An empirical study to determine the critical success factors on customer retention: A case study of Iranian banking sector

Abstract

One of the most important strategic issues for any enterprise is to create and deliver superior value for its customers and provide enough evidences to convince them not to choose another competitive. In this study, we study the effects of customer value, customer satisfaction and customer loyalty on customer retention. The results indicate that all aspects of the customer value have positive relationships with customer satisfaction but only emotional value has a positive and direct relationship with customer loyalty. The study confirms that while none of customer value aspects has direct and positive relationship with customer retention, both customer satisfaction and customer loyalty positively and directly affect customer retention.

Keywords

• Customer value
• Customer satisfaction
• Customer loyalty
• Customer retention
• Banking industry