Podcasts about purpose the unbeatable strategy

“For we are his workmanship, created in Christ Jesus for good works, which God prepared beforehand, that we should walk in them.” - Ephesians 2:10Our good works are not for our sake but for God's sake, to give Him glory. Investing gives us a powerful way to do that. Today, we'll talk with Dr. Finny Kuruvilla about investing to change the world.Dr. Finny Kuruvilla is the Co-Chief Investment Officer and Founding Member of Eventide Asset Management, an underwriter of Faith & Finance. He holds an MD from Harvard Medical School, a PhD in Chemistry and Chemical Biology from Harvard University, a master's degree in Electrical Engineering and Computer Science from MIT, and a bachelor's degree from Caltech in Chemistry.The Purpose of InvestingInvesting has always been about supplying capital to businesses. This concept originated in the 1400s and 1500s with the rise of corporations, particularly those financing maritime trade. Investing primarily aims to fund companies to help them do good work. However, this purpose can be perverted to support businesses that go against God's design for humanity. Hence, it's crucial to remember that investing should always aim to fund ethical companies.Investing as OwnershipWhen you invest, you become a part-owner of a company, which carries an ethical responsibility. Like owning a small business, you are accountable for the actions of the companies you invest in. This ownership confers a duty to ensure these businesses align with your values and promote good.Integrity in InvestingRomans 12:9 states, "Let love be without hypocrisy. Abhor what is evil; cling to what is good." This principle applies to investing as well. To maintain integrity, you should avoid profiting from industries that contradict your values, such as pornography or tobacco. Instead, invest in businesses that advance the common good, like those making significant strides in healthcare and biotechnology.For example, advances in treatments for leukemia have dramatically increased children's survival rates, thanks to innovative companies in the healthcare sector. These companies exemplify how investment capital can drive significant positive outcomes.Performance and OutperformanceInvesting in businesses that promote the common good can lead to long-term outperformance. Studies, like those referenced in Fred Reichheld's "Winning on Purpose" and Alex Edmans' "Grow the Pie," show that companies adding value to their stakeholders often outperform their peers. This approach aligns with the biblical principle of loving your neighbor and can result in superior long-term returns.Eventide's ApproachEventide uses a framework called Business 360 to evaluate how companies interact with various stakeholders, including customers, employees, and the community. By focusing on companies excelling in value creation, Eventide aims to identify businesses aligned with promoting the global common good and likely to outperform over the long term.The future is bright for Faith-Based Investing because of the growing awareness in faith-based and secular circles that investing inherently involves ethical considerations. This awareness will lead to more opportunities to use investment dollars constructively, promoting values that align with a vision for a better world.Investing with integrity means aligning your investments with your values and ethical responsibilities. As Christians, this involves avoiding industries that contradict biblical principles and supporting those that advance the common good. Doing so can achieve both financial returns and a positive global impact. To learn more about this approach to investing, visit Eventide Funds.On Today's Program, Rob Answers Listener Questions:I heard somewhere that you can take 4% a year out of your 401(k)s, and they should last you, but I'm looking for information like that. How much? When do we start taking money from these 401(k)s?I could not file my income taxes on time this year, but I did again and got an extension. Are there any penalties that I need to be aware of? I also have become very lazy regarding budgeting, keeping my finances, and keeping on track with them. How do I start over? Where do I begin?Resources Mentioned:Eventide Asset ManagementWinning on Purpose: The Unbeatable Strategy of Loving Customers by Fred ReichheldGrow the Pie: How Great Companies Deliver Both Purpose and Profit by Alex EdmansRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

