SOCIAL CUSTOMER RELATIONSHIP MANAGEMENT (SCRM) IN THE NIGERIAN BANKING SECTOR (MANAGEMENT PROJECT TOPICS AND MATERIALS)
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
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.
