RELATIONSHIP MARKETING: CUSTOMERS SATISFACTION BASED APPROACH

Transcription

1 RELATIONSHIP MARKETING: CUSTOMERS SATISFACTION BASED APPROACH Ndubisi Emmanuel Chidozie Department of Marketing Anambra State University, Igbariam, Nigeria & Nwankwo Cosmas Anayochukwu Department of Marketing Anambra State University, Igbariam, Nigeria Abstract This study discusses the effectiveness of relationship marketing in the banking industry and also evaluated the effect of operational strategy adopted by banks in Nigeria. Customers satisfaction in banking industry has been the major concern of practitioners due to severe competition and higher customers expectations. Thus, this study reviewed the marketing literature on the experience of customer expectations i.e., customer satisfaction, commitment, trust, perceived service quality and perceived valued. However, the populations used for this research include the staff and customers of four Banks in Awka which the population cannot be estimated. The sample size was 120 comprising of 30 staff and customers of each four Banks (First bank, Zenith bank, Diamond bank and Guarantee bank). The non-probability (convenience) was employed while the primary and secondary sources data were used for the collection of relevant information. The instrument used for the test was Pearson correlation. Three hypotheses were formulated and the generated outcomes were; Relationship marketing has been effectively adopted in acquiring and retaining customers in the banking industry; Relationship Marketing adopted by banks has been able to deliver customer satisfaction; there are significant relationships between Relationship Marketing and customer satisfaction in the banking operation. The study recommended that Banks in Nigeria need to improve on their practice of relationship marketing in order to deliver better customer satisfaction. Key words: Relationship Marketing, Customer Satisfaction, Relationship Elements, Implications, and Problems. 1.1 Introduction The ability of organizing an organization to enable it compete effectively in this competitive business environment is complex and difficult and it requires a unified marketing approach to address it. The focus of marketing has moved from managing transactions to managing relationships (Christopher et al, 1991; Webster, 1992; Gummesson, 1997). Alongside this shift in the focus of marketing, there have been many calls for businesses to focus on customer satisfaction (Narver and Slater, 1994; Gale 1994; Naumann, 1995). According to Kotler (2002) marketing is the delivery of customer satisfaction at a profit which can only be actualized through the cooperation of both the customers and the marketers (relationship). Relationship Marketing is a strategic orientation that focuses on keeping and improving current customers rather than acquiring new customers (Zeithamal and Bitner, 2000). This philosophy assumes that customers prefer to have ongoing relationships with one 28

2 organization than switching continually among providers in their search for values. In a similar vein, Benneth (1996) saw relationship marketing as the act of seeking to establish long term, committed, trusting and co-operative relationship with customers that are characterized by openness, responsiveness, genuine concern for the delivery of high quality goods and services as well as the willingness to sacrifice short term advantages for long term gain. It is at this backdrop that this paper is determined to examine some issues relating to Relationship Marketing in Nigeria banks. 1.2 Statement of the Problem Many academic works have been conducted to describe the corporate banking relationships and the rapidly changing environment in this sector throughout the globe. Due to such changes, many commercial banks placed greater emphasis on establishing and maintaining relationships with their customers (Trethowan and Scullion, 1997; Crane and Eccles, 1993; Perrien, et al 1993). In view of this, it is also considered that relationship paradigm (Gronroos, 1994) has in the past impacted on the behaviour of most service firms. Ndubisi (2008) stressed the importance of relationships in the banking services, while Tyler and Stanley (2002) contended that relationships are relevant, indeed inherent, in the overthe- counter derived market. Relationship Marketing has over the years been affected by customer s perception, turnover of account managers, their limited authorities and the bank credit norms. It is against this background that this paper identifies some problems affecting relationship marketing in the banking sectors. 1.3 Objective of the Study 1. To determine the effectiveness of Relationship Marketing in the banking industry. 2. To determine the effect of operational strategy adopted by banks in Nigeria. 3. To determine the significant relationship between Relationship Marketing and customer satisfaction in rendering banks services. 1.4 Research Questions 1. Has relationship marketing been effectively adopted in acquiring and retaining customers in the banking industry? 2. To what extent has relationship marketing adopted by the banks able to deliver customers satisfaction? 3. Are there significant relationships between Relationship Marketing and customer satisfaction in banking operations? 1.5 Research Hypotheses H O : Relationship marketing has not been effectively adopted in acquiring and retaining customers in the banking industry. Ho: Relationship Marketing adopted by banks has not been able to deliver customer satisfaction. Ho: There is no significant relationship between Relationship Marketing and customer satisfaction in the banking operation. 29

