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Full Project – Effects of Customer relationship Management on Patronage and Retention.

Full Project – Effects of Customer relationship Management on Patronage and Retention.

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Full Project – Effects of Customer relationship Management on Patronage and Retention.

A study of Nigerian telecommunication industry.

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CHAPTER ONE

INTRODUCTION

  • Background to the Study

Customer Relationship Management (CRM) has been identified as a significant factor in the patronage and retention of customers in the Nigerian telecommunication industry. According to Ogunnaike and Aribisala (2015), CRM is a strategic approach that is concerned with creating improved shareholder value through the development of appropriate relationships with key customers and customer segments. The study found that CRM has a positive effect on customer retention and patronage in the Nigerian telecommunication industry. The authors further noted that the implementation of CRM strategies has led to increased customer loyalty and satisfaction, which in turn has resulted in increased customer retention and patronage.

In a similar vein, a study by Olatokun and Nwonne (2012) found that CRM has a significant impact on customer retention in the Nigerian telecommunication industry. The authors noted that the use of CRM strategies such as customer segmentation, customer service, and customer satisfaction surveys has led to increased customer retention. The study further revealed that CRM has a positive effect on customer loyalty, which in turn has a positive effect on customer retention.

A study by Adebayo and Gbadeyan (2011) also found that CRM has a significant impact on customer patronage in the Nigerian telecommunication industry. The authors noted that the use of CRM strategies such as customer service, customer satisfaction surveys, and customer loyalty programs has led to increased customer patronage. The study further revealed that CRM has a positive effect on customer loyalty, which in turn has a positive effect on customer patronage.

However, a study by Oke and Anthonia (2013) found that while CRM has a positive effect on customer retention and patronage in the Nigerian telecommunication industry, the effect is not significant. The authors noted that other factors such as price, quality of service, and network coverage also play a significant role in customer retention and patronage. The study further revealed that while CRM strategies such as customer service and customer satisfaction surveys are important, they are not the only factors that influence customer retention and patronage.

In contrast, a study by Eze and Chinedu-Eze (2018) found that CRM has a significant impact on customer retention and patronage in the Nigerian telecommunication industry. The authors noted that the use of CRM strategies such as customer service, customer satisfaction surveys, and customer loyalty programs has led to increased customer retention and patronage. The study further revealed that CRM has a positive effect on customer loyalty, which in turn has a positive effect on customer retention and patronage.

Furthermore, while there is a general consensus that CRM has a positive effect on customer retention and patronage in the Nigerian telecommunication industry, the extent of the effect varies from study to study. Further research is needed to determine the specific CRM strategies that are most effective in increasing customer retention and patronage in the Nigerian telecommunication industry.

  • Statement of the Problem

The Nigerian telecommunication industry has experienced significant growth over the past few years. However, despite this growth, the industry is faced with the challenge of customer retention and patronage. The problem seems to stem from the lack of effective Customer Relationship Management (CRM) strategies. This has resulted in a high churn rate, with customers frequently switching between service providers (Adebiyi & Adeola, 2015).

The issue of customer retention and patronage is critical in the telecommunication industry due to the high level of competition. Companies that fail to retain their customers risk losing significant market share. The problem is further compounded by the fact that acquiring new customers is often more expensive than retaining existing ones (Oyeniyi & Abiodun, 2010).

The role of CRM in enhancing customer retention and patronage cannot be overemphasized. CRM involves the use of strategies and technologies to manage customer relationships with the aim of improving business relationships, assisting in customer retention, and driving sales growth. However, the extent to which CRM affects customer retention and patronage in the Nigerian telecommunication industry is not well understood (Ogbadu & Usman, 2013).

There is a gap in the literature regarding the specific effects of CRM on customer retention and patronage in the Nigerian telecommunication industry. Most studies have focused on the general effects of CRM, without considering the unique context of the Nigerian telecommunication industry (Adebiyi & Adeola, 2015).

This lack of specific research on the Nigerian context is problematic because it limits the ability of telecommunication companies in Nigeria to develop effective CRM strategies. Without a clear understanding of how CRM affects customer retention and patronage in their specific context, these companies may struggle to implement effective strategies (Oyeniyi & Abiodun, 2010).

