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Value, satisfaction, loyalty and retention in professional services

Value, satisfaction, loyalty and retention in professional services 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Marketing Intelligence & Planning Emerald Publishing

Value, satisfaction, loyalty and retention in professional services

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References (54)

Publisher
Emerald Publishing
Copyright
Copyright © 2009 Emerald Group Publishing Limited. All rights reserved.
ISSN
0263-4503
DOI
10.1108/02634500910977854
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

Marketing Intelligence & PlanningEmerald Publishing

Published: Jul 31, 2009

Keywords: Customer satisfaction; Customer loyalty; Professional services; United States of America

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