of customer feedback, and the strategic alignment of CRM initiatives with overall business objectives. The study also considers potential barriers such as data privacy concerns and the need for continuous system updates, providing a comprehensive evaluation of CRM’s role in financial performance (Mustapha, 2025).
Statement of the problem
Financial institutions in Kano face challenges in maximizing customer lifetime value despite implementing CRM strategies. Issues such as data integration, inadequate personalization, and evolving customer expectations often impede the effectiveness of CRM systems (Bello, 2023). This study seeks to address the gap between CRM initiatives and actual improvements in customer lifetime value by identifying key challenges and potential areas for enhancement. It aims to provide strategic insights into how CRM practices can be optimized to better meet customer needs and drive long-term profitability (Ahmed, 2024).
Objectives of the Study
To review the CRM strategies used by the financial institution.
To assess the impact of these strategies on customer lifetime value.
To recommend enhancements to improve CRM effectiveness.
Research Questions
How do current CRM strategies affect customer lifetime value?
What challenges limit the effectiveness of CRM in financial institutions?
How can CRM strategies be improved to enhance customer lifetime value?
Significance of the study
This study provides critical insights into CRM practices and their role in driving customer lifetime value. Its findings will help financial institutions in Kano refine their CRM systems, ultimately improving customer satisfaction and profitability. The research contributes to academic and practical discussions on enhancing CRM strategies in the financial sector (Mustapha, 2025).
Scope and Limitations of the Study
This study is limited to reviewing CRM strategies on customer lifetime value within a financial institution in Kano, Nigeria.
Definitions of Terms
Customer Relationship Management (CRM): Strategies and technologies used to manage customer interactions and data.
Customer Lifetime Value (CLV): The total revenue expected from a customer over the duration of their relationship with a company.
Financial Institution: An organization that provides financial services, such as banking or insurance.
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