Customer satisfaction, loyalty behaviors, and firm financial performance: what 40 years of research tells us

The authors synthesize research on the relationship of customer satisfaction with customer- and firm-level outcomes using a meta-analysis based on 535 correlations from 245 articles representing a combined sample size of 1,160,982. The results show a positive association of customer satisfaction with customer-level outcomes (retention, WOM, spending, and price) and firm-level outcomes (product-market, accounting, and financial-market performance). A moderator analysis shows the association varies due to many contextual factors and measurement characteristics. The results have important theoretical and managerial implications.