In this episode, we launch our new show name: The Customer Confidential Podcast. We chose it after seeking lots of listener and guest input and believe that the new name better reflects the show's mission—namely, to delve into untold stories of customer and industry transformations, sharing the journeys of both well-known and unsung heroes of customer centricity. We also seek out deep conversations with the thought leaders who inspire the best practitioners.  Also, in this episode, which also marks our 10th anniversary, host Rob Markey welcomes back frequent guest (and Rob's longtime mentor) Fred Reichheld, Bain fellow and founder of Bain's Loyalty practice. Rob and Fred trace the evolution of Fred's earned growth rate concept from its roots in Fred's early work on customer retention at Bain. They unravel the intricacies of customer-centric metrics and how they have changed. They note the impact of genuine referrals vs. those that are bought and differentiate between earned and purchased growth. Importantly, they acknowledge and explore challenges in quantifying earned growth and how some companies have begun to tackle them successfully. Guest: Fred Reichheld, Bain fellow, founder of Bain's Loyalty practice, and author of Winning on Purpose: The Unbeatable Strategy of Loving Customers

Fred Reichheld is a legend in the field of customer loyalty. If you've ever received a text or email asking to rate a product or service, you can thank Fred for that. Although the system isn't without its critics, it's estimated that NPS (Net Promoter Score) is now used by two-thirds of Fortune 1000 companies.Since its initial development in the early ‘90s, Fred developed the NPS system to measure how likely customers were to recommend a company to a friend. His latest book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, builds on the early system and is a must-read for any businessperson pursuing sustainable success.We talk to Fred about the good and the bad of the NPS system, how it's developed over time, how NPS is a key indicator for the quality of a company's leadership and much more.Here's what we discussed:What would a younger you say about your success? (00:14)Could you give us an overview of your career? (01:00)Where did your passion for customer loyalty come from? (02:32)How much has the NPS changed since you first came up with the concept? (05:04)Could you give some examples of companies that you feel have done NPS in the right way? (16:51)Have you noticed differences in the application of NPS across the world? (22:31)Would you say there is a direct correlation between NPS and good leadership at a company? (24:45)Who are the most inspiring business leaders you've met? (30:30)Have you noticed a dip in overall customer service since the pandemic? (34:05)The Good News Postcard: What is your advice to your younger self? (38:40)What makes a great business leader? (40:16) Thanks to Finley from the Jill Dando News for bringing us The Good News Postcard this week. Get your dose of positive news by visiting The Good News Post, a website collated by hundreds of young people aged 8 to 18 in the UK. They've written real-life “news that's good for you”, covering people, animals, stories to cheer people up, and tips to make lives better.Be sure to subscribe to the podcast and the Business Leader YouTube channel for more interviews with some of the world's leading business figures. Hosted on Acast. See acast.com/privacy for more information.

Key insights from Fred Reichheld, a legend of the industry. As the creator of the “Net Promoter System”, Fred Reichheld is a true legend in the loyalty industry. His career spans 44 years as a consultant, author of four best-selling books and an internationally-renowned speaker on loyalty. Tom Peace, from The Loyalty People, shares his thoughts on Fred's latest book called “Winning On Purpose – The Unbeatable Strategy of Loving Customers” – which features some profound new ideas on the very fundamentals of how we do business. Hosted by Tom Peace Show Notes : 1) Fred Reichheld 2) Tom Peace 3) Loyalty People 4) #167:Fred Reichheld - Loyalty Industry Legend - Launches "Winning On Purpose - the Unbeatable Strategy of Loving Customers" 5) "Winning on Purpose: The Unbeatable Strategy of Loving Customers"

