Abstract
Customer retention is an imperative for competitiveness within organizations, with important reflexes in their profitability and income. Although studies of customer retention determinants have been conducted for at least three decades, the constructs employed in the elaboration of the models have gone through few changes throughout this time. In this sense, a new Theoretical Model has been developed and tested. Such model contemplates the constructs of Value Proposition, Operand Resources, Operant Resources, Value Facilitation, Value Co-creation and Value in use as determinants in the Customer Retention. The study was conducted via a survey, with a pooling of 273 clients of a banking institution. The result analysis used the Modeling of Structural Equation to analyze and understand the relations which make up the proposed Theoretical Model. The results show that the proposed Theoretical Model has shown satisfactory adjustment indexes, taking into account their originality.
Highlights
Clients are vital to any organization, for, without them, there are no revenues, profit, profitability or market value (Gupta & Zeithaml, 2006)
The central research question that guided this paper and that must be answered to fill the aforementioned theoretical void is as follows: what is the relation between the constructs of value proposition, resource configuration in the context of financial services rendered to a retail bank?
H5 and H6 hypotheses, create empirical evidences regarding this proposal, demonstrating that there are significant and positive relations amidst Value Proposition, Value Facilitation and Value Co-Creation. Such relations are based on previous client’s experiences with the service provider or the relationship with other agents involved in value creation process, which is the case of clients, friends and family members, to create expectations related to value creation
Summary
Clients are vital to any organization, for, without them, there are no revenues, profit, profitability or market value (Gupta & Zeithaml, 2006). This paper investigated the determinants of Customer retention, including the following constructs: Value Proposition, Operand Resources, Operant Resources, Value Facilitation, Value Co-creation and Value in use, starting from the proposal of a Theoretical Model, aiming at understanding the relation between a service provider and its clients.
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