Relationship Marketing; a Tool for Competitive Advantage in Banking Sector in Ghana

AFRICA DEVELOPMENT AND RESOURCES RESEARCH INSTITUTE (ADRRI) JOURNAL

ISSN: 2343-6662 ISSN-L: 2343-6662

VOL. 25, No. 3 (3), December, 2015

Published by Africa Development and Resources Research Institute

38


ADRRI JOURNALS (www.adrri.org)

ISSN: 2343-6662 ISSN-L: 2343-6662 VOL. 25, No. 3 (3), December, 2015

Relationship Marketing; a Tool for Competitive Advantage in Banking Sector in Ghana.

Emmanuel Kwarteng

University of Education, Winneba, Kumasi Campus. Email: [email protected]

Received: 16th November, 2015 Revised: 19th December, 2015 Published Online: 31st December, 2015

URL: http://www.journals.adrri.org/

[To Cite this Article: Kwarteng, E., (2015). Relationship Marketing; a Tool for Competitive Advantage in

Banking Sector in Ghana. ADRRI Journal, Ghana: Vol. 25, No. 3(3). Pp. 38-50, ISSN: 2026-5360, 31ST December, 2015.]

Abstract

The study seeks to find out the significant relationship that exists between the sustainable long term

relationship marketing and sustainable competitive advantage. By this, the study took a sample

population of 341 respondents from the 11 commercial banks within the Sunyani Municipality and

questionnaires were administered to them. 315questionnaires were returned to the researcher. However,

11 out of the 315 were not fully completed so they were excluded in the analysis. As competition has

become very keen, relationship marketing has also become a very powerful tool for sustainable

competitive advantage. The findings of the study revealed that there is a significant positive correlation

between the practicing of relationship marketing and competitive advantage using spearman rank of

correlation. Therefore, it is very indispensable for banks to include in their overall corporate business

objectives and strategies that underpin the successful relationship marketing development as a tool for

sustainable competitive advantage.

Keywords: relationship marketing, transactional marketing, banking sector, customer loyalty, repeat

purchases and customer retention.

mailto:[email protected]

http://www.journals.adrri.org/


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INTRODUCTION

Consider yourself walking into a banking hall and you see bank staffs all over in the hall and there is

nobody in particular attending to your needs. The question is; will you ever go there again? To me the

answer is no. This is because; I will rather prefer going to a bank where I will be accepted there; thus,

where all my needs will be met in a satisfactory manner. In this scenario, the customer will halt trusting

and committing himself to the bank and the bank will therefore lose the customer to a competing bank

which goes beyond just performing a mere transaction to build strong bank/customer relationship.

Relationship Marketing has therefore become an important contributing factor as far as banks’ financial

services are concern, (Zineldin, 1996) and if a bank is able to develop and sustain a long term relationship

with its cherished customers and other stakeholders, it will be able to outweigh competition to gain

competitive advantage since competitors cannot easily replace them, (Gilbert & Choi, 2003).

Banking industry around the globe has a great importance for an economy of every country, as the banks

have the capacity to concentrate on a large amount of the savings made by individual customers and

corporate bodies in order to be further invested into the economic activities. The industry has now become

more increasingly competitive around the world for which Ghana is no exception. Continuous increasing

in competition within the global financial market has therefore made many institutions, scholars and

academicians advocate for the introduction of relationship marketing into the banking industry in Ghana.

Relationship marketing therefore is to identify and establish, maintain and enhance and when necessary

also to terminate relationships with customers and other stakeholders, at a profit, so that the objectives of

all parties are met, and that this is done by a mutual exchange and fulfillment of promise, (Gro¨nroos

1994). (Gilaninia et al, 2011) on the other hand said ;relationship marketing is a kind of marketing that its

goal is developing and managing long-term and trustworthy relationships with customers, suppliers and

all others acting in the market.

According to (Ashton &Pressey, 2004), the long-term relationships that exist between banks and their

cherished customers allow for the efficient monitoring of borrowers for credit assessment, enforcing

contract compliance and as a canal to gather information for profitability, distribution and pricing which

leads to greater satisfaction, repeat purchase and positive word of mouth, simply refers to customer

referrals. Relationship marketing can be seen as a relationship that benefits the two parties involved and

here, the bank and the customer, (Gilbert & Choi, 2003). Based on this, one will say that a business and for

that matter, the bank, can use relationship marketing as a tool to outweigh its competitors to gain

competitive advantage. The objective of the study was to find out the significant positive relationship that

exists between the developing a sustainable long term relationship marketing and sustainable competitive

advantage.