“The best gift you could give your employees is to put them in a position where they can earn a life of meaning and purpose through service to others that get recognized and rewarded by teammates.”This episode of Be Customer Led with Bill Staikos features Fred Reichheld. Fred is one of the world's leading customer and employee loyalty experts. He is the Net Promoter System (NPS®) creator and has been called the "high priest" of loyalty by The Economist. Also, Fred is the founder of Bain's Loyalty practice and a fellow at Bain & Company, where Fred advises businesses on increasing customer and employee loyalty to boost business performance. In this episode, he explains how NPS enables enterprises to become genuinely client-focused, thereby releasing the potential for profitable expansion. [01:18] Fred's Background - Fred describes the milestones and turning points in his professional life. [03:04] Net Promoter System – Fred details about net promoter system and how to benefit from it. [08:03] Winning on Purpose: The Unbeatable Strategy of Loving Customers - Fred explains how customer affection translates into Net Promoter Score (NPS) or likelihood to recommend a product. [14:48] Best Gift - What is the best gift a company can give its employees? [18:31] More on NPS - The power of NPS, putting NPS into practice, and the concept of earned growth[26:33] Advice – Fred provides guidance for CEOs to begin their journeys to success. [30:35] Fred's Question - Which business, brand, or product have you enthusiastically recommended to a friend, and why?Recourses:Connect with Fred:LinkedIn: linkedin.com/in/fredreichheld/Mentioned in the episode:Winning on Purpose: The Unbeatable Strategy of Loving Customers: goodreads.com/en/book/show/58090620-winning-on-purpose

Der Net Promoter Score (NPS) ist mehr als lediglich noch eine weitere Kennzahl im Marketing. Richtig eingesetzt, könnt Ihr mit dem NPS die Kundenzufriedenheit messen, Schwachstellen entlang der Customer Journey identifizieren, proaktiv auf Probleme reagieren und so die Kundenbindung festigen. In dieser Folge erfahrt Ihr, wie der NPS ermittelt wird und welche Vor- und Nachteile das System hat- Außerdem gibt es 3 NPS Quick Wins, mit denen Ihr das Thema in Eurem Unternehmen voranbringen könnt.LiteraturWinning on Purpose: The Unbeatable Strategy of Loving Customers von Fred Reichheld The Ultimate Question 2.0 von Fred Reichheld von Fred ReichheldWeiterführende LinksMehr Tipps und Best Practices für erfolgreiches CRM: Folge mir auf LinkedInDie Saphiron GmbH ist die CRM- und E-Mail-Marketing-Agentur für profitable Kundenbeziehungen. Jetzt unverbindlichen Beratungstermin vereinbaren!Der CRM Podcast wird präsentiert von der artegic AG, einem Technologieanbieter für E-Mail Marketing und Marketing Automation.Möchtet Ihr wissen, was Ihr mit euren Transaktionsmails, also z.B. Bestellbestätigungen, im E-Mail Marketing wahrscheinlich noch nicht macht? Dann holt Euch die kostenlose Checkliste mit 12 Tipps für Transaktionsmails unter artegic.de/tam

“When people were working at home, kids were popping up in the corner. Mine certainly did. The really cool thing that came out of that is people started to be more comfortable being human, not just at work, but with clients.” We close out the month on Be Customer Led with Bill Staikos joined by Sarah Dayes, the Chief Client Officer at Acceleration Partners (AP), a renowned worldwide performance marketing agency.  Sarah is responsible for the success of AP's Client Services team, which consists of more than 250 individuals, and the health and happiness of their global client relationships. She has been a member of AP's leadership team for ten years and has been involved in the success of key client engagements, with seriously big brands including Uber, adidas, Target, and Airbnb.  [01:17] Background – Sarah describes her journey thus far, during which she has experienced nearly every aspect of customer service, client service, and hospitality.  [05:53] Sarah's Role – Sarah explains the work she conducts in her role and its influence on the company. [07:13] Evolution - Sarah shares her view on how her role has evolved over the years she has held it, as well as a list of traits she believes may persist in the new norm.  [11:47] In-person versus Virtual Mix – Sarah discusses her views on remote work situations.  [13:35] KPI - Sarah presents her thoughts on assessing performance and mentions the metrics utilized by her organization to measure its success. [17:00] The Future - Sarah addresses how she would like to see the chief client officer's role evolve and her team's impact within this environment. [18:23] Distinct Roles - Sarah expresses her opinion regarding the chief client officer acting the part of the chief financial officer and whether she believes some roles should be essentially distinct. [21:24] Advice – Sarah offers advice to aspiring chief customer officers and allies who want to support female executive leadership. [24:11] Role Models - Sarah describes whom she admires in business and where she finds inspiration. Resources: Connect with Sarah: LinkedIn: https://www.linkedin.com/in/sarahjohnsondayes/ (linkedin.com/in/sarahjohnsondayes/) Mentioned in the episode: Winning on Purpose: The Unbeatable Strategy of Loving Customers: https://www.goodreads.com/book/show/58090620-winning-on-purpose?from_search=true&from_srp=true&qid=GWUDemJtit&rank=1 (goodreads.com/book/show/58090620-winning-on-purpose?from_search=true&from_srp=true&qid=GWUDemJtit&rank=1)

