Customer relationship management and performance in the paint industry: a study of selected paint manufacturing firms in Lagos State, Nigeria
A paradigm shift from sellers‘ market to buyers‘ market has necessitated the need for the organizations to entrench customer relationship management in meeting the demands of the changing business environment. The need for effective retention of hard-core customers driven by product quality and relationship assets gave vent to this study. This study is designed to explore the effects of customer relationship management and performance of selected paint manufacturing firms in Lagos State, Nigeria. This study is a survey type of research that employed a correlational design in an attempt to explore the nature of relationship between customer relationship and performance of these firms. Structured questionnaire was administered to the sample of two hundred and seventy three (273), out of which two hundred and sixty five (265) copies were returned and therefore used for the analysis. The data collected were analyzed with Pearson Correlation Coefficient (r). The result showed that there is a significant relationship between relationship assets and business sustainability (r =0.76), and a significant relationship between product quality and business growth (r = 0.64). The implication of the finding is that maintaining an effective customer relationship management will forestall the problems of attrition and defection to engender high level of customer loyalty on organizational products in meeting the demands of changing business environment.
Keywords: Customer relationship management, Performance, Relationship assets