THE IMPACT OF MARKETING ON THE FINANCIAL PERFORMANCE OF A COMMERCIAL BANKS IN NIGERIA
Abstract
ABSTRACT
This study presents a comprehensive analysis of data collected through structured questionnaires to evaluate the impact of effective marketing strategies on the financial performance of commercial banks in Nigeria, focusing specifically on First Bank Nigeria Plc. Out of 100 distributed questionnaires, 80 were successfully retrieved, providing a robust sample for statistical analysis. The demographic profile of respondents indicates a balanced gender distribution and a predominance of individuals aged 26 to 35, with a significant portion holding higher education qualifications.
The analysis reveals a positive relationship between marketing strategies and customer retention, underscoring the importance of relationship marketing in enhancing customer satisfaction and reducing defection rates. Notably, trust emerged as the most critical factor in fostering customer loyalty. The findings suggest that banks should prioritize relationship marketing initiatives, improve after-sales support, and leverage technology to build strong customer relationships. Recommendations include training employees to enhance customer interactions and implementing strategies for better customer retention. Overall, the study highlights the significant role of effective marketing in driving the financial success of commercial banks in Nigeria.
Keyword: Relationship Marketing Impact on Bank Performance
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