Welcome to the What's Next! podcast with Tiffani Bova. With an entertaining and inspiring mix of both personal stories and qualitative business data, our guests Darci Darnell and Maureen Burns show why all businesses should make enriching the lives of customers their primary purpose. Their book “Winning on Purpose: The Unbeatable Strategy of Loving Customers” highlights the Net Promoter 3.0 System (NPS) – which is a metric for predicting company growth and customer lifetime value – and emphasizes how the age-old Golden Rule is what ultimately lies at the heart of customer success. Darci Darnell is the head of Bain's global Sales & Marketing practice and a leader of Bain's gender parity initiatives and sits on their Global Women's Leadership Council. She holds an MBA from The Tuck School at Dartmouth College, as well as a B.S. in Business Administration, with honors, from Washington University in St. Louis. Maureen Burns is a leader in Bain's Sales & Marketing practice and works extensively with clients on topics relating to marketing excellence, the Net Promoter System, customer journey redesign, and digital transformations. Maureen earned an MBA from Harvard Business School and a bachelor's degree, with honors, from Georgetown University's School of Foreign Service.   THIS EPISODE IS PERFECT FOR… people who want to understand how to improve their business models via enriching customer experiences and sustainable growth practices.   TODAY'S MAIN MESSAGE… The primary purpose of a business should be to enrich the lives of its customers. If you can take care of your customer base, they will take care of you by providing repeat business, bringing their friends, and generating overall larger profit shares. The NPS can be used as a tool for orienting your company on the right path to align your product design with the needs of your customer base.   WHAT  I  LOVE  MOST… Both Darci and Maureen place humanity at the center of their business models, which ultimately allows them to be even more remarkable no matter what business venture they are exploring.   Running time: 30:02 Subscribe on iTunes   Find Tiffani on social: Facebook Twitter LinkedIn Instagram   Find Darci on social: Website Twitter LinkedIn   Find Maureen on social: Website LinkedIn   Darci & Maureen's Book: Winning on Purpose

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

In this episode Scott Becker shares 5 thoughts from Fred Reichheld's “Winning on Purpose: The Unbeatable Strategy of Loving Customers”.

It seems obvious: When customers feel loved and appreciated by a company, they stay longer, buy more, and enthusiastically return. But how do you get boards and shareholders to abandon quick profits and invest in the long-term goal of customer satisfaction? In this episode of the podcast, Fred Reichheld, a Bain fellow, creator of the Net Promoter System, and author of the new book Winning on Purpose: The Unbeatable Strategy of Loving Customers, shares how leaders should be using NPS correctly to succeed in the long run.

