Customer Retention Strategies: Benefits on Small Businesses in Nigeria

2016 ◽  
Vol 4 (3) ◽  
pp. 63-67
Author(s):  
Ibrahim Ahmed ◽  
Usman Yerima Abdullahi ◽  
Ibrahim Abba
Keyword(s):  
Conceptual Model ◽  
Small Businesses ◽  
Business Performance ◽  
Customer Retention ◽  
Secondary Data ◽  
Business Managers ◽  
Retention Strategies ◽  
The Relationship

Objective - This study endeavor to discover the benefits of customer retention strategies on customer retention and business performance in Nigeria. Methodology/Technique - Secondary data was used and a conceptual model developed to establish the relationship between customer retention and the retention strategies. Findings - The study observed that small businesses that practices customer retention strategies retains and satisfy their customers than those that do not. Novelty - It is recommended, however, that business managers should embrace the use of electronic mails, professionalism, welcoming complaints etc. as ingredients that lead to customer retention among small businesses. Type of Paper - Conceptual Keywords: Customers; Retention; Satisfaction and Strategy

scholarly journals Use of management reports and performance of sales managers in an insurance company

2018 ◽  
Vol 29 (78) ◽  
pp. 343-354
Author(s):  
José Carlos Tiomatsu Oyadomari ◽  
Bruno Duque ◽  
Edelcio Koitiro Nisiyama ◽  
Ronaldo Gomes Dultra-de-Lima ◽  
Octavio Ribeiro de Mendonça Neto
Keyword(s):  
Structural Equation ◽  
Secondary Data ◽  
Equation Modeling ◽  
Insurance Company ◽  
Sales Managers ◽  
Business Managers ◽  
Accounting Practice ◽  
And Performance ◽  
The Relationship

ABSTRACT This article aims to investigate the relationship between perceptions of the enabling dimension and the technical validity of the management reports of an insurance company and the performance of its sales managers, mediated by the use of these reports. Companies invest resources in providing management reports for business managers to take decisions, so understanding what influences the use of these reports and whether this use is associated with performance constitutes a relevant subject for both academia and professional practice. The results may be useful for organizations that are taking decisions to invest in management reports, showing that technical validity is what best influences the use of these reports, at least in the short term, which is also a contribution to the theory. Secondary data were combined with a survey of 231 respondents from an insurance company and analyzed using the structural equation modeling (SEM) technique via partial least squares (PLS). The article contributes to the literature and management accounting practice by demonstrating that, unlike in previous studies, the enabling dimension does not positively influence the use of management reports. On the other hand, the study shows that technical validity, which is a more tangible dimension of the quality of management reports, is positively associated with their use and that this use influences the performance of the sales managers. Keywords: use of management reports, sales performance, sales managers, insurers, enabling.

scholarly journals Customer Retention Strategies Effectiveness in the Zimbabwean Medical Industry: Perspectives from Cellmed Health Fund

2019 ◽  
Vol 4 (6) ◽  
Author(s):  
Vingirayi Ishumael ◽  
Brighton Nyagadza ◽  
Mavhunga Charles ◽  
Nyasha Munjeri
Keyword(s):  
Market Share ◽  
Quantitative Methods ◽  
Customer Retention ◽  
Secondary Data ◽  
Customer Relationships ◽  
Retention Rates ◽  
Loyalty Programs ◽  
Annual Reports ◽  
Primary Data ◽  
Retention Strategies

