Although there is significant evidence that customer satisfaction is an important driver
of firm profitability, extant literature has largely neglected two intermediate outcomes
of customer satisfaction - a firm’s advertising and promotion efficiency and its human capital performance. Based on longitudinal analyses of large-scale secondary data from multiple sources, the authors find that customer satisfaction boosts the efficiency of future advertising and promotion investments. This finding can be explained by the possibility that customer satisfaction generates free word-of-mouth advertising and saves subsequent marketing costs. In addition, customer satisfaction has a positive influence on a company’s excellence in human capital (employee talent and
manager superiority). This finding is highly novel, indicating that human resources
managers should have a strong interest in customer satisfaction as well. Finally, the
moderating influence of market concentration on both relationships is investigated.
The uncovered results have important implications for marketers in their dialogue
with financial executives and human resources managers.
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