Chief Revolution Officer John DiJulius of the DiJulius Group talks with Fred Reichheld, best-selling author and the creator of the Net Promoter Score (NPS). Their conversation is around Fred's newly released book Winning on Purpose – The Unbeatable Strategy of Loving Customers. You will learn: How NPS has been adopted by two-thirds of the Fortune 1000 companies Why NPS is broken and why he needed to write a new book to address what companies and leaders are doing wrong The most common misperceptions that people/companies have about NPS  How we should define what constitutes a great company What “Earned Growth Rate” (EGR) and why do we need it Resources mentioned: www.thedijuliusgroup.com Fred's new book - Winning on Purpose – The Unbeatable Strategy of Loving Customers Connect with Fred on LinkedIn  The DiJulius Group The Customer Service Revolution Podcast  CXO Academy  Customer Experience Executive Online Academy   The Customer Service Revolution Conference   Become a licensed CX Coach  John's books  If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go over to our podcast page at https://thedijuliusgroup.com/the-customer-service-revolution-podcast to download it.  *** Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment. He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world. Find out more at https://emeraldcitypro.com

Learn about how NOT to get someone's attention in a first email, an in-depth review of Net Promoter Score, and when your phone is listening to the people around you. Bite-Sized Delight From the Episode: • CX Begins BEFORE Someone Becomes a Customer - Any interaction with a prospect (even a cold email outreach) starts to establish the future customer experience. Don't miss the chance to be remarkable and set the right tone for interactions you'll deliver in the future. • Make Sure You Use Net Promoter Score the Right Way - Fred Reichheld's newest book "Winning on Purpose - The Unbeatable Strategy of Loving Customers" shows that when used properly, NPS scores are still a valuable way to enhance your customers' experiences and improve your bottom line. • Listening to Your Customers Can Be Creepy - Using technology to listen to your customers' private conversations and then feed them targeted promotions can easily produce a negative experience. Are You Looking for Things We Referenced? • Winning on Purpose - The Unbeatable Strategy of Loving Customers - by Fred Reichheld • Rate and Review The Experience This! Show • Experience This Show! - past episodes Learn more about the Experience This Show and the hosts:  Joey Coleman https://joeycoleman.com/ Dan Gingiss https://dangingiss.com/

“Love” isn't a word you often hear in business. It seems to run counter to the calculated numbers and tedious plans crafted in many boardrooms. But in his new book Winning on Purpose: The Unbeatable Strategy of Loving Customers, Fred Reichheld, a Bain fellow and creator of the Net Promoter system of management, makes it clear: Loving your customers is the key to continued success.

It's trendy right now for leadership teams to craft lofty statements of purpose. But Darci Darnell, a Bain partner and coauthor of the new book Winning on Purpose: The Unbeatable Strategy of Loving Customers, says the organizations that succeed in inspiring their teams with the company's sense of purpose don't just craft these mission statements, they help employees understand their role in these missions.

Fred Reichheld is creator of the Net Promoter System, and the founder of Bain & Company's loyalty practice. He is the author of five books, including the New York Times bestseller, The Ultimate Question 2.0: How Net Promoter Companies Thrive in a Customer-Driven World. Fred is currently a fellow and senior advisory partner at Bain & Company, and his work on customer loyalty has been widely covered in the Wall Street Journal, New York Times, Financial Times, Fortune, and other media outlets. His most recent book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, shows that enriching the lives of customers through love and care is the primary purpose of business. It is also the best way to ensure sustainable growth, happily fulfilled employees, and robust investor returns. He is Marcel Schwantes's guest this week on Love In Action. “Financials is what we guide our lives and measure our success by, pay bonuses on, and communicate to investors through, but it doesn't tell us when we've done meaningful work that's enriched the lives of our customers,” Fred shares. “It doesn't give us a balance sheet of all the lives we've enriched or diminished.” [6:39] According to a survey conducted by Bain, only 10% of senior executives surveyed said their business' primary purpose was their customers. “I'm stunned; the evidence is so clear that unless leaders inspire their teams to enrich the lives of customers, they're not going to [make things better],” Fred says. [10:19] Marcel asks Fred to define loving your customers. “I think love [is when] your happiness is primarily driven by the happiness you can create in your partner,” he responds. “‘Love thy neighbor as you love yourself' [means] your happiness comes out of your ability to make your neighbor happy… The Jesus idea of love is pretty close to the business idea of love: the more we can care for others and make their lives better, the happier we are. In a well-run business, the wealthier we get.” [14:34] When employees feel loved and cared for, they translate that into their performance, which leads to happy and satisfied customers, Marcel comments. Fred talks about how and why leaders should help their employees earn happiness through the reactions of their customers. [18:27] “The leader's primary job is to create a culture where the golden rule is dominant, and where people understand that winning is only going to happen for anyone when teams treat customers right and earn their loyalty,” Fred remarks. “Additionally, the teams are empowered to speak up when they see something going on that doesn't feel like it's consistent with their values.” [21:16] Marcel and Fred explore why ‘bad profits' are so prevalent. “It's because [leaders] are indicating that the reason we exist is to make shareholders rich; profits is our purpose,” Fred explains. “Or if they understand that customers are their purpose, they don't have the courage to speak up and say these things are toxic.” [23:14] “Net promoter is a tool to make teams happier,” Fred says. “It's a framework to think about living by the Golden Rule and choosing which people you want to have relationships with… if you choose your loyalties wisely, they shape your life and they define your legacy.” [30:47] Resources Fred Reichheld on LinkedIn | Twitter NetPromoterSystem.com Winning on Purpose: The Unbeatable Strategy of Loving Customers