3 1.6 Significance of the Study This study will be of benefits and interest not only to banks in Nigeria, but it will be valuable to other service sectors in Nigeria as a whole. The study will also be a source of secondary data to other researchers who wish to conduct studies on related issues. It will again act as mainstream for generating, keeping and maintaining customers. 1.7 Scope of Study This research work will be restricted to the operations of selected banks in Anambra State, Nigeria. This will enable the researchers to generalize and affirm how effective relationship marketing has been able to stay in the banking sub-sector. 2.1 Review of Related Literature Relationship Marketing, just like other aspects of human life has played crucial role in building strong relationships between organizations and their customers. Wyner (1999) argued that one of the most visible shifts in marketing is the one from transaction marketing to relationship marketing that is why we leave the extreme point that relationship marketing is a paradigm shift and concentrate on some general factors which has been discussed by many authors (Jan-Eriks,2009). Crosby et al (1990) in one of his studies opined that the banking industry shows that an excellent front office employee could increase overall customer satisfaction and loyalty compared to those customers who do not have personal bankers (Colgate and Danaher,2000) The importance of customer satisfaction and retention is discussed by Seth and Parvatiyar (1995) as a critical factor for relationship marketing. A number of authors have reviewed issues on the need for customers to get satisfied (Webster, 1994 in colgate and Danaher, 2000). The economic benefits are mentioned by Peterson (1995) and Gwinner et al, Though the scientific examination of economic benefits are so far very weak, there is no evidence of negative outcomes for a company engaging in relationship marketing. Other forms of benefits for the customers may be in the form of psychological benefits, social benefits such as familiarity, personal recognition (Gwinner et al, 1998) and tailoring services (Berry, 1995; Gwimner, 1998) Some prerequisites for engaging in relationship marketing are to empower the employees and strengthening the internal marketing system (Bitner, 1995; Berry, 1995; Gronroos, 1995), profitable target market segments (Berry, 1995) and to have business strategies emphasizing services (Payne and Batlantine, 1991). It should also be considered that some customers do not want relationships (Barnes 1997), which must be represented by the organization. One common thing in relationship marketing is that it needs a welldeveloped market information system to keep track of the environmental changes and the customer s needs and wants. 2.2 Evolution of Relationship Marketing The emergence of Relationship marketing if well traced would be seen in Bund Jackson actions and organizations of services marketing in 1970s. Within this era, this aspect of marketing was seen practiced within industrial marketing (Gummesson et al, 1997). The term Relationship Marketing at the period emerged as an influential issue in marketing literature during 70s and 80s. 30

4 The transformation of this contemporary issue took place and researchers started looking beyond the simple dyadic transaction to the more complex nature of relationship that constitutes relationship marketing (Hearly, 2001). A note in the background that made the concept of Relationship Marketing so popular within the marketing world within 1970 to date is worthwhile to mention. The interesting outcome that could be corrected is the emergence of services marketing and the development of servuction concept to describe the system of interactions. These interactions occur between the customers and employees, who normally are not considered as marketing people who do not belong to a marketing or sales department. Because of these interactions and the importance of service in marketing, the need for relationship marketing grew at a rapid pace, as both the researchers and business managers came to understand the value in their overall marketing approach. 2.3 Relationship Marketing and Banking Sub-Sector The Nigerian banking service sub-sector, just like other countries provide full range of banking services to their customers (Ayopo et al, 2010). They accepted deposits, engaged in lending at both foreign and domestic transactions, provide property management and trustee services and wide range of other financial services for companies (Firpo, 2006). These services were rendered effectively and efficiently with utmost trust and commitment in most developed and developing nations due to the rational, relationship and interactive approach adopted. Banks adopted unique strategies in order to maintain relationships with their customers (Law et al, 2003). Some of these strategies include; Introduction of negative interest rates for customers with minimum deposit rate. The essence is to identify profitable customers, as well as have access to easy loans among others. The application of relationship marketing according to Palmers (1994) is for attracting high value customers. These are the starting point in managing customers in this competitive marketing environment. The environment is dynamic and it has the power to influence the operators of business performance as well as improving them. Business performance according to Ayopo et al (2010) refers to the effectiveness of organizations in fulfilling their purposes. While some organizations transact to return financial benefits to their shareholders, others have non-financial benefits as their returns. It is worthy of note that, in a competitive and dynamic environment, some organizations may compare their performance against their competitors, while others measure success with usage and productivity (Epstein, 2004). Often time, performance examination adopted by most organizations is subjective, and many of these studies are narrowly packaged to operationalise this construct. Slatter and Naver (1994) used only return on investment, sales growth and market share to substitute market performance. This is why Yau et al (2000) argued that the current business performance among firms today could necessarily be understood through the adoption and utilization of relationship marketing. 2.4 Elements of Relationship Marketing Many marketing literatures have examined the elements of relationship marketing in recent time and had presented the following as the backbone for the survival of relationship marketing in most organizations. They are; marketing communications, trust, shared value, emparthy, reciprocity and bonding (Morgan and Hunt, 1994; Veloutsou et al, 2002; Ndubisi and Chan, 2005; Egan, 2001; Evans and Laskin, 1994 and Hinde, 1997). 31

