The Effectiveness of Askari Bank’s Marketing Strategies on Customer Acquisition and Retention

Abstract

This research project explores the effectiveness of Askari Bank’s marketing strategies in achieving two core objectives; Customer Acquisition and Customer Retention. This project will talk about in the context of Pakistan’s evolving banking landscape, where digital transformations, fintech disruptions and shifting consumer expectations have intensified competition, due to this Traditional Banks are under growing pressure to adapt their marketing practices. This research investigates how Askari Bank’s marketing department and its four divisions: Brands Division, Digital Marketing and Social Media Division, Corporate Communications & PR Division and Marketing Operations & Activations Division work collectively to attract new customers while maintaining a lasting relationship with existing customers. The research is based on key insights gathered through departmental interviews and questionnaires that were sent to the Assistant Vice Presidents (AVP) of each division, internal document reviews, and campaign evaluations provided by each AVP. All four divisions have different roles, tools, challenges and contributions linked to customer retention and acquisition along with customer engagement that are critically analysed to access their impact on the banks overall marketing effectiveness. The targeted digital marketing initiatives and strategic rivalry brand positioning along with the interdepartmental coordination gaps, insufficient ROI metrics, and campaign measurement gaps were some of the dominant operational capabilities of concern. Following the study, Askari Bank's marketing strategies were optimized with the amendments or recommendations of digital analytics enhancement, SOPs alteration, CRM retention strategy upgrades, and gamification for youth audience engagement. Askari Bank can reposition itself to be more competitively aggressive while enhancing customer satisfaction and loyalty by changing the internal structure focus to external customer objectives and shifts towards sustainable business growth that emphasizes acquiring and retaining customers.