An analysis of the effectiveness of customer retention strategies in Equity Bank Kenya
Customer retention is critical to a business that wants to remain profitable . This is because customers use the products and the services of a company and in doing so the business generates returns. This is because businesses operate in a competition and thus the customers have options. It is notable that a lot of businesses spend a lot of resources' acquiring customers' yet not so may spend the same amount of money on retention strategies. The research design used was a case study. The objective of this study was to determine the various customer retention strategies that Equity Bank is using to retain its customers and how effective these strategies are . The study was conducted through the use of a semi structured questionnaire administered through interviews. The respondents targeted were the marketing managers and business growth managers. It was found out that Equity bank has retained customers. It also has customer retention strategies. The customer retention strategies were grouped as people related, process related, pricing related, product related, place related and promotion related strategies. Out of this people related strategies were found out to be most effective. It was also found out that product related with 40% of the respondents are those that should be changed to bring in more of a variety of the products. The study recommends that Equity bank should enhance the implementation of the strategies that were most effective like customer service and do a product review if product differentiation is to remain relevant as a customer retention strategy.