Fuzzy Ranking based Digital Marketing Strategies for Financial Institutions:Enhancing Customer Acquisition and Retention

Abstract

The financial institutions nowadays increasingly depend on digital marketing tools to attract and retain customers. The paper examines the role of digital channels - social media, Search Engine Optimization, and personal email campaigns among others - in customer engagement. This is a highly competitive industry; therefore, there exists a drastic need for developing data-driven and targeted approaches to attract and retain customers. This paper proposes a novel Sugeno Ranking Fuzzy Digital Marketing (SRFDM) model to evaluate and enhance digital marketing strategies in financial institutions, with a focus on customer acquisition and retention. The model incorporates fuzzy logic to assess three key factors: Keyword Relevance, Content Quality, and User Engagement, which are essential for optimizing digital marketing efforts. Through the application of fuzzy rule-based outputs, the SRFDM model ranks the effectiveness of various strategies, providing insights into their performance and areas for improvement. The findings demonstrate that strategies with high levels of keyword relevance, content quality, and user engagement consistently achieve superior rankings, resulting in higher effectiveness in acquiring and retaining customers. This research highlights the importance of balancing these factors for optimal marketing performance, offering financial institutions a practical tool to refine their strategies, improve customer targeting, and enhance overall digital marketing outcomes. The SRFDM model serves as a valuable framework for financial institutions seeking to improve their competitive edge in the evolving digital landscape.