ABSTRACT
To attract more customers, the level of competition in all industries, both locally and internationally, has intensified enormously, and so firms are forced to develop unique products and especially services through customer engagement to keep up with their clients and their endless demands. As the world has become a global village with the Internet and social media, businesses have adopted the use of social media as a strategy of Customer Relationship Management (CRM) to develop a new idea or product through their customers’ input as well as prospecting and en-gaging both new and old customers.
This study explores how successfully the Nigerian banking sector has used Social Customer Relationship Management (SCRM) to engage its clients and to determine the willingness of the customers to follow along in this engagement. It is also aimed to help banks in Nigeria to enhance customer loyalty and satisfaction, which can contribute to improving the foundation for growth, which, in turn, may widen the banks’ customer base.
The research method adopted for this case study represents a quantitative research approach through the use of two surveys among the customers and the bank staff of the three Nigerian banks selected for this study. The findings indicate customers see SCRM as a useful two-way tool for engaging with the banks and also consider it of high importance for banks to be actively presence on social media. However, many are still skeptical about its openness and have concerns about its security.
Keywords: Social Media, Customer Relationship Management, Social Customer Relationship Management
TABLE OF CONTENTS
Thesis Abstract
Tables, Figures, and Pictures
ABBREVIATIONS
1 INTRODUCTION
1.1 BACKGROUND OF THE STUDY AND STATEMENT OF PROBLEM
1.2 SCOPE AND OBJECTIVE OF THE STUDY
2 CRM, SOCIAL MEDIA AND SCRM
2.1 WHAT IS CUSTOMER RELATIONSHIP MANAGEMENT (CRM)?
2.2 CRM OBJECTIVES AND BENEFITS IN THE BANKING SECTOR
2.3 WHAT IS SOCIAL MEDIA?
SOCIAL MEDIA STRATEGY
2.4 SOCIAL CUSTOMER RELATIONSHIP MANAGEMENT (SCRM)
THE SCRM PROCESS
2.5 CHALLENGES OF SCRM
2.6 BENEFITS OF SCRM
2.7 DIFFERENCES BETWEEN CRM AND SCRM
3 CUSTOMER EXPERIENCE JOURNEY IN BANKING SECTOR
DISCOVER
EVALUATE
BUY
USE
RE-ENGAGE
EFFECT OF SOCIAL MEDIA ON CUSTOMER EXPERIENCE JOURNEY
4 NIGERIAN BANKING SECTOR
4.1 OVERVIEW OF NIGERIA BANKING SECTOR
4.2 IMPACT OF SOCIAL MEDIA AND SOCIAL CRM ON THE NIGERIAN BANKING SECTOR
5 RESEARCH METHODOLOGY
5.1 RESEARCH
5.2 DATA COLLECTION METHOD
5.3 LIMITATION
5.4 TEST OF VALIDITY AND RELIABILITY
6 RESULTS
6.1 RESULTS OF THE FIRST SURVEY
DESCRIPTIVE INFORMATION ABOUT THE RESPONDENTS
RESEARCH RESULT
RESPONDENTS OPINIONS AND RECOMMENDATIONS
6.2 RESULTS OF THE SECOND SURVEY
DESCRIPTIVE INFORMATION ABOUT THE RESPONDENTS
RESEARCH RESULT
RESPONDENTS OPINIONS AND RECOMMENDATIONS
7 CONCLUSION AND RECOMMENDATIONS
BIBLIOGRAPHY
APPENDICES
1 INTRODUCTION
Over the years, the banking industry has played a major role in the business world, which has a significant growing impact on all other areas of the economy; as a result of its financial services provisions. The level of competition in the industry, to attract more customers both locally and internationally, has intensified enormously. In other words, the banking sector environment today is highly volatile and fierce, and to stand out from competitors, your service needs to be excellent. Similarly, in today’s business world, the customer is number one. Companies are forced to develop unique products and especially services through customer engagement to keep up with their clients and their endless demands. Therefore, there is a significant need and interest in developing an effective technique to enhance interaction between customers and bank staff so as to prospect, engage and to retain customers.
As the world has become a global village with the help of the Internet and social media, businesses have adopted the use of social media as a strategy of Customer Relationship Management (CRM) to develop a new idea or product through their customers’ input and as well as prospecting and engaging both new and old cus-tomers. It has further helped to harness the power of consumers to market products and services, to further improve customer satisfaction, to provide support, and to develop ideas for new and improved goods and services.
1.1 BACKGROUND OF THE STUDY AND STATEMENT OF PROBLEM
The Nigerian banking sector has seen its fair share of this volatility as stated above. Bank managers in this area focus and think out of the box on how to create a close affiliation with their customers and also to create a different way of thinking about how CRM helps to use social media to enhance customer engagement, considering the increasing number of smartphone users, Internet users, and social media users in Nigeria. The Nigerian banking sector has embraced Social Customer Relationship Management (SCRM) to address customer issues and complaints to ensure that its clients get value for their money, thereby enhancing customer loyalty, building and
So, this research work is about evaluating the impact and usage of SCRM in the Nigerian banking sector as well as examining the degree of willingness of both the existing and prospective customers to contribute to or interact in SCRM.
1.2 SCOPE AND OBJECTIVE OF THE STUDY
This research work focuses on the evaluation of the impact and usage of SCRM in the Nigerian banking sector as a case study as well as examines the degree of willingness of both existing and prospective customers to contribute to or interact in SCRM. The scope, however, will be narrowed down to three Nigerian banks that use SCRM.
The aim of this study is to provide information on how successfully the Nigerian banking sector has used SCRM to engage their customers and the willingness of the client to follow along in this engagement.
This study will help banks in Nigeria to enhance customer loyalty and satisfaction, which can contribute to improving the foundation for growth, which, in turn, may widen the banks’ customer base.
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Item Type: Project Material | Size: 64 pages | Chapters: 1-5
Format: MS Word | Delivery: Within 30Mins.
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