HCBE Faculty Articles

Title

Value, Satisfaction, Loyalty and Retention in Professional Services

Document Type

Article

Date

2009

Publication Title

Marketing Intelligence & Planning

ISSN or ISBN

0263-4503

Volume

27

Issue

5

First Page

615

Last Page

632

Description

Purpose

– The purpose of this paper is to assess customers' perceived value of professional services and how this influences satisfaction, loyalty and ultimately retention.

Design/methodology/approach

– A survey is conducted among professional service providers in the Tampa Bay, Florida (USA) Metropolitan Statistical Area, which includes attorneys, financial professionals, physicians, dentists and private investigators.

Findings

– There is a highly significant relationship between service and customer retention, quality and customer retention, image and customer retention, price and customer retention, and value and customer retention. There is a significant relationship between value and satisfaction on customer retention; between value and loyalty's effect on customer retention; and among value, satisfaction and loyalty on customer retention.

Research limitations/implications

– Statistically, the findings cannot be generalized beyond the scope of this study and the Tampa area. However, this can be tested in further research.

Practical implications

– The service, quality, image and price model had a significant correlation to customer retention. The four components of value – service, quality, image and price – are each directly related to customer retention and therefore should be used by service professionals and managers as an important strategy to retain their clients.

Originality/value

– Professional services is an under researched area in the value, satisfaction and customer retention area and this study fills this gap.

DOI

10.1108/02634500910977854

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Peer Reviewed

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