The relationship between the value and customer retention, loyalty, and satisfaction is the question which is discussed by many researchers in the field of relationship and retention marketing (Hirschey, 2008, p. 112).
In their article, Trasorras, Weinstein, and Abratt focus on the problem of keeping customers in association with the concepts of value, satisfaction, retention, and loyalty (Trasorras, Weinstein, & Abratt, 2009, p. 615). Thus, the purpose of the research is to state the absence or presence of the relationship between the value and customer retention, loyalty, and satisfaction in the context of professional services.
The expanded literature review was used to provide the theoretical background for such concepts as customer value, satisfaction, loyalty, and retention. To support the hypotheses, the authors used the survey involving 149 participants from the Tampa Bay located in Florida (Trasorras et al., 2009, p. 621). The participants were the professional service providers.
The provided answers to questionnaires were analyzed with the help of the multiple regression statistical method. The main focus was made on analyzing the relationship between the value components and customer loyalty and retention. It was found that the quality and character of services, the image of the provider, and the price influenced the customer satisfaction, loyalty, and retention significantly.
The authors concluded that the value components affected the customer retention directly (Trasorras et al., 2009, p. 624). Furthermore, quality, image, and price can also influence the customer loyalty and satisfaction directly because of affecting the customers’ vision of the service.
Referring to the managerial application, it is possible to note that the researchers’ findings can be easily used in the sphere of relationship and retention marketing not only to develop marketing strategies but also to improve the managerial approaches.
Practitioners and mangers in the field of professional services should pay more attention to improving the service, quality, price, and image in order to keep the customers because there is the direct connection between the value and customer loyalty and retention. The results are important to revise the approaches to retaining the clients in order to avoid the customers’ choice of the alternatives in the market because of the value factor.
Discussing the extension of the work, it is important to focus on the research’s limitations. Trasorras, Weinstein, and Abratt chose to focus on the experience of specific providers of professional services in Florida.
The limitations of the research are associated with using the convenience sampling method and involvement of only physicians, attorneys, financial professionals and other practitioners working in the Tampa Bay (Trasorras et al., 2009, p. 621). As a result, the findings and conclusions cannot be generalized, but they can be used to discuss the marketing tendencies.
The further research in the field of relationship and retention marketing is necessary to state the correlation between the concepts of value, customer loyalty, and retention.
The extension of the work is possible in relation to discussing the role of the value components in many other industries and environments (Fraering & Minor, 2013, p. 334). More attention should be paid to the value factor which influences the customer retention significantly and to determining the specific separate role of price, quality, and image.
The main strength of Trasorras, Weinstein, and Abratt’s research is in discussing the question of customer loyalty and retention in the specific field of professional services. Such limitations as the choice of the small and specific sample can be addressed in the further researches.
References
Fraering, M., & Minor, M. (2013). Beyond loyalty: customer satisfaction, loyalty, and fortitude. The Journal of Services Marketing, 27(4), 334-344.
Hirschey, M. (2008). Managerial economics. New York, NY: Cengage Learning.
Trasorras, R., Weinstein, A., & Abratt, R. (2009). Value, satisfaction, loyalty and retention in professional services. Marketing Intelligence & Planning, 27(5), 615-632.