The effect of service innovation practices on customer acquisition: a case of savings and credit cooperative societies in Dar es salaam city
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Date
2023
Authors
Journal Title
Journal ISSN
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Publisher
The University of Dodoma
Abstract
The purpose of the study was to assess the effect of service innovation practices on customer acquisition in Savings and Credit Cooperative Societies (SACCOS) in Dar es Salaam City. Specifically, the study assessed the effect of Service conceptualization, service process and customer experience on customer acquisition in SACCOS. A study adopted cross-sectional research design. The sample size for this study was 226 Managers of SACCOS obtained through convenience sampling techniques. The study employed a quantitative research approach to gather and analyze numerical data collected by using closed ended questionnaires and analyzed by using binary logistic regression. Finding confirms effects of Service conceptualization on customer acquisition in SACCOS. By using logistic regression analysis chi-square statistic (LR chi2) yielded a substantial value of 196.96 with 3 degrees of freedom (Prob > chi2 = 0.00), affirming statistical significance. Furthermore, the pseudo-R-squared value of 0.63 indicated a model fit, elucidating approximately 63% of the variability in customer acquisition. Study findings also firmly concluded that service processes significantly affect customer acquisition in SACCOS. In the context of this objective, analysis provided crucial insights, backed by robust statistical evidence. The LR chi-square statistic yielded a highly significant value of 266.46 with 3 degrees of freedom (Prob > chi2 = 0.00), confirming statistical significance. Moreover, the model displayed an impressive pseudo-R-squared value of 0.85, effectively explaining approximately 85% of the variability in customer acquisition. Lastly customer experience effect customer acquisition in SACCOS. Analysis revealed critical factors, underpinned by robust statistical evidence. The LR chi-square statistic displayed a highly significant value of 264.16 with 3 degrees of freedom (Prob > chi2 = 0.00), confirming statistical significance. Furthermore, the pseudo-R-squared value of 0.84 indicated that the model effectively explained approximately 84% of the variability in customer acquisition. In conclusion, the research provides valuable insights for SACCOS on enhancing service modification, optimize the service process, innovation in customer touch points and enhancing new customer experiences can significantly impact customer acquisition.
Description
Dissertation (Master of business administration)
Keywords
Service innovation practices, Customer acquisition, Savings and credit cooperative societies, SACCOS, Dar es salaam city, Service process, Customer experience
Citation
Antony, F (2023). The effect of service innovation practices on customer acquisition: a case of savings and credit cooperative societies in Dar es salaam city (Master dissertation). The University of Dodoma