| dc.description.abstract | This study was designed to establish the strategies adopted by commercial banks in
Kenya to retain customers and to determine the management perception of the
effectiveness of customer retention strategies adopted by commercial banks in Kenya to
retain customers. A descriptive research design was employed in this study. The
population of interest comprised of all 44 commercial banks in Kenya. Total 44 managers
involved in strategy implementation shall be picked to represent the entire population.
The sample size is preferred because its manageable. A semi-structured questionnaire
composed of three sections was used to collect primary data where the respondents were
accessed through an interview and drop-and- pick later method. A five point likert-type
scale was used to measure the extent of satisfaction on effectiveness. Data was collected
and analyzed using SPSS package. Descriptive statistics were used to describe and
analyze the extent of effectiveness between the various strategies applied. The study
found that commercial banks applied product innovativeness to a very great extent. In
addition, commercial banks applied long working hours, cross selling, employee training
and customer relationship management to a great extent. The study established that long
working hours, employee training, product innovativeness and cross selling was
perceived as more effective. Loyalty programmes, quality service based on the findings
of the study as summarized above, it can be concluded that commercial banks in Kenya
various retention strategies. Success in retaining customers was attributed to a
combination of strategies being pursued. The study concludes that long working hours,
employee training, product innovativeness and cross selling were strategies perceived as
effective in retaining customers. Strong brands have the ability to attract and retain
customers. Commercial banks to adopt customer retention strategies and ensure they are
effective. Firms need to analyze their customers before coming up with strategies of
retaining them. Banks need to come up with ways of rewarding the sales force for
retaining customers. Organizations should endeavor to create value for their customers. | en |