5 Bonding: bonding involves trying the customers primarily through providing incentives that may be in the form of low prices for greater value transactions (Wikipedia, 2005). In a relationship most importantly the one involving the customers and the service providers require the type of bonds that would unite them together. Callangban et al (1995) describe it as the element of relationship that results in two parties acting in a unified manner towards a desired goal. A bond has a number of dimensions. Ahmad and Buttle (2001) noted that there are three forms of bonding that exists between parties financial,social and structural bonds.but his counterpart in the same field contended that the two mostly discussed are social and structural bonds(vierra and Ennew,2004; Sin et al 2006 and Yau et al, 2000). Reciprocity: Another element of relationship marketing is reciprocity. This is the situation where people owe one another duties because of their prior actions and commitments. Reciprocity according to Callaghan in Sin, et al (2006) is the dimension of a business relationship that causes either party to provider favours or makes allowance for others in return for similar favours or allowances at a later date. Reciprocal relationship does purchases, show advocacy and retention which ultimately affect the banks performance positively (Ayopo et al 2010). Empathy: This is another key component of relationship marketing as it can be viewed as the ability to understand, share and have another person s feeling in a relational situation. This is why sin et al (2002) defined empathy as dealing with a business that enable two parties to see the situation from the same perspective. In an organization such as the bank, both the top, middle and low level managers should see the customers as the reason for their existence. This would enable them to maintain solid and strong relationships with their customers. Shared Value: Whenever the need for production and consumption is fulfilled, then the goal of marketing would have been achieved. Kotler and Keller (2007) saw value as the perceived tangible and intangible benefits and costs to customers. It is seen mainly as the combination of quality, service and price which is called customer values triad. (Wilson, 1995). In a similar development, Hesket et al (1994) contended that value is the ability of a company to provide superior values to her customers. In the banking sub-sector, share value should be accorded high priority because loyal and valued customers could become the bank s advocates and ultimately contribute towards improved organizational performance (Ayopo et al 2010) Trust: This can lead to the commitment of relationships that could result from exchange partners exerting all their efforts to preserve important relationships (Morgem and Hunt, 1994). The resources of the seller-personnel, technology and systems have to be used in such a manner that the customers would trust in the resources involved so that the relationships would be maintained and strengthened (Gronroos, 1994). It could be added that maintaining and strengthening trust is essential to the long- term success of a relationship. Where trust is absent, relationship will deteriorate (Palmer, 2001). Marketing Communications: Kotler, (2005) saw marketing communications as the means by which firms attempt to inform, persuade and remind consumers, directly or indirectly about the products and brands they sell. On the other hand, Ahmad and Buttle (2002), Kotler (2005), and Hawkins et al (2001) concluded that if relationship marketing is to be successful, the integration of all marketing communications messages are needed to support the establishment, maintenance, enhancement of relationships with customers. 2.5 Problems of Relationship Marketing in Nigeria 32

6 The problems of relationship marketing in Nigeria according to Ndubisi (2008) revolve on the attitude of manufacturers of goods and services. Most producers indulge in counterfeiting and donning of products and services. Counterfeiting involves the imitation of genuine articles or service, especially with the purpose of deceiving customers (Robinson and Dividson, 2004). Ndubisi, (2008) described counterfeiting as the duplication of the original products with inferior materials and selling them to customers as the original products, while donning according to him is emulating the leader s products or services in terms of packaging, names with slight changes in order to deceive the customers. Another problem of Relationship Marketing in Nigeria is lack of spirit of both responsive and responsible marketing. For Nigeria to be really customer relationship oriented, her manufacturers and service providers must be responsive and responsible marketers (Ndubisi, 2008). Relationship Marketing in Nigeria suffers greatly for lack of infrastructural facilities that aid marketing activities. Some of these facilities are also lacking in most banks in Nigeria. 2.6 Implications of Relationship Marketing There are many far reaching implications for the marketers who adopt relationship marketing. They include the following: Relationship marketing tends to increases the need for more two-way communication between the marketers and customers. As a result, some firms have introduced direct on-line communications between themselves and their respective customers. It is on record that such communications are facilitated by the use of new information technology including internet (Ndubisi, 2008). Most firms particularly those at the banking sub-sector are concerned with trying to generate customer satisfaction. This tends to increase the importance of internal marketing (Gronroos, 1996). This is evident in the fact that many firms have introduced the Total Relationship Marketing (TRM). According to Zineldin (2006), the main philosophy behind the TRM approach is to facilitate, create, develop, enhance and continuously improve all internal and external relationships with customers, employees and collaborators. In other words, systems must be installed with Relationship Marketing in order to enable constant tracking and assessment of customer satisfaction and needs. Relationship marketing also helps in building long-term relationship and hence increasing the need for maintaining loyal customers. Kotler (2002) in his contribution developed three ways a company can maintain stronger relationship with her existing customers;- Rewarding them financially, improving bonds with customers and finally through structural ties. These have previously been discussed. 3.1 Methodology Descriptive research design was adopted for the study. The population of the study consists of all the staff and customers of four (4) banks in Anambra state which figures could not be estimated. Convenience sampling was used. Sample size was 120. Each bank staff and customer investigated was issued 30 questionnaires which was properly filled and returned. The study randomly sampled four (4) commercial banks in Awka, Onitsha and Nnewi, urban (First Bank, Zenith Bank, Diamond Bank, Guarantee Trust Bank). Content and face validity was used to validate the instrument. While re-test reliability co-efficient was adopted to examine the internal consistency. 33

