The Impact of Customer Retention Strategies on Customer Loyalty and Satisfaction in Zimbabwean Commercial Banks (2014 2015)
With the continuous growth of competition in the market place, understanding customers has become an increasing important aspect in marketing. This study sought to determine the effectiveness of customer retention strategies on performance of commercial banks in Zimbabwe. A Descriptive research design was used and the study targeted a population of bank customers and staff. A total of 75 respondents were selected using simple random sampling from the customers of 5 commercial banks chosen. Primary data was collected through questionnaires and interviews. Findings show that most commercial banks in Zimbabwe are failing to meet customer expectations. The results indicate that Customer Retention strategies have a positive impact on customer loyalty and satisfaction. Therefore, to win customers' hearts in the current Zimbabwean economy, banks have to invest more in the improvement of the identified attributes and always keep an eye on the changing customer needs and preferences.