The chain from customer satisfaction via word-of-mouth referrals to new customer acquisition |
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Authors: | Florian v Wangenheim Tomás Bayón |
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Institution: | (1) Services and Technology Marketing, TUM Business School, Technical University Munich, Munich, Germany;(2) School of Business Administration, International University in Germany, Campus 1, 76605 Bruchsal, Germany |
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Abstract: | It has often been argued that word-of-mouth (WOM) can contribute significantly to a firm’s success in a variety of ways. Here,
we analyze the functional linkage between customer satisfaction, WOM, and new customer acquisition. Using data from two empirical
studies we conceptualize and test the direct, non-linear, and moderated relationship between satisfaction and WOM. We further
explore the circumstances under which WOM leads to new customer acquisition using a logistic regression model. We do so for
two groups (new customers and long-term customers) from the customer base of a large energy provider (n = 688), and for a random sample of B2B customers (n = 416) in the same market. Results indicate that the satisfaction-WOM link is non-linear and is moderated by several customer
involvement dimensions. Based on our results, we demonstrate how the satisfaction-WOM-new customer acquisition link can enrich
return on quality and satisfaction models. Further, we draw conclusions about how companies can make use of both the satisfaction-WOM
and the WOM-new customer acquisition link for better allocating their marketing resources.
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Keywords: | Word of mouth Customer acquisition Return on quality Customer satisfaction Involvement |
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