It has been widely assumed that increases in customer satisfaction have continuous financial benefits for firms. However, recent meta-analysis results and anecdotal evidence suggest substantial variability in satisfaction-performance effects. We propose and investigate three explanations for this variability: (1) changing trade-offs of financial benefits vis-à-vis costs along the satisfaction continuum, (2) varying stickiness of benefits and costs over time, and (3) contextual effects related to a firm’s marketing strategic situation. For our empirical investigation, we used customer satisfaction scores and financial data for around 100 U.S. firms over a 15-year period. The results show that revenues and savings in marketing and acquisition costs can accelerate at high satisfaction levels. However, for many firms, operating costs and capital investments also accelerate, and shareholder returns for satisfaction improvements can become negative. Tests over different assessment horizons show that operating cost increases are sticky while top line benefits fade. Finally, firm strategy, offering customization, potential of customer word of mouth, and competitive innovation pressure determine the satisfaction payoffs. Our study will help managers to predict more accurately than before the financial effects of their customer-directed investment decisions.

人们普遍认为，客户满意度的提高会给公司带来持续的经济利益。然而，最近的荟萃分析结果和轶事证据表明满意度 - 绩效影响存在很大差异。我们提出并调查了对这种可变性的三种解释：(1) 沿着满意连续体改变财务收益与成本的权衡，(2) 收益和成本随时间变化的粘性，以及 (3) 与上下文相关的影响公司的营销战略形势。在我们的实证调查中，我们使用了 15 年间大约 100 家美国公司的客户满意度评分和财务数据。结果表明，营销和采购成本的收入和节省可以在高满意度水平下加速。然而，对于很多企业来说，运营成本和资本投资也在加速，股东满意度提高的回报可能会变成负数。对不同评估范围的测试表明，运营成本增加具有粘性，而顶线收益则逐渐减弱。最后，公司战略、产品定制、客户口碑潜力和竞争创新压力决定了满意度的回报。我们的研究将帮助管理人员比以前更准确地预测其以客户为导向的投资决策的财务影响。和竞争创新压力决定了满意度回报。我们的研究将帮助管理人员比以前更准确地预测其以客户为导向的投资决策的财务影响。和竞争创新压力决定了满意度回报。我们的研究将帮助管理人员比以前更准确地预测其以客户为导向的投资决策的财务影响。