Presenting an experiential marketing model to retain customers in the banking industry (Refah Bank experience)

The role of experiential marketing as a strategic tool to retain customers in competitive industries including the banking industry is undeniable. This research was conducted with the aim of designing an experimental marketing model in the banking industry. The current research is an applied-developmental research in terms of its purpose, and it is considered a descriptive-survey research in terms of the method of data collection. The community of participants of the qualitative section includes theoretical (marketing professors) and experimental (Refah Bank managers). Sampling of the qualitative part was done in a targeted way and theoretical saturation was achieved with 29 interviews. In the quantitative section, the views of 384 customers of Refah Bank were used. The data collection tool is a semi-structured interview and a researcher-made questionnaire. The underlying categories of experiential marketing in the banking industry were identified by thematic analysis method and the final model was validated by the partial least squares method. Qualitative data analysis was done with Maxqda software and quantitative part was done with Smart PLS. The results showed that sensory, perceptual and cognitive experience affects the behavioral and communication experience of banking customers. Behavioral and communication experience has an effect on improving customers' experience of the banking system and leads to customer loyalty, trust and satisfaction. Through the loyalty, trust and satisfaction of customers, it becomes possible to keep customers in Refah Bank.