Forensic Marketing and Organizational Effectiveness: Does it Matter for the Nigerian Banking Industry?

Abstract

Purpose: This insightful research developed into a forensic marketing and organisational effectiveness nexus. Specifically, forensic marketing was disaggregated into data-based marketing and marketing intelligence, while organisational effectiveness was measured by.Method: Eighty-four (84) bank executives of listed commercial banks were sampled using a well-structured questionnaire, while the Pearson Product Moment correlation (PPM) coefficient was used to analyse the data sourced.Result: Data-based marketing is positively and significantly related to organisational effectiveness (r=0.507, p<0.05). Also, marketing intelligence improves organisational effectiveness significantly (r=0.788, p<0.05).Conclusion: Forensic marketing (data-based marketing and marketing intelligence) are strategic tools for achieving organisational effectiveness.Recommendations: Bank executives are advised to place more attention on forensic marketing as it helps to reduce financial irregularities. Also, there is a need for Nigerian banks to invest more funds in data infrastructure and continuous training of bank utility staff in data analytics and, at the same time, integrate market intelligence into their strategic decision-making process.Originality/Contribution: The research is unique in positioning forensic marketing as both a fraud-mitigating and performance-inducing strategy. Also, the research offers an in-depth understanding of how data-driven marketing and marketing intelligence can serve not only as a tool for improving organisational performance but also as an efficient tool for reducing financial misconduct and organisational inefficiency. Lastly, the research originality centres on expanding the strategic scope of marketing beyond traditional promotional functions to cover a wider performance and risk management model