Analysing the influence of banking loyalty programmes on South African consumer behaviour post-Covid
- Authors: Jordaan, Ross
- Date: 2024-04
- Subjects: Banks and banking -- South Africa , Customer loyalty programs , Customer clubs , consumer behaviour
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/65075 , vital:74016
- Description: Banking institutions promote loyalty programmes that offer customers cost saving benefits. The research investigates the perceived loyalty programme benefits from a customer perspective. The research analyses the customer satisfaction and the effect the banking loyalty programmes has on customer behaviour post Covid-19. Focusing on customer retention and customer relationship management, banking institutions have adopted loyalty programmes as a strategic tool to enhance customer loyalty and satisfaction. The findings of this research provided valuable insights into the key factors that drives customer loyalty and engagement with banking loyalty programmes. This study used quantitative research methodology utilizing surveys and statistical analyses to gather and interpret data using simple random sampling from a diverse sample of banking customers from the Gqeberha area. A response rate of 50.5% was achieved in this study. The findings of this study underscore a pivotal realisation that banking loyalty programmes in isolation prove insufficient to exert a significant influence on banking customer behaviour in the post-Covid era. A contemporary approach is required to meet the evolving expectations and dynamics within the customer base. The study observed that digital transformation and strategic partnerships are a key determinant in shaping banking customer behaviour, hence the study advocates for a synergised approach, where banking loyalty programmes, digital transformation, and strategic partnerships operate in tandem. It is recommended that banks should understand the dynamics of consumer behaviour in the context of loyalty programmes, hence they can optimize their strategies to strengthen their position and relationships with their customers. Traditional silos of banking loyalty programmes must integrate and adapt to the current banking customer preferences, this holistic approach is not just a recommendation but also imperative for sustainable growth and resilience in the banking sector. The study will contribute to academic research and offer practical implications for banking executive seeking to build, design and implement effective loyalty programmes in a highly competitive banking industry. , Thesis (MBA) -- Faculty of Business and Economic Sciences, Business School, 2024
- Full Text:
- Date Issued: 2024-04
Analysing the influence of banking loyalty programmes on South African consumer behaviour post-Covid
- Authors: Jordaan, Ross
- Date: 2024-04
- Subjects: Banks and banking -- South Africa , Customer loyalty programs , Customer clubs , consumer behaviour
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/65075 , vital:74016
- Description: Banking institutions promote loyalty programmes that offer customers cost saving benefits. The research investigates the perceived loyalty programme benefits from a customer perspective. The research analyses the customer satisfaction and the effect the banking loyalty programmes has on customer behaviour post Covid-19. Focusing on customer retention and customer relationship management, banking institutions have adopted loyalty programmes as a strategic tool to enhance customer loyalty and satisfaction. The findings of this research provided valuable insights into the key factors that drives customer loyalty and engagement with banking loyalty programmes. This study used quantitative research methodology utilizing surveys and statistical analyses to gather and interpret data using simple random sampling from a diverse sample of banking customers from the Gqeberha area. A response rate of 50.5% was achieved in this study. The findings of this study underscore a pivotal realisation that banking loyalty programmes in isolation prove insufficient to exert a significant influence on banking customer behaviour in the post-Covid era. A contemporary approach is required to meet the evolving expectations and dynamics within the customer base. The study observed that digital transformation and strategic partnerships are a key determinant in shaping banking customer behaviour, hence the study advocates for a synergised approach, where banking loyalty programmes, digital transformation, and strategic partnerships operate in tandem. It is recommended that banks should understand the dynamics of consumer behaviour in the context of loyalty programmes, hence they can optimize their strategies to strengthen their position and relationships with their customers. Traditional silos of banking loyalty programmes must integrate and adapt to the current banking customer preferences, this holistic approach is not just a recommendation but also imperative for sustainable growth and resilience in the banking sector. The study will contribute to academic research and offer practical implications for banking executive seeking to build, design and implement effective loyalty programmes in a highly competitive banking industry. , Thesis (MBA) -- Faculty of Business and Economic Sciences, Business School, 2024
- Full Text:
- Date Issued: 2024-04
Loyalty programmes in the South African restaurant industry
- Authors: Raepsaet, Vincent
- Date: 2019
- Subjects: Customer loyalty programs
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10948/43019 , vital:36733
- Description: Loyalty Programme is the term used most commonly used when referring to a structured and long-term marketing effort, designed to motivate the customers in a business's target market, to make frequent purchases and shun competitors. This behaviour is achieved by providing repeat customers with certain incentives as a reward for loyal buying behaviour. In today’s ultra-competitive global marketplace, competition is rife and customers are faced with a plethora of choices, offerings and more specifically, Loyalty Programmes. Businesses, in a bid to retain and even increase their customer base, spend millions on their Loyalty Programmes, seeking to encourage customer loyalty, but with varying and often disappointing results. This treatise endeavours to embrace and delve into customer loyalty and the design of these Loyalty Programmes, by looking at Loyalty Programmes in general and then, more specifically, at those within the Restaurant Industry, with the purpose of exploring the factors that Loyalty Programmes in the South African Restaurant Industry should include in order to improve their design and increase their effectiveness. Loyalty Programmes in this industry have not been adequately