Author(s): Benjamin Baroson Angenu, Ibn Kailan Abdul-Hamid, Winston Asiedu Inkumsah, Lawrence Edem Korsi Dzidzienyo
The concept of Relationship Marketing (RM) has become increasingly popular as organizations have realized that building strong and long-lasting relationships with customers can lead to increased profitability and performance in the form of increased purchases, consumer loyalty, positive word-of-mouth, and customer satisfaction. This is particularly important for small and medium-sized enterprises (SMEs) as they seek to establish a competitive advantage and increase their market share. However, despite the growing interest in RM, there is limited research on its adoption by SMEs in Ghana as well as how SMEs can leverage on relationship marketing to gain competitive advantage. The purpose of this study is to investigate the various RM practices that can serve as tools in building customer satisfaction within Ghana, specifically focusing on trust, communication, competence, and quality of service. Using data from SMEs in Ghana, the study found that customers of SMEs are highly satisfied when they establish that an organization is trustworthy, fulfils its obligations, respects its customers, and is concerned with transaction security. Overall, the study provides valuable insights into how effective relationship marketing is in the Ghanaian context and contributes to the development of best practices for building and maintaining strong customer relationships in this market. It also highlights on the importance of trust in building customer confidence and loyalty, as well as the need for SMEs to focus on maintaining existing customers rather than just acquiring new ones.