The main objective of the study was to examine customer retention strategies at Cellmed Health, from the period 2012 to 2018. The focused was mainly on impact of customer retention strategies on market share, profit and sales turnover. A descriptive survey design was used with both qualitative and quantitative methods. Sixty participants from Cellmed Health were involved in the research. The study used both primary and secondary data where the primary data was collected using questionnaires and interviews while the secondary data was obtained from annual reports and magazines of the company. Descriptive statistics of mean, frequency and percentages were used to analyse demographic characteristics of the respondents. Regression analysis was used to measure and predict the relationship between the customer retention strategies and market share, profitability and sales turnover. Findings were that Cellmed used monitoring customer relationships strategies, market intelligence, loyalty programs and promotions to maintain its competitiveness. Furthermore, it also concludes that there was a significant relationship between customer retention strategies and profit as well as sales turnover that the company (Cellmed) was posting annually. In this light, the study recommendation was that customer retention strategies should be embrace in the decision making processes of the organisation covering products, price, services, responsiveness, tangibility and reliability of the brand name. The study also recommends that Cellmed Health should strengthen its customer bonds and moreover, in order to increase customer retention rates, Cellmed Health should provide extraordinary customer services.

scholarly journals Critical thinking and creativity of MSMEs in improving business performance during the covid-19 pandemic

2022 ◽  
Vol 10 (1) ◽  
pp. 19-28 ◽  
Author(s):  
Siti Mujanah ◽  
I Dewa Ketut Raka Ardiana ◽  
Riyadi Nugroho ◽  
Candraningrat Candraningrat ◽  
Achmad Yanu Alif Fianto ◽  
...  
Keyword(s):  
Critical Thinking ◽  
Business Performance ◽  
Online Survey ◽  
Business Managers ◽  
Substantial Impact ◽  
The Relationship

The purpose of this descriptive-explanatory study is to examine the relationship between critical thinking and creativity and the performance of Micro, Small, and Medium-sized businesses (MSMEs) in Indonesia during the coronavirus disease 2019 (COVID-19) pandemic. In this study, a questionnaire instrument was used, which was given online using Online Survey Forms, to collect information from a sample of 108 business managers who were selected at random to participate. Using the SmartPLS software, an analysis was performed once the data had been collected. The results indicate a substantial impact on the performance of MSMEs in Indonesia was found to be associated with critical thinking and innovation, according to the findings.

A conceptual model of knowledge sharing

2018 ◽  
Vol 10 (2) ◽  
pp. 238-260 ◽  
Author(s):  
Rayees Farooq
Keyword(s):  
Knowledge Sharing ◽  
Conceptual Model ◽  
Business Performance ◽  
Review Process ◽  
Theoretical Perspective ◽  
Future Research ◽  
Content Type ◽  
Industry Type ◽  
Thomson Reuters ◽  
The Relationship

Purpose The purpose of the study is to develop a conceptual model of knowledge sharing and how knowledge sharing is linked to business performance. The study proposes basic dimensions of knowledge sharing which seem to be poorly defined in the past literature. Design/methodology/approach The studies were explored from journals which are indexed (Scopus, Thomson Reuters and ProQuest) and specialized in knowledge sharing and business performance. Majority of the papers were available in electronic format, so that papers could be easily explored using the key terms. Various search engines were used to explore the studies such as Google scholar, Emerald insight and ProQuest. Published theses, conference proceedings, working paper series and work in progress were excluded from the search. The review process included the studies from 1987 to 2017. During the review process, papers were explored on the basis of key word search, namely, “Knowledge sharing”, “Business performance” and “Industry type” to reduce interpretation bias. Findings Knowledge sharing is the significant predictor of business performance and industry type moderates the relationship between knowledge sharing and business performance. The relationship between knowledge sharing and business performance is important in both manufacturing and service organizations. Knowledge sharing dimensions proposed are elementary in nature and require further refinement and development. Research limitations/implications The study was approached from a theoretical perspective and the model proposed can be empirically validated by identifying statements for each dimension. Future research should explore the following: As to what extent these dimensions reflect knowledge sharing? Are dimensions chosen carefully? Or do they emerge as a result of previous studies? Practical implications The model can be very helpful for managers and practitioners who want to study how knowledge sharing enhances business performance. Managers will be able to understand how industry-specific differences affect business performance through knowledge sharing. Originality/value Proposed conceptual model advances the theoretical base of knowledge sharing by suggesting dimensions based on comprehensive review of the literature. The study contributes to knowledge management and business performance literature.

