Proceedings of The 2nd International Conference on Management, Economics, and Finance
Effective Management of Corporate Image in Achieving Customer Loyalty
Imadonmwiyi Igho Elvis, Ekienabor Ehijiele
In the face of the ever-growing competition, banks need to consider other ways by which they can differentiate themselves from other competitors and stay competitive. Traditional banking services are no longer enough to significantly position a bank in a competitive space. Hence intangible attributes such as the corporate image that is intrinsic and cannot be copied become an ideal option. The study examines if there is any significant relationship between corporate image and customer loyalty. The research was carried out through a quantitative methodology. Kendall’s tau_b correlations coefficient with the aid of SPSS 20.0 was used to test the hypothesis formulated to determine the presence of a relationship and findings were arrived at from individual facts provided by sampled customers of the 23 commercial banks in the Nigerian banking industry through the use of a questionnaire. The finding of the study reveals that there is a strong positive correlation between corporate image and customer’s loyalty. The study also reveals that effective corporate image can improve an organization’s productivity through continued patronage as a result of customer loyalty. Thus, an effective corporate image of a bank can actually influence the customers’ loyalty to the bank. Therefore, the study recommends that since customer’s satisfaction is of vital importance, sound relations with the firms’ special publics, such as customers, employees, suppliers, shareholders, government, etc, is indispensable since customers are the bank’s most valued assets.
Keywords: customer loyalty; effective management; corporate image; banking industry; customers.