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.