Performance Marketing for Result-Driven and Firm Profitability

An Ex-Ray of Selected Deposit Money Banks in Nigeria

Abstract

The fragmented application of marketing communication technologies has highlighted the need for innovative communication strategies, leading to the emergence of outcome-driven performance marketing. This study investigates the impact of performance marketing on the financial performance of select Nigerian deposit money banks. A purposive sampling method was employed, selecting five banks listed on the Nigerian Exchange Group. Purposive sampling  approach was employed to select five deposit money banks from the Nigerian Exchange Group. Utilizing a descriptive survey design, secondary data from the institutions' annual financial reports covering the period from 2013 to 2022 were analyzed. The study employed panel least square estimation via E-Views to test the formulated hypotheses. The findings revealed a significant positive effect of result-driven performance marketing on the profitability of the selected banks. The study concludes that performance marketing is crucial for enhancing the profitability of Nigerian deposit money banks. Consequently, it is recommended that the Nigerian banking sector adopt more robust communication platforms to effectively disseminate information to customers, particularly concerning loan access, to further improve financial performance.