addressed, this despite the fierce competition which exists amongst restaurants and the relatively low barriers to entry for new competitors. An in-depth literature review was conducted. Attitudes and behaviours were identified as the two dimensions common to customer loyalty, with both, therefore, being examined. Pertinent theories, such as Social Exchange Theory, Equity Theory, Relationship Marketing Theory and Commitment-Trust Theory were explored. Additionally, the factors that influence customer loyalty in the Restaurant Industry in South Africa were explored, with the literature laying the foundation for the conceptual model that included proposed communication, flexibility, personalisation, purchase behaviour, method of participation, rewards and trust as being the factors which influence Loyalty Programmes. This treatise was part of a bigger study of Loyalty Programmes, undertaken using a survey (questionnaire) distributed via email, which received 1090 respondents. The sample size applicable to this treatise is n = 399. Data analysis included the use of descriptive and inferential statistics, as well as Exploratory Factor Analysis. The results of the analysis identified relevant factors in regard to the effectiveness of Loyalty Programmes to be those with attitudes related to communication, flexibility, general assessment, rewards and trust, as well as those with behaviours related to communication, flexibility, general assessment, personalisation, purchase behaviour, and rewards. The Pearson Product Model Correlations identified the strongest factor relationships to be Attitude – General and Behaviour – General (.739), as well as Attitude – Communication and Behaviour – Communication (.711). In light of these results, as part of the managerial recommendations made to help improve the design of Loyalty Programmes, the need to embrace and employ new and varied communication channels and strategies must be considered, as well as the responsiveness of said communication to customers. Further important results of the study encourage Loyalty Programmes (LPs) to be more personalised by taking customer demographics into consideration. LPs need to incorporate more transparency into how the personal information of customers will be used, flexibility in terms of the reward type, accrual and redemption needs to be embraced through the use of more modern, relevant and popular platforms such as those offered via technological means. In summary, a regular review of LPs is recommended to keep them current and applicable, with an emphasis being placed on personalisation, the expectations of customers and the method of participation.
- Full Text:
- Date Issued: 2019
- Authors: Raepsaet, Vincent
- Date: 2019
- Subjects: Customer loyalty programs
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10948/43019 , vital:36733
- Description: Loyalty Programme is the term used most commonly used when referring to a structured and long-term marketing effort, designed to motivate the customers in a business's target market, to make frequent purchases and shun competitors. This behaviour is achieved by providing repeat customers with certain incentives as a reward for loyal buying behaviour. In today’s ultra-competitive global marketplace, competition is rife and customers are faced with a plethora of choices, offerings and more specifically, Loyalty Programmes. Businesses, in a bid to retain and even increase their customer base, spend millions on their Loyalty Programmes, seeking to encourage customer loyalty, but with varying and often disappointing results. This treatise endeavours to embrace and delve into customer loyalty and the design of these Loyalty Programmes, by looking at Loyalty Programmes in general and then, more specifically, at those within the Restaurant Industry, with the purpose of exploring the factors that Loyalty Programmes in the South African Restaurant Industry should include in order to improve their design and increase their effectiveness. Loyalty Programmes in this industry have not been adequately addressed, this despite the fierce competition which exists amongst restaurants and the relatively low barriers to entry for new competitors. An in-depth literature review was conducted. Attitudes and behaviours were identified as the two dimensions common to customer loyalty, with both, therefore, being examined. Pertinent theories, such as Social Exchange Theory, Equity Theory, Relationship Marketing Theory and Commitment-Trust Theory were explored. Additionally, the factors that influence customer loyalty in the Restaurant Industry in South Africa were explored, with the literature laying the foundation for the conceptual model that included proposed communication, flexibility, personalisation, purchase behaviour, method of participation, rewards and trust as being the factors which influence Loyalty Programmes. This treatise was part of a bigger study of Loyalty Programmes, undertaken using a survey (questionnaire) distributed via email, which received 1090 respondents. The sample size applicable to this treatise is n = 399. Data analysis included the use of descriptive and inferential statistics, as well as Exploratory Factor Analysis. The results of the analysis identified relevant factors in regard to the effectiveness of Loyalty Programmes to be those with attitudes related to communication, flexibility, general assessment, rewards and trust, as well as those with behaviours related to communication, flexibility, general assessment, personalisation, purchase behaviour, and rewards. The Pearson Product Model Correlations identified the strongest factor relationships to be Attitude – General and Behaviour – General (.739), as well as Attitude – Communication and Behaviour – Communication (.711). In light of these results, as part of the managerial recommendations made to help improve the design of Loyalty Programmes, the need to embrace and employ new and varied communication channels and strategies must be considered, as well as the responsiveness of said communication to customers. Further important results of the study encourage Loyalty Programmes (LPs) to be more personalised by taking customer demographics into consideration. LPs need to incorporate more transparency into how the personal information of customers will be used, flexibility in terms of the reward type, accrual and redemption needs to be embraced through the use of more modern, relevant and popular platforms such as those offered via technological means. In summary, a regular review of LPs is recommended to keep them current and applicable, with an emphasis being placed on personalisation, the expectations of customers and the method of participation.
- Full Text:
- Date Issued: 2019
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