The Ultimate Question, Fred Reichheld.
One simple question can determine your company’s future. Do you know the Answer?
CEO’s regularly announce ambitious growth targets, then fail to achieve them. The reason? Too many companies are addicted to bad profits. These corporate steroids boost short-term earnings but burn out employees and alienate customers. They undermine growth by creating legions of detractors – customers who sully the firm’s reputation and switch to competitors at the earliest opportunity.
Now loyalty expert Fred Reichheld shows how to reverse the equation, turning customers into promoters who generate good profits and true, sustainable growth. The key: one simple questions – Would you recommend us to a friend? – that allows companies to track promoters and detractors and producers a clear measure of an organisations performance in its customers eyes. Analysis shows that, on average, increasing this Net promoter Score (NPS) by a dozen points versus competitors can double the companies growth rate.
While easy to grasp, this metric represents a radical change in the way companies manage customer relationships and organize for growth. Rather than relying on notoriously ineffective customer satisfaction surveys, companies can use NPS to measure customer relationships as rigorously as they now measure profits.
What’s more, NPS finally enables CEOs to hold employees accountable for treating customers right. It clarifies the link between the quality of a customers relationship and its growth prospects.
Based on extensive research and with rich vivid examples of organisations that have pioneered NPS in practise, The Ultimate Question, offers hands-on guidance on how to.
- Distinguish good profits from bad.
- Measure NPS and benchmark performance against world-class standards
- Quantify the economic value generated by customer word of mouth
- Assign accountability for improving customer’s relationships
- Identify core customers and set priorities for strategic investments
- Move customers beyond mere “satisfaction” to true loyalty
- Create communities of passionate advocates that stimulate innovation and growth
Practical and compelling, The Ultimate Question, will help you solve your organisation’s growth dilemma.
Fred Reichheld, Director Emeritus and Fellow at Bain & Company, is the bestselling author of The Loyalty Effect (1996) and Loyalty Rules (2001), both published by HBS Press.