THE IMPACT OF CUSTOMER RELATIONSHIP MARKETING ON CUSTOMER RETENTION
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ABSTRACT
The subject of Customer Relationship marketing, Customer Satisfaction and Customer Retention has become a global issue. The study sought to examine the effect of customer relationship marketing on customer retention, with customer satisfaction playing the mediation role. Questionnaire was the main data collection tool used to gather data from 450 customers of the fifteen Non-life selected Financial organisation in Asaba delta state. The estimation tool used to test the study hypothesis was Structural Equation Model and STATA 12.0 software was used for analyses. Findings revealed that customer relationship marketing has a significant positive effect on customer retention. Also, there is a positive and significant correlation between customer satisfaction and customer retention. This shows that the more satisfied customers are the more likely they will stay or stick to a particular policy. Thus, the study result declares that, partial mediation is achieved. The study concluded that both customer relationship marketing and customer satisfaction are antecedents to customer retention. Customer relationship marketing is also a significant driver of customer satisfaction in the Banking Industry.The study recommended that, the Bank practitioners should invest resources and capacity to intensify the management of customer relationships as this has been shown to impact on profitability. The researcher recommends there should be a further study on the effects of CRM on Customer retention in the life sector of the Banking Industry. Another research can be conducted to assess the impact of CRM practises in the Banking Industry in Nigeria.
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