The nature of relationship marketing

The central theme that commensurate relationship marketing is exchanges that exist between the seller

and the buyer. This exchange can be traced far back to the barter system of trade. Though there were

exchanges of items and interactions that existed between the parties involved, however, there was no trace

of relationship marketing existence. The parties to the exchange also displayed commitment, trust and

loyalty which are the core of relationship marketing but upon all these, they were not practicing

relationship marketing. When the exchanges were done between the parties involved, everything also

ended; thus, whether the parties to the exchange of products or services were satisfied or not was

nobody’s business.


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The cosmopolitan of businesses around the globe has given birth to competition where every business

wants to survive by serving the same customer at the same time for profit maximization. The interaction

and network approach to industrial marketing and modern service marketing approaches clearly views

marketing as an interactive process in social context building where relationship building is a vital

cornerstone, (Gro¨nroos, 1994). It was argued that this approach is similar to the system-based approaches

to marketing of the 1950s. As a consequence of rapid advances in both manufacturing and information

technology, the mass markets suited to the 4Ps marketing approaches, (Baker, 2001). So in response,

relationship marketing emerged in the 1980s and according to (Gro¨nroos, 1990), he said, relationship

marketing is to establish, maintain and enhance relationship with customers and other partners at a profit

so that the objectives of the parties involved are fully met and this can only be achieved by mutual

exchange and fulfillment of promises.

Customer Loyalty Customer Satisfaction

Repeat Purchases

Trust &

Commitment

Customer Retention

Increases in Revenue Mobilization Customer Delight

Figure 1: Mutual Benefit as a Result of Bank/Customer Relationship

Relationship marketing; a tool for competitive advantage in banking industry

Relationship marketing has become a great tool in this contemporary business environment most

especially in the banking industry. This is due to how intense the competition in the industry has become.

The purpose of competitive strategy is to achieve a long term sustainable competitive advantage by way of

enhancing a business performance (Bharadwaj et al, 1993).Devising competitive marketing strategies also

involves recognizing the inter-play between relationships marketing and marketing mix elements as well

as assessing the impact of competitive and market conditions on marketing mix implementation.

Relationship marketing serves as arbitrator for sustainable long term competitive advantages over the

other competing businesses on the environment in this modern business environment. For a bank to

increase the maximization of its long-term performance and achievements there should be an institution of

sustainable long term relationship. This is to enhance long-term mutual beneficial relationships with its

cherished customers and by so doing, the bank will accrue results such as; customer loyalty, customer

retention, increases in revenue mobilization and profitability. The outcomes of the institution of

relationship marketing in banking industry are enormous since bank’s profitability is based on how a bank

gives more details and attention to this emerged phenomenon. The inclusion of relationship marketing

into the total corporate objective will help maintain the existing customers through customer loyalty and

BANK

CUSTOMER


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then again, get potential customers through customer referrals. This creates positive behavioral change by

the customer by way of continuous repeating purchasing of bank products and services.

For a bank to use relationship marketing as a tool to outweighs its competitors in order to enjoy

sustainable competitive advantage in the industry, (Sorce, 2002) made mention the following strategic

actions that can be implemented by banking sector. These include; creating customer satisfaction

profitably. Thus, bring on board superior products and services that best meet the demands of the

cherished customers. By this, the bank needs to conduct thorough market and survey research on the

tastes and preferences of its customers and inject the outcome into the total business objective and

strategies so that superior products and services will be made available to its cherished customers

profitably. Secondly, is to build brand equity, building brand equity according to (Baker, 2001) is the

creation of awareness, memory association and attitude towards the brand that has being used over many

years. The awareness, perceived quality, brand loyalty, the associations of consumers towards the brand,

trademarks, packaging, and marketing channel presence, (Sorce, 2002), are some sorts of brand equity.

Adopting this relationship marketing strategy will help to mingle the bank’s brands with the customer’s

behaviour and by so doing; the bank will be able to implant its brands into the memory of the customers.

Lastly is to create and maintain relationship. By this, the bank needs to create a long term and sustainable

relationship with its existing and potential customers and when this is done, the customer will feel part of

the bank’s operational activities and the outcomes are customer loyalty, repeat purchases and customer

referrals and by this the bank can position itself in the minds of both existing & potential customers and

the public as the best bank in terms of customers satisfaction, customer trust and commitment through the

institution of sustainable relationship marketing approach to modern day banking.