The impact of relational bonds on brand loyalty: the mediating effect of brand relationship quality

2014 ◽  
Vol 24 (2) ◽  
pp. 184-204 ◽  
Author(s):  
Chao-Chin Huang ◽  
Shih-Chieh Fang ◽  
Shyh-Ming Huang ◽  
Shao-Chi Chang ◽  
Shyh-Rong Fang
Keyword(s):  
Relationship Quality ◽  
Brand Loyalty ◽  
Customer Retention ◽  
Retention Strategies ◽  
Content Type ◽  
Brand Relationship ◽  
Brand Relationship Quality ◽  
Retail Service ◽  
The Relationship

Purpose – While the literature attends to how customer retention strategies develop relationship quality (e.g. trust), it does not account for the potential mediator (s) in this relationship. The purpose of this paper is to examine the mediating role of brand relationship quality (BRQ) in the relationship between relational bonds and brand loyalty in retail service contexts. Design/methodology/approach – A total of 524 valid questionnaires from respondents aged between 15 and 24 are analyzed using structural equation modeling. Findings – First, BRQ significantly mediates the relationship between relational bonds and brand loyalty. Second, structural bonds are the only driver of attitudinal attachment; social and structural bonds lead to a sense of community. Third, attitudinal attachment is the main influence on both behavioral and attitudinal loyalty. Research limitations/implications – First, a focus on a single market segment, i.e. 15-24 year olds. Second the dimensions used to measure relational bonds and BRQ might not be applicable to other contexts. Third, does not consider potentially important moderator(s). Fourth, does not distinguish between store and product brands. Originality/value – This study makes the following contributions to the literature: First, demonstrates the importance of BRQ as a mediator in the relationship between relational bonds and brand loyalty. Second, elucidates the role of BRQ in establishing brand loyalty in three theoretical frameworks applied to retail service contexts. Third, suggests a more comprehensive view of brand loyalty involving both behavioral and attitudinal dimensions. Fourth, proposes the managerial implications of this work for the customer retention strategies of retail service firms.

Relationship marketing practices for retention of corporate customers in hospitality contract catering

2010 ◽  
Vol 16 (1) ◽  
pp. 1-10
Author(s):  
Evangelos Christou
Keyword(s):  
Organizational Change ◽  
Relationship Satisfaction ◽  
Conceptual Model ◽  
Relationship Marketing ◽  
Customer Retention ◽  
Business Relationships ◽  
Business Contract ◽  
Corporate Customers ◽  
The Relationship ◽  
Business To Business

Customer retention is specific to the context of each firm, and this is rarely recognized in models for customer retention. This paper studies how customer retention in hospitality business-to-business contract catering depends on the relationship substance built up due to interaction between the parties. Relationship substance may be of a more or less embedded ind, which is explored here in the form of relationship satisfaction and organizational change in the buying firm. A conceptual model is developed and tested on a sample of business relationships in business-to-business contract catering. The results support the fundamental effect that relationship satisfaction improves customer retention. The research also finds that the purchase development of contract catering customers increases retention, in particular if the customer who purchases more is also satisfied. However, when the contract caterer has achieved change in the customer firm, customer is reduced. Evidently, these customers consider that they are done with the seller and move to other sellers, or reduce their purchases altogether.

Innovative behavior and venture performance of SMEs

2015 ◽  
Vol 18 (2) ◽  
pp. 195-217 ◽  
Author(s):  
Waleed Omri
Keyword(s):  
Firm Performance ◽  
Conceptual Model ◽  
Business Performance ◽  
Innovative Behavior ◽  
Environmental Dynamism ◽  
Content Type ◽  
Version 2.0 ◽  
Innovation Output ◽  
The Relationship ◽  
Innovative Output

