Building Effective Marketing Partners: a Tactical Tool to Achieve Customer Retention in the Face of Strong Competitors

Abstract

There is a lot of competition and constant shifting of customers in today's business environment. This study, therefore, examined the impact of marketing partners (supplier, distribution, dealer, agencies and customer networking) on customer retention. A descriptive survey research method was used, and data were collected from 356 respondents in the selected deposit money banks. Multiple regression analysis was employed to analyse the formulated hypothesis. The findings showed (R2=0.713, F-test=173.999, p < 0.05), the hypothesis was statistically significant at 5% level of significance, indicating that effective marketing partners demonstrated to be a tactical tool to achieve customer retention. The findings highlight the importance of building and maintaining cordial relationships with marketing partners to enhance customer retention in the banking industry. The study recommended that banks adjust their marketing initiatives and product offers to improve customer retention by being aware of the demands and preferences of their customers.