The conceptual model of the study

The conceptual model that is displayed in figure 1 was developed from relationship marketing and how it

can be used as a strategic tool to enjoy the products of sustainable competitive advantage in banking

sector.


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Sustainable Competitive

Advantage

Figure 2: Sustainable Competitive Advantage model

From the conceptual model above, it can be seen that there is a linkage between development of long term

relationship marketing and sustainable competitive advantage and the results are enormous which

include;

1. Trust and Commitment

2. Increases in Revenue Mobilization (Customer Deposit),

3. Customer Satisfaction

4. Customer Retention

5. Repeat purchases

6. Customer Delight

7. Customer Loyalty.

These summed up to give a reward of gaining a sustainable competitive advantage which according to

(Barney, 1991) can be achieved either from the implementing a value-creating strategy such as unique

sustainable relationship marketing and not simultaneously being implemented by any current or potential

competitors. Based on this, it is hypothesized as following;

Ho: there is no significant positive relationship that exists between sustainable long term relationship

marketing and sustainable competitive advantage

Ha: there is significant positive relationship that exists between sustainable relationship marketing and


BANK

RELATIONSHIP

MARKETING

Increases in

Revenues

Customer

Retention Repeat

Purchases

Trust and

Commitment

Customer

Loyalty

Customer

Satisfaction

Customer

Delight


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Relationship marketing in practice in banking industry

Banking industry has incurred lot of tribulations and turbulence due to keen competition that has emerged

on the contemporary business environment. This has made some industry players to institute a

sustainable long term relationship marketing as a tool to combat this competition. The banking industry

was selected as the industry sector for this study as it presents rich information for relationship marketing

practices in the Sunyani Municipality and Ghana as a whole. In time past, transactional marketing

approach has been practicing within the banking industry since there were only few banks so there was no

competition and these available banks were enjoying monopoly. The introduction of many new banks into

the industry has brought about keen rivalry within the industry. Due to this, the industry players have

done away with the traditional marketing which is the transactional type and have embraced the

relationship marketing which further gives more attention to banks/customer relationship for revenue

maximization.

The concept of relationship marketing has emerged within the field of services marketing and industrial

marketing (Bolton et al. 2008) and according to (Gro¨nroos, 1994), relationship marketing is to identify and

establish, maintain and enhance and when necessary also to terminate relationships with customers and

other stakeholders, at a profit, so that the objectives of both parties are met, and that this is done by a

mutual exchange and fulfillment of promises. By this, including the institution of sustainable relationship

marketing into the overall bank’s corporate objective is yielding fruitful results that both parties; the bank

and their cherished customers enjoy reciprocally. Relationship marketing cannot be seen as isolated

department such as Operations, Finance, Information Technology, Risk & Compliance, Human Resource

& Administration but rather should be seen as an essential activity that penetrates through all the

departments in the banking system of operations and by this all staff should also add up to their daily

operational activities in order to increase efficiency and revenue maximization.

The kind of winds that are blowing within banking industry is compelling banks to focus on the objectives

of their cherished customers, developing direct tailor-made products and services, the use of tailored

made distribution and communication messages and channels, reducing intermediary costs based on

increasing usage of technology, proximity, and financial performance improvement. According to

(Pathmarajah, 1993), focusing on consumer, relationship marketing marks the transition from mass

marketing to niche one, as a ‚process matching both seller and buyer in a profitable, personal,

professional, and long term mutual relation‛. The move from transactional type of marketing towards the

renowned relationship marketing is a continuous process to use as a tool for competitive advantage and is

involving in-depth knowledge of customers, relevant products and services for each cherished customer

and long-term sustainable relationship that benefits the parties involved mutually. Based on the new wind

that is blowing within the banking industry, every bank is instituting well rehearsing relationship

marketing procedures to serve the cherished customer; some are even going an extra mile to worship their

customers profitably.

METHODOLOGY

Research methodology is regarded as a process of arriving at a dependable solution to a problem through

objective, planned and systematic collection, interpretation, analysis and reporting of data and

information, (Otokiti, 2005).The sample for the study was taken from the customers of various banks

within Sunyani Municipality for the study. In all there were a total number of 20 banks comprising 11

commercial banks, 4 savings and loans companies and 5 rural banks. Based on this, the study used the


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customers of the 11 commercial banks as a sample and with the help of systematic sampling method; the

researcher decided to use a formula propounded by (Guilford &Fruchter, 1973) to estimate the sample

size.

