Customer Relationship Management and Organizational Performance of Selected Banks in Ogun State, Nigeria
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Date
2023
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Abstract
Customer relationship management (CRM) has been acknowledged by existing literature as a strategic management process that any organization can adopt in order to achieve long term positive relationship with their customers. It was also established as strategic management initiatives that possess the capability of resolving many organizational issues as well as facilitates their performance and enhances the achievement of organizational objectives. The main aim of this research is to examine the impact of customer relationship management on the performance of banks in Nigeria. In order to test the relationships between the CRM dimensions (customer orientation, CRM organization, knowledge management and technology based CRM) on the performance of banks. A total of 165 questionnaires were administered to the employees and customers of selected banks in Ogun State. Out of which 151 valid responses were received representing 91.5% rate of response. The data was analyzed with Statistical Package for Social Sciences (SPSS) version 22 software to test the hypothesized relationships. The findings ((β = 0.451, t = 5.717, p = .000, β = 0.364, t = 4.616, p = .000, β = 0.432, t = 5.654, p = .000). supported all the hypothesized direct relationships to organization performance. Precisely, customer orientation, CRM organization, knowledge management and technology-based CRM were found to have significant positive relationship with organization performance. Therefore, this study established that there is significant relationship between customer relationship management and organizational performance. It was concluded that banks will have better competitive advantage when all staff implement, appreciate and demonstrate these customer relationship management strategies with a view of satisfying the customer while the study recommended that constant training on customer orientation is necessary in order to ensure the employees are given proper and up to date training and the management should be serious about it, in order to maintain the organization success.