Effect of Sustainable Marketing Strategy on Customer Retention in Nigerian Banking Industry

Authors

  • Rita Inikpi Odiba, PhD Department of Business Administration, Rev. Fr. Moses Orshio Adasu University, Makurdi-Nigeria. Author
  • Mitchell Ofoyeju, PhD Department of Business Administration, Rev. Fr. Moses Orshio Adasu University, Makurdi-Nigeria. Author
  • Calistus Ojodale Akoh, PhD Department of Business Administration, Rev. Fr. Moses Orshio Adasu University, Makurdi-Nigeria. Author
  • Innocent Immoneghame Agbanu, PhD Department of Business Administration, Rev. Fr. Moses Orshio Adasu University, Makurdi-Nigeria. Author

Keywords:

Sustainable marketing, customer retention, customer loyalty, customer commitment.

Abstract

Customer retention has become a critical challenge in the Nigerian banking industry, where heightened competition, technological advancements, and evolving customer expectations demand innovative approaches. This study investigates the effect of sustainable marketing strategies on customer retention in the Nigerian banking industry. The study examines specifically the effect of sustainable product, pricing, people, physical environment, distribution, process, and promotion on customer retention. The research employed a survey design with a sample of 396 respondents drawn from 43,944 employees and customers of 14 listed Deposit Money Banks in Nigeria. Data were analysed using descriptive statistics and multiple regression. Findings revealed that sustainable product, pricing, people, physical environment, process, and promotion strategies significantly and positively influence customer retention, while sustainable distribution showed no significant effect. The results underscore the importance of aligning banking services with environmental, social, and ethical values to build trust, loyalty, and long-term relationships. The study concludes that sustainable marketing practices are essential drivers of customer retention in Nigeria’s banking sector and recommends that banks strengthen environmentally friendly products, fair pricing, customer-centric processes, and promotional activities to enhance loyalty and competitiveness.

 

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Published

2025-10-23

Issue

Vol. 2 No. 10 (2025)

Section

Articles

How to Cite

Effect of Sustainable Marketing Strategy on Customer Retention in Nigerian Banking Industry. (2025). World Journal of Economics, Business and Management, 2(10), 9-15. https://wasrpublication.com/index.php/wjebm/article/view/272