IMPACT OF CUSTOMERS EXPERIENCE MANAGEMENT AND THE PERFORMANCE OF ENTREPRENEURIAL BUSINESSESS IN NASARAWA STATE, NIGERIA

Abstract

Entrepreneurial businesses striving for sustainable growth and success in today’s competitive market must prioritize customer Experience Management (CEM). This study delves into the correlation between Customer Experience Management and the performance of entrepreneurial ventures. Customer Experience Management entails comprehending customers’ needs, preferences, and behaviors to facilitate positive interactions across the customer journey. By concentrating on delivering outstanding experiences, entrepreneurial enterprises can forge robust connections with customers, boost loyalty, and bolster profitability. Proficient Customer Experience Management significantly impacts diverse performance indicators of entrepreneurial businesses. The study delves into the impact of customer experience-based strategies on businesses, highlighting the benefits such as increased customer satisfaction, higher retention rates, improved brand reputation, and ultimately, enhanced revenues and profitability. The research utilized judgmental and convenience sampling techniques to select respondents, with 65 out of 70 questionnaires administered to small business owners being completed and returned. Data analysis was conducted using descriptive analysis, linear correlation, and Multiple Regression methods. The study’s findings revealed that the R value of 0.759 indicates that customer experience management influenced entrepreneurial business performance by 75.9%. This suggests that a significant portion of the variance in the dependent variable is accounted for by the regression model. In conclusion, the research established that customer experience management significantly impacts the performance of entrepreneurial businesses. The study focused on examining how businesses benefit from implementing customer experience-based strategies. It highlighted key advantages such as increased customer satisfaction, higher retention rates, improved brand reputation, and enhanced financial outcomes. The research employed judgmental and convenience sampling techniques to select participants for the study. Out of 70 questionnaires distributed to small business owners, 65 were completed and returned for analysis. Data analysis was carried out using descriptive analysis, linear correlation, and Multiple Regression methods. The findings indicated that customer experience management significantly influenced the performance of entrepreneurial businesses. The R value of 0.759 suggested that 75.9% of the variation in business performance could be attributed to customer experience management practices. Entrepreneurial businesses must now identify each variable within these elements to enhance customer loyalty, leading to repeat business, positive word-of-mouth recommendations, customer retention, increased profits, improved brand reputation, enhanced customer satisfaction, and overall business performance.