EXPERIENTAL MARKETING STRATEGY AND CUSTOMER RETENTION IN FINANCIAL TECHNOLOGY BANKS IN YENAGOA BAYELSA STATE

Abstract

This paper investigated the relationship between experiential marketing strategy and customer retention in financial technology banks in Yenagoa, Bayelsa State. The specific objectives were to investigate the effect of sensory marketing, emotional marketing, cognitive marketing, relational marketing and behavioural marketing on customer retention. The study anchored on hedonic consumer theory. The study adopted cross sectional survey research design with a population of all financial technology banks in Yenagoa and non-probaibity sampling was utilised to sample eight (8) banks. Questionnaire was used as the primary source of data collection and 125 questionnaires were obtained and descriptive statistics, correlational coefficient and multiple regression was used for data analysis. The multiple regression results indicated a positive and significant relationship exists between sensory marketing, emotional marketing, cognitive marketing, relational marketing and behavioural marketing on customer retention in financial technology banks in Yenagoa. Hence, the study concluded that experiential marketing strategy positively and significantly impact on customer retention in financial technology banks in Yenagoa. Consequently, the study recommended amongst others that fintechs should implement relational marketing as an aspect of experiential marketing strategy as a way of building trusts, loyalty and commitment among customers. Hence, relational marketing improves customer service leading to increased satisfaction and retention