Despite the pressing challenge of digital native insurgents, incumbent companies have struggled to shift to a customer-centric strategy, fearing shrinking shareholder returns and being weighed down by operational hurdles. However, Maureen Burns, a Bain Partner and coauthor of the new book Winning on Purpose: The Unbeatable Strategy of Loving Customers, says there is no tradeoff between doing well for shareholders while still delivering for customers.

In this episode, Conor talks with Fred about his book – Winning On Purpose: The Unbeatable Strategy of Loving Customers.You'll discover how NPS feedback from millions of customers has revealed that the previously invisible forces of love and loyalty drive business success. Fred explains why most NPS practitioners achieve just a small fraction of the system's potential, and how leading practitioners use it as a moral compass to ensure people are treated right.Fred reveals the difference between ‘good profits' and ‘bad profits' with the revolutionary Earned Growth Rate which provides the accounting twin to complement NPS, ensuring firms earn ‘good profits' – generated when customers come back for more and bring their friends. ***This episode is brought to you by Optical Success Academy and Seiko.To receive a Seiko information pack including a special lens offer for podcast listeners, send an email to infouk@seikovision.com ***Stay Up to Date: Consider signing up for Optical Success Academy membership and the Look Over My Shoulder Marketing Program with Conor Heaney. To learn more visit:www.greatopticalmarketing.comwww.opticalsuccessacademy.co.uk ***Follow this show and Conor Heaney at:www.theopticalentrepreneur.com

As the creator of the "net promoter system", Fred Reichheld is a true legend in the loyalty industry. His career spans 44 years as a consultant, author of four best-selling books and an internationally-renowned speaker on loyalty, and currently a Fellow with Bain & Co. He joins me today to introduce his latest book called "Winning On Purpose - The Unbeatable Strategy of Loving Customers" - which features some profound new ideas on the very fundamentals of how we do business. He challenges the dominant corporate approach based on greed, and shares powerful evidence of how NPS leaders in every category, consistently earn superior profits. This book also introduces his new framework, which he describes as the accounting-based twin for net promoter score - called "earned growth rate" - which is set to become another industry standard and framework for excellence. In my view, Fred's work and this latest book are deeply important to us as loyalty professionals, business practitioners and human beings living "on purpose". Show Notes: 1) Fred Reichheld - Bain Fellow, Author/Speaker on Loyalty, Creator of the Net Promoter System 2) Bain & Company 3) NPS Prism 4) Winning on Purpose on Amazon - The Unbeatable Strategy of Loving Customers

