First of all, I would like to thank the almighty God for his kind and blessing and for giving me the knowledge and wisdom to conduct this research study. Secondly, cordial love and blessing to my honorable parents who have been supporting me in career development since childhood. Third, I would appreciate the supervisor of this research study, who has supported me a lot with guidelines and suggestions in conducting the research work successfully. Finally, I am delighted to say thanks to my lovely wife who has helped with her motivations and company recovering my stress during the study.
The aim of the undertaking research work is to evaluate the effectiveness of several marketing strategies to provide suggestions and guidelines for Southeast Financial Services UK Ltd to promote its customer retention level. The objectives of this study are a) to examine the existing marketing tools used by Southeast Financial Services UK Ltd to promote its customers; b) to evaluate the impact of marketing strategies on customer retention in the perspective of Southeast Financial Services UK Ltd, and c) to recommend the Southeast Financial Services UK Ltd how it can use the several marketing tools more effectively to improve its customer retention level.
Several methodologies have been formulated in this study. In philosophical terms, the research work followed pragmatism philosophy. As research paradigms, both positivism and interpretive paradigms have been used. Both exploratory and explanatory approaches have been applied to fulfill the research goals. A deductive approach has been applied, focusing on the current theories and literature and developing theoretical and conceptual frameworks focusing on the research aims and objectives, and finally. confirming the research outcome and providing recommendations to the SFS. Both qualitative and quantitative data collection methods have been applied for collecting the required data. As a result, the researcher has applied a mix of survey and interview technique to collect both quantitative and qualitative data designing a questionnaire which include 10 questions. Non-probability sampling technique has been used, where the total participants were 50 customers of SFS. For presenting the quantitative data, MS Excel Sheet has been used, where the data has been presented through the table, bar chart, and pie chart. SPSS application has been used to analyze the quantities data and research findings. On the other hand, for presenting and analyzing the qualitative data themes and features analysis methods have been used.
Chapter 1: Introduction
1.1 Background of Research:
Southeast Financial Services (UK) is one of the leading money exchange service in UK which started the journey on September 26, 2011 (More details about Southeast Financial Services UK Ltd is in Appendix A). Southeast Financial Services (UK) LTD is different from others because of the unique service and the relationship of the customer. The company’s main policy is to acquire new customers as well as to retain the existing customers and another most important policy of the company is not to lose a single customer from the premises. Every year it changes its plan to retain customers and to win back lost customers. It also sets up a cost-effective strategy for retaining customers and to win bank the lost customers for the company. Although Southeast Financial Services UK Ltd has performed well in the last couple of years, it is facing challenges in the current market. Consequently, it has been a key for Southeast Financial Services UK Ltd to gain sustainable competitive advantages and retain customers (Southeast Financial Service UK Ltd, 2015).
A study conducted by the World Bank in 2011 disclosed that migrant remittance has increased sharply in the last few decades, from $101.3 billion in 1995 to about $440.1 billion in 2010. The UK is sixth in the ranking as the popular destination to the migrants, nearly 7 million as 2011 report. On the other hand, Bangladesh is considered as the fourth top emigrating nation with about 5.4 million in 2011(World Bank, 2011), where the UK is the second popular destination for Bangladeshi immigrants. According to Bangladesh Bank (2011), migrant remittance to Bangladesh has been increasing day by day, which has been stood at above 11% of total GDP, where only from the UK it came about $865 million in 2010. Although remittance business from the UK to Bangladesh is easy, it has been very competitive nowadays because a significant number (59) competitors are authorized by the Bangladesh Bank (Bangladesh Bank, 2011).
However, Southeast Financial Services (UK) Ltd is facing challenges in competitive marketplaces in retaining customers for long time basis. As a result, customer retention has been one of the most important aspects for the company. As every business depends on its size, market, objective, culture and many more things, customer retention is multiplied over time and in sometimes unexpected ways. Even a little change of customer retention can flow through a business system and compound over time. This can affect on a long-term basis and the growth of this business should not be undervalued. Therefore, it is has been a significant issue for Southeast Financial Services UK Ltd to know the buying attitudes of customers, reward the customer, inform the customer about each and every single change and last not least is to listen to the customer complaints very carefully and provide the feedback more promptly than competitors.
