Effectiveness of Relationship Marketing Strategies of the SANASA Development Bank Ltd in Vavuniya

Abstract

Relationship marketing is the on-going process of identifying and creating new value with individual and corporate customers and then sharing the benefits of this over the life time of association. It involves the understanding, monitoring, focu5ing and management of on-going collaboration between suppliers and selected customers for mutual value creation and sharing through interdependence and organizational alignment. In today's environment relationship marketing is well practiced term in the financial service sector. The objective of this study is to determine the existing relationship marketing strategies practiced by SANASA development bank ltd in Vavuniya and to recommend most effective relationship marketing practice which suits the SANASA development bank ltd in Vavuniya. for this purpose, various relationship techniques such as Greeting cards on special occasion, Free gift /vouchers, personalized offering in price/interest rates/premiums, Identifying the customers by the name, providing timely information through personal e-mail and broachers, loyalty scheme and rewards, courtesy calls and other techniques are used by the organization. According to the responses of customers it was revealed that majority of the customers agreed that (91.3%) the bank provides timely information available to the customers as one of the relationship techniques. Customers said that loyalty scheme is used by the organization at very low level. According to the responses other techniques are used in half percentage. They are not used in full manner. So, they have to improve their relationship marketing strategies according to the customer expectation. To carry out this study 50 number of customers selected from the Vavuniya district, by using simple random sampling method. Data was gathered from the respondents through the questionnaire’s customer perspective as well as organization perspective. Trust, Communication, Commitment, Keeping promises and Cooperation are the variable under the customer perspective. Information technology factors, Internal Marketing factors and Market offering factors are the variable under the organization perspective. The researcher used Statistical Package for Social Science (SPSS), and MS Excel to analyze the data