Fred Reichheld, inventor of the Net Promoter Score® (NPS), sees customers recommendations as an act of love. Recommendations are a chance to provide an experience to someone they care about.  Reichheld's new book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, shows tracking the actual referrals is the next level, what Reichheld describes as the “gold” in the business—and the future of your customer strategy.  Key Ideas to Improve your Customer Experience Andy Taylor, Executive Chairman of Enterprise Holdings, once told Reichheld there is only one way to grow.  Taylor told Reichheld, “You've got to make sure your customers are treated so well, they come back for more and bring their friends.” Reichheld says that's the basic flywheel that drives all great business.  Reichheld thinks that the right way to determine growth is to measure that flywheel. He would like accounting teams to know how much of their revenue came from customers they have had for a year and all the business of that customer's referrals, called Earned Growth Rate. Earned Growth Rate separates referral growth from the other growth strategies organizations implement, that can include acquisitions, sales and marketing, or new store locations, among others.  Reichheld sees the Earned Growth Rate concept today as where Net Promoter was 20 years ago. In the next 10 to 20 years, he thinks there won't be a serious business person that doesn't know about Earned Growth Rates. He says his new book shows people how to do that. Here are some key moments in the discussion: 03:05  Reichheld explains why his frustration with NPS inspired his book and what he is trying to accomplish with it.     09:09  Reichheld makes the argument that there is only one class of purposes that work in business, and explains why.    13:18  Reichheld shares the one way to grow a great profitable business, and how it drives his decisions to invest in companies.    20:18   Colin asks Reichheld what advice he would give an organization that doesn't know how to use NPS properly, the way Reichheld intended when he invented it.   21:31  Ryan asserts that culture dictates how NPS plays a role in an organization, and asks Reichheld to give advice on how to focus organizations on culture. 24:44  We learn the difference between good profits and bad profits, per Reichheld, and how to use NPS better moving forward.     Please tell us how we are doing! Complete this short survey.  Customer Experience Information & Resources LinkedIn recognizes Colin Shaw as one of the 'World's Top 150 Business Influencers.' As a result, he has 289,000 followers of his work. Shaw is Founder and CEO of Beyond Philosophy LLC, which helps organizations unlock growth by discovering customers' hidden, unmet needs that drive value ($). The Financial Times selected Beyond Philosophy LLC as one of the best management consultancies for the last two years. Follow Colin on LinkedIn and Twitter. Click here to learn more about Professor Ryan Hamilton of Emory University.  Why Customers Buy: As an official "Influencer" on LinkedIn, Colin writes a regular newsletter on all things Customer Experience. Click here to join the other 22,000 subscribers.  Experience Health Check: You already have an experience, even if you weren't deliberate about it. Our Experience Health Check can help you understand what you have today. Colin or one of our team can assess your digital or physical Customer Experience, interacting with your organization as a customer to define what is good and what needs improving. Then, they will provide a list of recommendations for critical next steps for your organization. Click here to learn more.  How can we help? Click here to learn more about Beyond Philosophy's Suite of Services.