1.2 Research Rationales
Southeast Financial Services UK Ltd is now facing challenges by aggressive competitors and new entrants, market rivalry, economic fluctuations, which are impacting on sales and profit negatively (Dixons Retail, 2014). In addition, technological improvements in the internet, mobile devices and social media are changing consumer purchasing behaviors (Gerzema et al., 2012). Therefore, the proposed research work will evaluate the effectiveness of several marketing strategies to market Southeast Financial Services UK Ltd products and services, to differentiate market segments, and to improve market share and customer retention. According to Qualman (2010), 76% consumers purchase products and services by influence of other’s opinions, where only 15% people buy influenced by conventional marketing. This means a consumer network is more important than a demographic network to influence within a community (Yang and Allenby, 2013).
In addition, the viral marketing campaign is cheaper than mass media marketing (Hill et al., 2010). However, according to Watts et al. (2011), combine of viral marketing and mass marketing called “Big Seed Marketing” provide more predictable outcome to the marketers than only viral marketing. In addition, retain and loyal customers only discuss with others when they are not satisfied with any products or services ( Bowman and Narayandas, 2011). The immense changes in technology mainly social networking have been impacting consumers buying behavior more than traditional approaches (Gerzema et al., 2012). Therefore, several digital marketing can be introduced in Southeast Financial Services UK Ltd business to take competitive advantages and retain its customers. This research will evaluate the effectiveness of several marketing campaigns to market products and services of Southeast Financial Services UK Ltd and boost market share and customer retention with improved sales and profits. Secondly, the study will justify the outcome of several marketing strategies. Thirdly, the study will recommend to Southeast Financial Services UK Ltd how it uses several marketing strategies more effectively to improve its customer loyalty and retention level.
1.3 Research Aims and Objectives
1.3.1 Research Aims
The aim of the undertaking research work is to evaluate the effectiveness of several marketing strategies to provide suggestions and guidelines for Southeast Financial Services UK Ltd to promote its customer retention level.
1.3.2 Research Objective
1) To examine the existing marketing tools used by Southeast Financial Services UK Ltd to promote its customers.
2) To evaluate the impact of marketing strategies on customer retention from the perspective of Southeast Financial Services UK Ltd.
3) To recommend the Southeast Financial Services UK Ltd how it can use the several marketing tools more effectively to improve its customer retention level.
1.4 Research Questions
1.4.1 Key question
How can Southeast Financial Services UK Ltd promote several marketing campaigns to improve its customer retention level?
- What methods of marketing strategies are being applied by Southeast Financial Services UK Ltd to improve its customer retention?
- What are customers’ opinions and views on Southeast Financial Services UK Ltd’s present marketing campaigns?
- How Southeast Financial Services UK Ltd can fill these gaps to improve its marketing campaigns to improve customer retention.
1.5 Research Structure
The research study has been divided into several chapters. In the first chapter, a critical literature review has been conducted focusing on the current knowledge, understanding and theories developed over time on the research topic and subject matters. In the third chapter, research methodologies and methods have been defined and formulated focusing on the scientific and systematic approaches and procedures of conducting the research work. In the fourth chapter, the researcher has presented and analyzed the research data. In the fifth chapter, the data collected by the researchers through primary study have been presented and analyzed focusing on the research aims and objectives. In the sixth chapter, the recommendations from the research findings have been provided to Southeast Financial Services UK Ltd. In the seventh chapter, the limitations and further scope of this study have been defined. In the eighth chapter, the sources of this research work have been listed. Finally, the supporting documentations including the survey and interview questionnaire have been included as appendices in chapter nine…………
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