There is a need for more research on the effects of CRM on customer retention and patronage in the Nigerian telecommunication industry. Such research would provide valuable insights that could help telecommunication companies in Nigeria to develop more effective CRM strategies, thereby enhancing their competitiveness and profitability (Ogbadu & Usman, 2013).

 Aim and Objectives of the Study

The aim of the study is to examine the effects of Customer relationship Management on Patronage and Retention. The specific objectives of the study are:

  1. To examine the impact of Customer Relationship Management (CRM) on the patronage of the Nigerian telecommunication industry.
  2. To investigate the role of CRM in customer retention within the Nigerian telecommunication industry.
  3. To identify the strategies employed by the Nigerian telecommunication industry in implementing effective CRM.
  4. To assess the relationship between CRM and customer satisfaction in the Nigerian telecommunication industry.

1.4. Research Questions

The research questions are buttressed below:

  1. What is the impact of Customer Relationship Management (CRM) on the patronage of the Nigerian telecommunication industry?
  2. How does CRM play a role in customer retention within the Nigerian telecommunication industry?
  3. What strategies are employed by the Nigerian telecommunication industry in implementing effective CRM?
  4. Is there a relationship between CRM and customer satisfaction in the Nigerian telecommunication industry? If so, how can it be assessed?

1.5  Research Hypothesis

The hypothetical statement of the study is stated:

HO: Customer Relationship Management (CRM) has no significant impact on the patronage of the Nigerian telecommunication industry.

H1: Customer Relationship Management (CRM) has significant impact on the patronage of the Nigerian telecommunication industry.

1.6. Significance of the Study

The significance of this study lies in its potential to shed light on the effects of Customer Relationship Management (CRM) on patronage and retention in the Nigerian telecommunication industry. The telecommunication industry is a vital sector in Nigeria, contributing significantly to the country’s GDP. Understanding the role of CRM in this industry could provide valuable insights into how to improve customer satisfaction and loyalty, which are key factors in the industry’s growth and sustainability.

The first aspect of significance is the potential to understand the impact of CRM on patronage. CRM is a strategic approach that focuses on creating and maintaining lasting relationships with customers. By examining the impact of CRM on patronage, this study could reveal how effective CRM strategies can attract and maintain a strong customer base, thereby increasing the market share of telecommunication companies in Nigeria.

Secondly, the study could highlight the role of CRM in customer retention. In a highly competitive industry like telecommunications, retaining customers is as important as attracting new ones. By investigating the role of CRM in customer retention, the study could provide telecommunication companies with strategies to increase customer loyalty and reduce churn rate, which is the percentage of customers who stop using a company’s product or service during a certain time frame.

Thirdly, the study could identify the strategies employed by the Nigerian telecommunication industry in implementing effective CRM. This could provide a benchmark for other companies in the industry, helping them to improve their own CRM strategies and practices. It could also provide insights into the challenges and opportunities faced by telecommunication companies in implementing CRM, which could be useful for policy makers and regulators.

Fourthly, the study could assess the relationship between CRM and customer satisfaction. Customer satisfaction is a key indicator of a company’s performance and a predictor of customer loyalty. By assessing the relationship between CRM and customer satisfaction, the study could provide insights into how to improve customer experiences, which could lead to increased customer loyalty and profitability for telecommunication companies.

Finally, the findings of this study could have broader implications beyond the Nigerian telecommunication industry. They could contribute to the global body of knowledge on CRM, providing insights that could be applicable to other industries and contexts. This could help to advance the field of CRM and contribute to its ongoing development and refinement.

1.7. Scope of the Study

The study examines the effects of Customer relationship Management on Patronage and Retention. A study of Nigerian telecommunication industry.

1.8.  Operational Definition of Terms

  1. Effect: This refers to the result or outcome of a particular process or event. It is the change that is directly caused by an action or a cause.
  2. Customer Relationship Management (CRM): This is a strategy for managing an organization’s relationships and interactions with customers and potential customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
  3. Patronage: This refers to the support, encouragement, privilege, or financial aid that an organization or individual bestows to another. In the context of business, it refers to the act of customers regularly shopping or using services from a particular store or business.
  4. Retention: In a business context, retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely.

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