Effect of Customer Relationship Management on Customer Retention in the Ghanaian Banking Sector

Abstract

Customer relationship management (CRM) and customer satisfaction are strategic decisions taken by firms in both production and operational industry to attract new customers, build a profitable relationship with customers both existing and try to keep customers by meeting their expectations, this helps firms to increase sales of whatever type of product or service they are offering to a particular market; thereby increasing their profits as well (1). Customer relationship consists of managing every aspect of interactions a company has with its customers, including prospecting, sales and service. CRM applications seek to provide insight into and improve the company or customer relationship by combining all these views of customer interaction into one picture (1).