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Role of Value Creation in Customer Retention of Small and Medium-Sized Enterprises in South-West Nigeria

In: Vulnerability and the Future of Small Business in Industry 5.0

Author

Listed:
  • Titilayo Doris Ibikunle

    (Olusegun Agagu University of Science and Technology, Department of Entrepreneurship Management, School of Management Sciences)

  • Timilehin Olasoji Olubiyi

    (West Midlands Open University, Management and Social Sciences)

  • Sanjay Taneja

    (Department of Management Studies, Graphic Era Deemed to Be University)

Abstract

Small and medium-sized enterprises (SMEs) play a vital role in Nigeria's economy, and the sustainability of this sector and customer retention are important for their success majorly in Ondo state, one of the 36 states in Nigeria, which has its unique economic landscape and opportunities. Providing customers with access to high-quality, cheap goods and services to ensure retention of customers. Despite the contribution of SMEs in developed and developing countries, the performance of the sector has been on decline in customer retention. Studies revealed that many SMEs have not adequately incorporated value creation activities in their operations. The study identified the effect of value creation on customer retention of small and medium-sized enterprises in Ondo State, South-West Nigeria. A survey research design was adopted for this study and primary data were sourced using a well-structured and self-administered questionnaire. The population for the study contains 308 small and medium-sized enterprises in Ondo State South-West Nigeria. The purposive sampling techniques were adopted in selecting samples from the population for the benefit of the study. Data was collected using a valid and reliable questionnaire with a Cronbach alpha value greater than 0.7. Data were analyzed using both descriptive and inferential statistics. The results revealed that value creation had a significant effect on customer retention of small and medium-sized enterprises in Ondo State, South-West Nigeria (Adj. R2 = 0.229, F (4, 297) = 23.306, p

Suggested Citation

  • Titilayo Doris Ibikunle & Timilehin Olasoji Olubiyi & Sanjay Taneja, 2026. "Role of Value Creation in Customer Retention of Small and Medium-Sized Enterprises in South-West Nigeria," Springer Books, in: Timilehin Olasoji Olubiyi (ed.), Vulnerability and the Future of Small Business in Industry 5.0, chapter 0, pages 277-297, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-98431-0_13
    DOI: 10.1007/978-3-031-98431-0_13
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