Love Your Customers: How Customer Loyalty Trumps Profit Accounting as a Measurement of Longterm Business Health | Fred Reichheld Revisted
Today we are featuring Fred Reichheld. Named by The Economist as the "high priest" of loyalty, Fred is the creator of the Net Promoter Score (NPS).
More than two-thirds of Fortune 1000 companies have reportedly used the Net Promoter Score to measure customer experience including household names like Apple, Netflix, and Disney. According to Fred, however, the vast majority of companies are using it wrong.
Today, Fred shares what businesses can do differently to create a truly successful, fulfilling, and energized organization that prioritizes its customers and energizes its employees.
In this episode, Dart and Fred talk about viewing a company’s progress through the experience of its customers. They discuss why Fred believes organizations are built to love customers and enrich their lives, while leaders are meant to respect and recognize their employees. Fred also speaks about the importance of maximizing value in a business by creating value for its customers.
- Mistakes companies make when measuring progress
- The ideas behind Fred’s new book, Winning on Purpose
- How to use emotional relationships to propel your business
- Why Fred hopes "earned growth" will replace NPS
- What creates energized employees
- How to track net revenue retention
- The best way to increase a company’s value
- And other topics…
Fred Reichheld is the creator of the Net Promoter Score and pioneer of the loyalty business model. His work guides two-thirds of Fortune 1000 companies that use the Net Promoter Score to outline their customer success.
Fred is a New York Times best-selling author. As a Harvard alum, he also shares his knowledge through eight Harvard Business Review articles. He is a current Fellow at Bain & Company and has previously been named one of the top 25 consultants in the world by Consulting Magazine. His work has been covered by publications like The Wall Street Journal, New York Times, Fortune, Business Week, The Economist, and more.
Fred’s groundbreaking concepts of “customer loyalty” and “Earned Growth Rate” have allowed him to restructure outdated business models. His teachings promote customer retention, repetition, and referrals spanning different industries. He continues to research, write, and speak about these topics across the country.
Winning on Purpose, by Fred Reichheld: https://www.amazon.com/Winning-Purpose-Unbeatable-Strategy-Customers/dp/1647821789/
Fred Reichheld's LinkedIn: https://www.linkedin.com/in/fredreichheld
Net Promoter System: netpromotersystem.com
NPSx System, by Bain: https://www.npsx.com/
The Cold Start Problem, by Andrew Chen: https://www.amazon.com/The-Cold-Start-Problem/dp/B08MKNHSWC/