7 Furthermore, primary and secondary data were accessed and used as necessary in the course of the study. Data collected were analyzed based on the research questions and hypothesis. Correlation was used to test the hypotheses at 0.05 level of significance. The results were presented below; Pearson Correlations Has Relationship Marketing been effectively adopted acquiring and retaining customers in the banking industry? To what extent has Relationship Is Marketing in adopted by the Banks been able to deliver customer satisfaction? there significant relationship between Relationship Marketing and customer satisfactions? Are you a staff or a customer in any of these selected banks? Has Relationship Pearson **.446 **.357 ** Marketing been Correlation effectively adopted in Sig. (2-tailed) acquiring and retaining customers in the N banking industry? To what extent has Pearson.700 ** **.298 ** Relationship Marketing Correlation adopted by the Banks Sig. (2-tailed) been able to deliver customer satisfaction? N Is there significant Pearson.446 **.555 ** ** relationship between Correlation Relationship Marketing Sig. (2-tailed) and customer satisfactions? N Are you a staff or a Pearson.357 **.298 **.274 ** 1 customers in any of Correlation these selected banks? Sig. (2-tailed) N **. Correlation is significant at the 0.01 level (2-tailed). 3.2 Discussion of Results 34

8 This study adopted the Pearson correlation in examining the effectiveness of relationship marketing in the banking industry and it also determined whether the strategies employed really contributed to the rapid growth of the banking industry. This test was generally conducted with the data gotten from the aforementioned Banks. From the study conducted, the absolute value of the Pearson correlation indicates the strength, with larger absolute value indicating stronger relationship. However the absolute value of the correlation is a value very close to 1. Since is relatively close to 1, this indicated that the staff and customers responses on whether the relationship marketing adopted in order to acquire and retain customers in the banking industry were positively correlated. Since the significant and the two variables are linearly related. On the other hand, another section of the study was examined to know the extent of adoption of Relationship Marketing in the Banking sub-sector in relation to delivering customers satisfaction. With that, the absolute value of the correlation co-efficient indicated a stronger relationship. The absolute value of correlation is a value close to 1 with a significant value of In this case, 0.05 is less than 0.01 showing that the correlation is significant. Furthermore, the relationship between Relationship Marketing and customer satisfactions is significantly low in the banking sub-sector because the absolute value of correlation co-efficient which is shows a weak relationship with a significant level of is less than In this case, the two variables are not strongly correlated. Based on the generated outcome, Relationship marketing has effectively been adopted in acquiring and retaining customers in banking industry. Also the relationship strategies adopted by banks have gone a long way in delivering customers satisfaction. Finally, marketing executives should ensure that they improve on their responsibilities in ensuring that relationship marketing are accorded higher priority by getting the customers satisfied because the study conducted showed a weak relationship between the two variables. 4.1 Summary of Findings From the concluding study, a lot have been said about Relationship Marketing and we have the following as our findings; i. the banking sub-sector has so far moved from transactional marketing to more unique marketing practices called Relationship Marketing and this we believe would create the much needed rapport between the bank staff and their customers. ii. The adoption of Relationship marketing has to a great extent delivered customers satisfaction and this could be strengthened if banks could adopt fully the elements of RM in their services to customers. This is why Morgan and Hunt, 1994; Ndubisi and Chan, 2005; Ayopo, 2010 had opined that organizations could only survive competition when the elements of relationship are adopted. iii. It was also discovered that the relationship existing between RM and customers satisfactions is relatively low and managers of banks are expected to improve their efforts in building stronger relationship among the variables. 4.2 Conclusions There are very few empirical studies that seek to understand the customer s perspective of the relationship manager s roles and this should be accorded greater concern. Another key gap is the lack of application of a means-end model, such as the customer value hierarchy model, in banking industry; so far only one study has empirically operationalised the customer value hierarchy model. There is also gap in applying the model in a long-term post- 35

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