N

n = __________ 2

1+ α N Where:

N= Population

n= Sample size

α = Level Significance

Questionnaires were then designed and administered to the sample for the data gathering. A pretest was

conducted with the objective of determining an appropriate strategy to maximize response rate by

checking on the adequacy of question statements. The objective here was to find out if the questionnaire

would be comprehended and identify possible ‚problem‛ statement(s) for modification. In all a total of 41

customers were used to produce a comprehensive questionnaire for the study. Data was gathered from the

customers of all the 11 commercial banks within the Sunyani Municipality. The study used (Pearlin &

Schooler, 1978) Mastery scale which was used to examine the study reliability. A total of 341

questionnaires were administered to the respondents and out of the 341 questionnaires, 315 questionnaires

were however returned to represent 92.3% of the total questionnaires sent out. However, 11 questionnaires

were not completely filled and they were excluded in the data analysis and this represents3.2%. So in all, a

total of 304 questionnaires were used for the data analysis of this study and with the help of Statistical

Package for Service Solutions (SPSS) software and Spearman’s Correlation Coefficient Rank, the gathered

data was analysed to find out the significant positive relationship that exists between the development of

long term relationship marketing and sustainable competitive advantage.

RESULTS AND DISCUSSIONS

Table 1 revealed the population sample of the study that was taken from the all the 11 commercial banks

customers within the Sunyani Municipality and how the sample size was estimated and selected for the

purpose of this study using the famous formula propounded by (Guilford &Fruchter, 1973).

Table 1: Systematic Sampling of Respondents (Estimation & Selection of Sample Size)

Banks Estimated

Customers

N

n = _____ 2

1+αN

Actual Customers

(Sample Size)

1 Barclays Bank of Ghana Limited 49 43 43

2 Ecobank Ghana Limited 45 40 40

3 Stanbic Bank Limited 38 34 34

4 Ghana commercial bank limited 39 35 29

5 Fidelity bank limited 45 40 35

6 Societal Generale Bank Limited 36 33 24


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7 Agricultural Development Bank Limited 26 24 19

8 National Investment Bank Limited 33 30 24

9 Zenith Bank Ghana Limited 28 26 25

10 GN Bank Limited 24 22 17

11 Sahel Sahara Bank Ghana Limited 15 14 14

Total 341 304

Table 2: Socio-economic characteristics of the respondents (Gender Distribution, Age Structure and the

Educational Qualification) of Respondents

Gender Frequency Percentage

Male 199 65.5%

Female 105 34.5%

Total 304 100%

Age Distribution Frequency Percentage

18-25 37 12.2%

26-35 59 19.4%

36-45 147 48.4%

46-55 42 13.8%

56 & above 19 6.3%

Total 304 100%

Educational Qualification Frequency Percentage

Basic 54 17.8%

Secondary/Technical/Vocational 99 32.6%

Tertiary 129 42.4%

No Education 22 7.2%

Total 304 100%

From table 2, it was established that out of the total of 304 respondents who returned the questionnaires

that were administered to them for the purpose of the study, 199 were males represent 65.5% and 105 were

also females which also represent34.5%. Considering the age distribution of the respondents in table 2, the

researcher wanted to know the age distribution of the respondents, that’s the customers and out of the

total of 304 respondents whose questionnaires were used for the study, 37 found themselves in 18-25 years

and this represents 12.2%, 59 were in 26-35 range and this represents 19.4%. Again, in the range of 36-45,

147 respondents were found and this represented by 48.4%. 242 of them also were in the 46-55 range

representing 13.8% and finally, in the range of 56 years and above, 19 respondents were found and this

represented by 6.2%.

From the same table, it was revealed that out of the 304 respondents used in this analysis, 54 respondents

had only basic education and this represented by 17.8%. 99 of them had secondary/technical/vocational

and this too represented by 32.6%.Considering respondents with tertiary educational qualification, such

as; HND, 1st degree, master’s degree and PhD, there were 129 respondents and it represented by 42.4% ,

and lastly, those respondents who had no formal education, there were 22 respondents to that effect and it

represented by 7.2%.


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Table 3: Length of patronage of a particular bank’s products and services

Length of Patronage Frequency Percentage

1-3 11 3.6%

4-6 62 20.4%

7-10 144 47.4

11 & above 87 28.6

Total 304 100%

The researcher wanted to find out the length of time that the respondents have been patronizing a

particular bank’s products and services and as is seen on table 3 that, out of the total respondents used for

the study, only 11 respondents had been patronizing a particular bank ranging from 1yr-3yrs and this

represents 3.6%. 62 respondents had been using a particular bank within 4yrs – 6yrs it represents 20.4%

and it came out again that, 144 respondents had also patronizing a single bank representing 47.4% and

lastly, 87 is represented by 28.6%.