Purpose – The purpose of this paper is to explore the relationship between innovative behavior and firm performance to determine empirically whether managers’ innovative behavior impacts directly or indirectly on firm performance through innovative output. A proposed conceptual model is tested with the moderating effects of environmental dynamism. Design/methodology/approach – An empirical study tests the conceptual model of a multi-industry sample of Tunisian small and medium-sized enterprises. For this analysis the author applies the partial least squares (PLS) technique using the software package SmartPLS, version 2.0. Findings – Empirical findings reveal that innovative behavior acts on innovation output thus having a positive and significant effect on business performance. Direct effect on business performance is found to be positive but weakly significant. These positive relationships tend to decrease when market conditions are highly dynamic. Practical implications – Managers should be aware of the strategic potential of their innovative skills which can reinforce a firm’s innovativeness in order to improve business performance. Originality/value – This paper proposes a model showing how a manager’s innovative behavior affects innovation output thus enhancing firm performance. The proposed conceptual model gives a more specific vision with the introduction of environmental dynamism as a moderating factor.

scholarly journals Financing and Success/Performance of Small Businesses in Serbia

2020 ◽  
Author(s):  
Aleksandra Stoiljković ◽  
Slobodan Marić
Keyword(s):  
Small Businesses ◽  
Business Performance ◽  
Research Question ◽  
Secondary Data ◽  
Small Enterprises ◽  
Total Revenue ◽  
Main Hypothesis ◽  
Revenue Growth ◽  
Relevant Variables ◽  
And Performance

Financing represents a general problem for small enterprises with numerous constraints. Defining the problem of research will eliminate the answer to the following research question: Does the financing of small enterprises, based on the volume and structure, determine business performance, i.e., success? As well as the overall problem orientation of this research, motivation is related to the analysis of business performance, i.e., success of small enterprises in relation to the nature of financing small businesses. It has to be defined 'The idea is to identify and define the role of financing as a factor of competitiveness and performance in small business operations, as the general objective of the paper. Lack of financial resources is one of the most common causes of failure of small enterprises. The main hypothesis is: There is a significant correlation between the volume and structure of sources of financing and the performance of small enterprises. Data: Secondary data from the reference databases (Serbian Business Registers Agency) for 2018, which include 150 cases, serve as the relevant basis for the realization of the research within the adequately set area of the research. Tools will be used to study the relationship, i.e., connectivity of selected research variables based on regression analysis in the frame of parametric quantitative procedures. Business performance variables, measured by indicators of profit and revenue growth, with variables of volume and structure of financing as is equity and % of equity as a structure; measures like time in business, total revenue, total number of employees, represent the size and age of business. Findings point to the conclusion that the volume of financing as well as the participation of own capital contribute to the business performance of small enterprises, which is measured by the most relevant variables in terms of profit and total revenue. Contribution: Based on the facts presented, we can say that all research assumptions have been confirmed, and the presented research results are significant and representative for future managerial practice of small businesses. The key contribution of this research is identification of an optimal financing structure for business performance of small enterprises.

scholarly journals Corporate Image Management and Bank Performance in Nigeria

2021 ◽  
Vol 04 (05) ◽  
Author(s):  
Patrick Ologbenla ◽  
Keyword(s):  
Corporate Governance ◽  
Panel Data Analysis ◽  
Random Effect ◽  
Customer Retention ◽  
Secondary Data ◽  
Corporate Image ◽  
Bank Performance ◽  
Image Management ◽  
And Performance ◽  
The Relationship

The lack of consensus on the relationship between corporate image management and bank performance prompted this research. The study investigates the relationship between corporate image management and performance of deposit money banks in Nigeria between 2007 and 2017. Quantitative approach of methodology where secondary data are collected analysed on relevant variables for eight deposit money banks which include the five tier one lenders and three tier two lenders is applied. Panel data analysis is adopted as the estimating technique. From the result, the random effect result shows that only corporate governance out of the proxies of corporate image management has significant impact on customer retention of the banks. Both corporate social responsibility and environmental responsibility failed to have significant impact on customer retention. The study recommends that that the banks should continue improving on their corporate governance as it is a good measure of corporate image management that contribute significantly to their performance.

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