An investigation of the state of relationship marketing strategy in the Kenyan banking sector

Abstract

This study sought to find out the state of Relationship Marketing Strategy in the Kenyan Banking sector. To attain this, the banks perceptions and attitudes towards relationship marketing and their behavioral practices were measured through interviews of senior bank marketers. The study found out that the bank marketers awareness and understanding of the relationship-marketing concept as analyzed through their perceptions and attitudes was quite high. However, the bank practices as measured by relationship marketing implementation behaviors were really low. The banks also tend to apply relationship marketing mostly to their corporate clients who form a minority of their client base as opposed to consumer clients who form the bulk of their customers. The clients' commitment to relationship marketing strategy was found to be lacking. The study therefore established that though awareness of relationship marketing strategy by bank marketers was high, its implementation is rather low and unilateral. Adequate and relevant statistical tools such as factor analysis, frequencies, percentage and tabulations were successfully used to bring out the statistical validity of the findings. The study gives out adequate suggestions that may be useful in the implementation of a more effective relationship marketing strategy in addition to highlighting important dimensions of this competitive tool. Despite its inherent limitations, this study tries to compile a work that should serve as a useful guide to the proper understanding of the elusive concept of relationship marketing strategy, which the academic thinking purports to be a new paradigm and a revolution in the marketing field.