Table 4: Reliability Statistics

Cronbach's

Alpha

Cronbach's

Alpha Based on

Standardized

Items

N of Items

.937 .954 7

Checking the reliability of the questionnaire which was administered to the respondents, thorough

investigation of pretest exercise was conducted. The researcher intentionally took 41 customers from the

aforementioned commercial banks and using the Cronbach’s alpha value, which states that, the higher the

value obtained, the higher the reliability of consistency arise in a study. It again stated that, any time the

value is higher than 0.70, it means that there is a high tendency of reliability of consistency in a study. The

examination of the Cronbach’s alpha value for this study results a cumulative value of 0.937suggesting

very good internal consistency reliability for the scale with this sample using all the variables combined

since is higher than 0.70. Table 4above displayed the results.

Table 5: Determination of the Spearman’s Correlation Coefficient Rank

Correlation Between Relationship Marketing and Competitive Advantage

Relationship

Marketing

Competitive

Advantage

Spearman's rho Relationship

Marketing

Correlation

Coefficient 1.000 .849

Sig. (2-tailed) . .000

N 304 304


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Competitive

Advantage

Correlation

Coefficient .849 1.000

Sig. (2-tailed) .000 .

N 304 304

Ho: there is no significant positive relationship that exists between sustainable long term relationship

marketing and sustainable competitive advantage.

Ha: there is significant positive relationship that exists between sustainable relationship marketing and


Table 5 displayed the results of the hypothesis that was tested using Spearman’s Correlation Coefficient

Rank. As stated as the objective of this study, the researcher wanted to figure out whether there is a

significant positive relationship that exists between these variables; sustainable long term relationship

marketing and sustainable competitive advantage in the banking industry. According to (Cohen et al,

1988), suggested the following interpretation guideline for the strength of the relationship that exists

between two variables.

When r= 0.10 to 0.29 Small

r= 0.30 to 0.49 Medium

r= 0.50 to 1.00 Large

Spearman’s Correlation Coefficient Rank test shows that the relationship between sustainable long term

relationship marketing and sustainable competitive advantage is significant at level 0.01 given the

coefficient as 0.849 which indicates that there is a significant positive relationship between the two

variables tested and by this study therefore rejected the null hypothesis. As indicated in by (Bharadwaj et

al, 1993), the purpose of competitive strategy is to achieve a long term sustainable competitive advantage

by way of enhancing a business performance and this competitive strategy here is the development and

practicing of relationship marketing to achieve long term sustainable competitive advantage.

CONCLUSIONS

The banking industry is one of the sectors that the concept of relationship marketing can make a huge

difference in terms of performance. Their sophisticated customers want the sector to give them more value

to their engagement with banks rather than the mere transactions that always take place in various

banking halls. At least, the kind of relationship that will exist between the banks and their customers; thus,

how the banks will relate positively to their customers.

Developing relationship marketing and injecting it into the overall corporate objective will help to attract

more customers both existing and potential. This will give an edge over other players in the sector. As in

today’s competition, relationship has become a unique and additional service that customers acquire as a

result of purchasing a bank’s products and service; a bank must make sure that sustainable long term

relationship marketing is developed by way of inject it into the overall bank’s corporate objectives since

the contemporary competition has gone beyond the mere transaction.


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As competition has become very keen, relationship marketing has also become a very powerful tool for

sustainable competitive advantage. The findings of the study revealed, there is a significant positive

correlation between the practicing of relationship marketing and competitive advantage. Therefore, it very

indispensable for banks to include in their overall corporate business objectives and strategies that

underpin the successful relationship marketing development as a tool for sustainable competitive

advantage.

RECOMMENDATIONS

From the study, the following are the recommendations are offered;

1. Banks must go beyond the mere transaction to build sustainable relationship marketing with their

cherished customers for continuous business.

2. Since competition in the banking sector has become very keen, banks need to build sustainable

relationship marketing by including it into their overall corporate business objectives and

strategies if they want to outweigh competition.

3. Relationship marketing concept must be a central philosophy that should permeate through all the

departments within daily operational activities and not as a single unit which manages its own

thing.

4. Further research can be done on the competitive nature using relationship marketing in the non-

banks.

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Documents

Relationship Marketing; a Tool for Competitive Advantage in Banking Sector in Ghana