A multidimensional approach to the outcomes of perceived value in business relationships

Purpose: This study aims to explore the relationships, direct and indirect, between business customers’ perceived value, satisfaction and loyalty. Design/methodology/approach: The study was set in the business banking industry, with data collected from 381 micro-enterprise business customers of a large South African bank by means of a self-administered, internet-based questionnaire. Findings: The results reveal that business customers’ perception of value results in both economic and non-economic satisfaction. The results further indicate that non-economic satisfaction mediates the relationship between economic satisfaction and behavioural loyalty. Research limitations/implications: The study contributes to business services marketing literature by taking a multidimensional approach to the traditional value-satisfaction-loyalty chain. Practical implications: The study contributes to business services marketing literature by emphasising the importance of perceived value in driving both economic and social outcomes, which, in turn, drives behavioural outcomes. By providing evidence of the outcomes associated with higher perceived value, service providers gain insights into the importance of focussing on value creation and the building of personal connections with micro-sized businesses to ensure future repurchase behaviour. Originality/value: This research expands on current value research by positioning economic and non-economic satisfaction and attitudinal and behavioural loyalty as outcomes of business customers’ perceived value. This is possibly the first study to investigate satisfaction and loyalty as outcomes of perceived value where both comprise two distinct dimensions.