RELATIONSHIP MARKETING AND CUSTOMER LIFETIME VALUE IN NIGERIA COMMRCIAL BANKS
DOI:
https://doi.org/10.64415/jgpmc.v3i1.84Keywords:
Relationship Marketing, Customer Lifetime Value, Technical Efficiency, Relational Void, Commrcial Banks, NigeriaAbstract
This study investigated the relationship between relationship marketing dimensions and Customer Lifetime Value (CLV) of commercial banks in Cross River State, Nigeria. The research was prompted by the growing "relational void" in the Nigerian banking sector, where the transition to digital banking has prioritized technical efficiency over the "high-touch" relationship management essential for long-term loyalty. The research adopted a survey research design. Primary data were collected from a sample of 202 respondents using a structured questionnaire. To ensure data reliability, preliminary tests including normality and homoscedasticity were conducted. The hypotheses were tested using Pearson Product Moment Correlation and the Student’s t-test at a 0.05 level of significance. The study identified that the erosion of fundamental pillars like trust and commitment often compromised by system instabilities and impersonal communication directly contributeto rising customer churn. Empirical results indicated a significant positive correlation between relationship marketing dimensions and CLV. Specifically, the calculated t-value of 2.729 exceeded the critical value, confirming that dimensions such as trust, conflict handling, and shared values are vital mediators that convert transactional users into long-term assets. It is then recommended that commercial banks should restructure their digital strategies to include robust conflict-resolution mechanisms and personalized communication. Management should move beyond automated alerts to foster meaningful dialogue and shared values, thereby rebuilding the trust and commitment necessary to enhance customer lifetime.
Keywords: Relationship Marketing, Customer Lifetime Value, Technical Efficiency, Relational Void, Commrcial Banks, Nigeria.
References
Agom, J. E., & Odigbo, B. E. (2024). Relationship marketing dimensions and customer loyalty in the service industry: Evidence from Calabar metropolis, Cross River State. Journal of Business and Value Creation, 12(1), 45–62.
Al-Shukry, A. (2025). Advanced relationship marketing: Theories and applications in the digital era. Academic Press.
Armutcu, B. (2026). Service quality and relationship management in emerging financial markets. Journal of Financial Services 13(1), 45–60.
Beriwal, S. (2024). Impact of digital transformation on customer lifetime value in emerging economies. Global Banking Review 15 (2), 110–128.
Blau, P. M. (1964). Exchange and power in social life Wiley.
Borishade, T. T., Worlu, R. E., Ogunnaike, O. O., & Aka, D. O. (2021). Relationship marketing and customer retention in the Nigerian banking sector: An empirical assessment. Journal of Financial Services Marketing, 26 (3), 112–125.
De Wulf, K., Odekerken-Schröder, G., & Iacobucci, D. (2001). Investments in consumer relationships: A cross-country and cross-industry exploration. Journal of Marketing, 65(4), 33–50.
Ekakitie, S. E. (2022). Service quality and conflict handling as determinants of customer commitment in Nigerian commercial banks. International Journal of Bank Marketing and Management, 9(2), 88–104.
Finne, A., & Grönroos, C. (2017). Communication-in-use: Customer-integrated marketing communication. European Journal of Marketing, 51 (3), 445–463.
Grönroos, C. (2004). The relationship marketing process: Communication, interaction, dialogue, and value. Journal of Business & Industrial Marketing, 19(2), 99–113.
Grönroos, C. (2017). On relationship marketing: Strategy, organization and management. *Contemporary Management Research, 13 (1), 3–14.
Hennig-Thurau, T., Gwinner, K. P., & Gremler, D. D. (2002). Understanding relationship marketing outcomes: An integration of relational benefits and relationship quality. Journal of Service Research, 4 (3), 230–247.
Heskett, J. L. (2023). The service profit chain: Linking relationship marketing to profit and growth Free Press.
Homans, G. C. (1958). Social behavior as exchange. American Journal of Sociology 63 (6), 597–606.
Iglesias, O., Markovic, S., & Rialp, J. (2019). How does sensory brand experience influence brand equity? Considering the roles of brand love, personality and trust. Journal of Business Research, 96, 159–171.
Imouokhome, O. B. (2020). Sustainable relationship marketing and customer loyalty: A study of selected deposit money banks in Nigeria [Unpublished doctoral dissertation]. University of Lagos.
Kumar, V. (2018). Customer relationship management: Concept, strategy, and tools (3rd ed.). Springer.
Leeds, B. (1992). Mystery shopping: Your way to more customers. Bank Marketing, 24 (12), 19–23.
Meyer, T. (2025). Customer Lifetime Value: Strategic frameworks for global banking, Springer.
Morgan, R. M., & Hunt, S. D. (1994). The commitment-trust theory of relationship marketing. Journal of Marketing, 58 (3), 20–38.
Ndubisi, N. O. (2007). Relationship marketing and customer loyalty. Marketing Intelligence & Planning, 25 (1), 98–106.
Olise, M. C. (2022). Customer relationship management (CRM) and the performance of commercial banks in Nigeria: A descriptive analysis. African Journal of Marketing Management 14 (4), 130–145.
Payne, A., & Frow, P. (2017). Strategic customer management: Integrating relationship marketing and CRM. Cambridge University Press.
Rosário, A. T., & Casaca, A. C. (2025). The evolution of banking: From transactions to relationships in the digital age. International Journal of Marketing Studies,17 (1), 15–32.
Vilpišauskaitė, G. (2024). Ethical foundations of relationship marketing in the 21st century. Journal of Business Ethics and Leadership 8 (1), 54–68.
Zigmondová, M. (2024). Conflict resolution and trust building in professional service firms. European Journal of Management, 21(3), 204–219.
