PROMOTIONAL STRATEGIES AND CUSTOMER PATRONAGE IN ZENITH BANK, BENIN CITY

Abstract

Effective promotional strategies play a crucial role on customer patronage for businesses seeking to strengthen their market position, particularly in the highly competitive banking sector. This study primarily investigated the relationship between promotional strategies and customer patronage in Zenith Bank, Benin City, Edo State, Nigeria. A cross-sectional survey research design was employed, targeting the 218 staff members of Zenith Bank in Benin City. A census sampling technique was used, ensuring that the entire population was included in the study. Out of the 218 questionnaires distributed, 150 valid and usable responses were retrieved. Descriptive statistics and multiple regression analysis were used to analyze the collected data. The study revealed that promotional strategies significantly influenced customer patronage (R² = 0.121, Adjusted R² = 0.089, Std. Error = 0.492). ANOVA results confirmed the model's statistical significance (F = 4.943, p = 0.006). Specifically, guerrilla marketing (β = 0.692, p = 0.001) and referral marketing (β = 0.526, p = 0.002) had positive and statistically significant influence on customer patronage. The study concluded that promotional strategies significantly influence customer patronage at Zenith Bank. It recommends that Zenith Bank should implement innovative, cost-effective marketing strategies tailored to target audience preferences while also establishing structured referral programs with enticing incentives.