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The purpose of this research is to establish a procedure for identifying the distinct key drivers of relative satisfaction for customer segments defined in terms of value. A survey approach was used to elicit 3,793 brand ratings from 693 customers who were representative of a bank’s customer base. Segment-specific key drivers of relative satisfaction were determined for both user-defined segments and segments determined through latent class analysis (LCA) to compare the adequacy of both methods. Subjective approaches to value-based segmentation provide an adequate, but suboptimal basis for determining segment-specific key drivers of relative satisfaction. Segments derived from LCA provide an optimized basis for identifying a customer base’s heterogeneous key drivers of relative satisfaction. Firms would benefit from segmenting customers on the basis of customer value when trying to identify key drivers of …