The Imperative of Interactive Service Marketing Strategy on Customers’ Satisfaction in the Contemporary Nigerian Banking Industry

Abstract

The internal crises in Nigerian banking industry between 2005 and 2009 manifested poor interactive relation with the customers among others; leading to failures of some banks and subsequent reforms that have recorded some improvements. This study is to examine the impact of improved interactive service marketing strategy on customers’ satisfaction in contemporary Nigerian banking industry. The customers’ satisfaction variables measured are service/product quality, market share, return on owners’ investment and customers’ loyalty. Sample size was determined using Taro Yeman’s formula. Pilot survey and Cronbach’s Alpha were used to confirm the validity and reliability of the study respectively and their variables of measures. Spearman’s rank correlation coefficient(r), simple regression and partial correlation analyses were the statistical tools used. Consequently the following major findings among others were obtained: (1) It was established that Interactive marketing strategy has positive and significant relationship with service/product quality; positive and moderate relationship with the market share; positive and weak relationship with return on owner’s investment and positive moderate relationship with customers’ loyalty. (2) There was positive and significant relationship between interactive service marketing strategy and customers’ satisfaction with technology moderating them. We conclude that interactive service marketing strategy is a significant tool to embrace in Nigerian contemporary banking industry. We recommend market orientation to banks in order to increase customers’ satisfaction.