Exploring the Impact of Relationship Marketing (RAI) on the Performance of Small and Medium scale Enterprises in South East Nigeria

Abstract

Relationship marketing is a strategy designed to foster customer loyalty, interaction, and long-term engagement. It aims to build lasting relationships with customers and as well boost the performance of small and medium scale enterprises. The objectives of this study are to evaluate the extent of the acceptance and application of Relationship Marketing Concept (RMC) and to explore its impact to the growth of SMEs in southeastern Nigeria. Relevant The study anchored on Network Theory which views relationships in the context of a broader network of interactions, emphasizing the importance of relationships not just with customers, but also with other stakeholders like suppliers, partners, and employees. The study adopted Sequential Exploratory survey research design which enabled the use of semi-structured interviews and observation. The study was carried out in southeastern part of Nigeria. It covers 50 SMEs within Abia, Anambra, Imo, Enugu and Ebony state. Data was analyzed using quantitative method with frequency tables and simple percentage. The results showed that over 90% of SMEs in the five sample states in southeastern Nigeria adopted and used the relationship marketing concept. That the adoption of RM concept has impacted greatly to the growth and suitability of the SMEs in the states. The study recommended that Small businesses need to continually invest in developing new relationship marketing strategies; Continuous participation in seminars, trainings and lectures on new RM strategies will improve a company`s ability to remain competitive, respond quickly to customer needs and provide high-quality services; SMEs should hire competent and highly energetic managers and employees those who are familiar with modern relationship marketing practices.