The Effect Of The Choice Of Advertising As Marketing Tool On Customer Retention In Banking Industry – A Case Study Of Selected Branches Of Access Bank In Benin-City
Akerejola Williams Olasojumi
Wellspring University, Benin-City, Edo State
Ohikhena Patrick Stephen
Wellspring University, Benin-City, Edo State
Alabi Bolaji
Wellspring University, Benin-City, Edo State
Emenike Anthony
Wellspring University, Benin-City, Edo State
Keywords: Choice of advertising, customer retention, banking industry, budget challenges, MARKETING TOOL, CUSTOMER RETENTION IN BANKING INDUSTRY
Abstract
A product or service is advertised to create awareness in the minds of potential buyers through various advertising media such as Newspaper, Magazines, Television, Radio, Posters, Hoardings, Billboard and, in recent times, internet and web advertising are regularly coming up on screen on Facebook, WhatsApp, instalgram and some other known social media platform. It is a promotional activity for marketing a commodity or services under which the bank’s services or even products fall and if appropriately done could impact on its services leading to retention of her customers. Hence this has elicited the interest of several researchers in identifying the effect of this all important phenomenon of advertising as marketing tools on customer retention in selected banks in Benin-City, Edo State, Nigeria. This article examines how the choice of advertising media used impact on customer retention in selected banks as well as the budget challenges of advertisement used by the banks to convey messages to customers to aid their retention. 80 customers of the selected banks in Benin-City, Nigeria were sampled randomly using convenience sampling method by administration of a well-structured questionnaires. The findings indicates that there is a significant relationship between the choice of advertising media and budget challenges with customer retention in the selected banks in Benin-City. It is then recommended that banks should pay serious attention to the choice of media used for advertisement as well as adequate provision of funds for advertisement to avoid wastage of resources by the banks. It will also enable them to reach large number of prospects so they can be aware of new products in offer by the banks thereby increasing customer base and retaining the existing ones