Effect of Customer Rewards and Incentives on Organizational Performance in Some Selected Publishing Companies in South-Western Nigeria
Publication Date: 17/01/2024
Author(s): OBAFEMI Olumuyiwa Olugbenga (Ph.D.), AKANBI Paul Ayobami (Prof.).
Volume/Issue: Volume 7 , Issue 1 (2024)
Abstract:
In today's dynamic business landscape marked by rapid changes in customer preferences and market dynamics, organizations acknowledge the crucial importance of fostering lasting relationships with their clients. This study examined the relationship between customer rewards and organizational performance within selected publishing companies operating in the vibrant business environment of South-Western Nigeria. This research utilized a cross-sectional survey methodology, engaging a sample of 401 employees representing 40 publishing companies situated in Oyo State, Nigeria. The selection of participants was meticulously conducted through a straightforward random sampling technique. A structured questionnaire, incorporating Likert scale questions, served as the primary tool for data collection. This instrument was designed to gather comprehensive data encompassing demographic characteristics, customer rewards and incentives (independent variable), and organizational performance (dependent variable). The study found a significant and positive impact of customer rewards and incentives on organizational performance, with real-life implications for strategic decision-making. The research emphasizes the need for tailored rewards programs, considering factors like word-of-mouth marketing, customer loyalty, and financial impact. This study contributes valuable insights for businesses seeking to optimize customer relationships and enhance organizational success.
Keywords:
Customer Rewards, Customer Incentives, Organizational Performance, Publishing Companies, South-Western Nigeria.
