The Impact of Customer Appreciation Service on Customer Loyalty Patronage: Evidence from Nigeria Financial Sector

Abstract

The purpose of this study is to evaluate the impact of customer appreciation service on customer loyalty patronage from the Nigeria financial sector. The survival and growth of organizations largely depend on the success of the marketing strategies it employs from time to time. Customer appreciation service CAS which is a subset of customer relationship management is regarded as a viable competitive tool for survival and growth in contemporary business. Customer Appreciation Service means a day(s) set aside by firms to appreciate / honour their customers by giving them gifts for their patronage over time. It is also aimed at positively influencing repeat purchase behaviour. The data for this study was collected from 400 customers randomly selected from sampled banks in Port Harcourt Nigeria; and 380 properly completed questionnaire were retrieved and used. The finding revealed that customer appreciation service impact on customer loyalty patronage. The Finding further revealed that the banks need to segment the celebration packages issued on CAS day(s). The study recommended that policy makers and banks managers should at least annually celebrate CAS, and also segment the gift items they give to customers on CAS day(s). There is also a need for banks to improve upon the products / services quality offered to their target market. This is because, quality service plus customer appreciation service result to customer loyalty patronage.

Key words: Customer Appreciation Service (CAS), Customer Loyalty Patronage (CLP), and Customer Relationship Management (CRM).