Shift from Marketing Mix to Relationship Marketing and Performance of Nigerian Banks

In this era of technological development, globalization, turbulent and competitive business environment, it is only banks that can sharpen their marketing relationship tools that can survive. Relationship will play important role in service organizations given that emphasis is shifting from industrial economy to service economy. Hence, regular interactions will be required between the staff of organizations in the service sector, like banks, and customers to build a strong bond. It is on this premise, that this study examines the shift from marketing mix to relationship marketing and performance of banks. The researchers adopted an exploratory research design using the desk research methodology. A judgemental sample frame of one hundred and forty-two (142) online as well as physical literatures was drawn and thoroughly reviewed. Data was analysed through simple statistical analysis in terms of descriptive statistics such as frequency distributions, percentages, pictorial analysis as well as content analysis. It was found that not many articles investigated the shift from marketing mix to relationship marketing and performance of banks. However, from the few that investigated it, it was discovered that: the market is increasingly moving away from individual transaction advocated by transactional marketing towards building relationship with customers. Thus, this study concludes that relationship marketing will significantly enhance the performance of banks and is essential in the service sector. Based on this, it recommends that firms, particularly in the banking sector, should prioritize building and sustaining long-term customer relationships, as customers are now considered as partners whose patronage determines business profitability and survival. Also, banks are encouraged to focus more on relationship marketing to enhance customer satisfaction, retention and loyalty.