Fred Reichheld, inventor of the Net Promoter Score® (NPS), sees customers recommendations as an act of love. Recommendations are a chance to provide an experience to someone they care about.  Reichheld's new book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, shows tracking the actual referrals is the next level, what Reichheld describes as the “gold” in the business—and the future of your customer strategy.  Key Ideas to Improve your Customer Experience Andy Taylor, Executive Chairman of Enterprise Holdings, once told Reichheld there is only one way to grow.  Taylor told Reichheld, “You've got to make sure your customers are treated so well, they come back for more and bring their friends.” Reichheld says that's the basic flywheel that drives all great business.  Reichheld thinks that the right way to determine growth is to measure that flywheel. He would like accounting teams to know how much of their revenue came from customers they have had for a year and all the business of that customer's referrals, called Earned Growth Rate. Earned Growth Rate separates referral growth from the other growth strategies organizations implement, that can include acquisitions, sales and marketing, or new store locations, among others.  Reichheld sees the Earned Growth Rate concept today as where Net Promoter was 20 years ago. In the next 10 to 20 years, he thinks there won't be a serious business person that doesn't know about Earned Growth Rates. He says his new book shows people how to do that. Here are some key moments in the discussion: 03:05  Reichheld explains why his frustration with NPS inspired his book and what he is trying to accomplish with it.     09:09  Reichheld makes the argument that there is only one class of purposes that work in business, and explains why.    13:18  Reichheld shares the one way to grow a great profitable business, and how it drives his decisions to invest in companies.    20:18   Colin asks Reichheld what advice he would give an organization that doesn't know how to use NPS properly, the way Reichheld intended when he invented it.   21:31  Ryan asserts that culture dictates how NPS plays a role in an organization, and asks Reichheld to give advice on how to focus organizations on culture. 24:44  We learn the difference between good profits and bad profits, per Reichheld, and how to use NPS better moving forward.     Please tell us how we are doing! Complete this short survey.  Customer Experience Information & Resources LinkedIn recognizes Colin Shaw as one of the 'World's Top 150 Business Influencers.' As a result, he has 289,000 followers of his work. Shaw is Founder and CEO of Beyond Philosophy LLC, which helps organizations unlock growth by discovering customers' hidden, unmet needs that drive value ($). The Financial Times selected Beyond Philosophy LLC as one of the best management consultancies for the last two years. Follow Colin on LinkedIn and Twitter. Click here to learn more about Professor Ryan Hamilton of Emory University.  Why Customers Buy: As an official "Influencer" on LinkedIn, Colin writes a regular newsletter on all things Customer Experience. Click here to join the other 22,000 subscribers.  Experience Health Check: You already have an experience, even if you weren't deliberate about it. Our Experience Health Check can help you understand what you have today. Colin or one of our team can assess your digital or physical Customer Experience, interacting with your organization as a customer to define what is good and what needs improving. Then, they will provide a list of recommendations for critical next steps for your organization. Click here to learn more.  How can we help? Click here to learn more about Beyond Philosophy's Suite of Services.

Fred Reichheld is the creator of the  Net Promoter® , founder of Bain & Company's Loyalty practice, and the author of five books including the New York Times bestseller The Ultimate Question 2.0. Reichheld is out with a new book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, with co-authors Darci Darnell and Maureen Burns. The ultimate purpose of any business is to enrich the lives of customers. This statement appears antithetical to the broadly accepted purpose of a business enterprise, which is to maximize profits or otherwise maximize shareholder value. But as the authors point out, when we enrich the lives of customers, we create a multiplier effect of financial results. Why? Customers who we enrich buy more from us. They don’t buy from elsewhere. When they bring their friends with them, they also don’t buy from elsewhere. There is a great story in the book in which Steve Grinshaw, CEO of Caliber Collision (they repair  damaged cars), talks about purpose. “People work hard for a paycheck, they work harder for a good boss, and they work hardest for a meaningful purpose. Our purpose is to help get each customer’s life back in order— to restore the rhythm of their lives.”What could be a higher purpose for a collision repair company than to help their customers, who just got in a crash, get their lives back in order?More about Fred:The book: https://www.amazon.com/Winning-Purpose-Unbeatable-Strategy-Customers/dp/1647821789/ref=sr_1_3?keywords=winning+on+purpose&qid=1638816110&sr=8-3The Harvard Business Review article: Net Promoter 3.0: https://hbr.org/2021/11/net-promoter-3-0About Fred: https://www.bain.com/our-team/fred-reichheld/More about ServiceRocket:Visit ServiceRocket.com: https://www.servicerocket.com/On Linkedin: https://www.linkedin.com/company/servicerocket/On Twitter: https://twitter.com/servicerocketOn Facebook: https://www.facebook.com/ServiceRocket/On Instagram: https://www.instagram.com/servicerocket/ Subscribe at helpingsells.substack.com

Maureen Burns is a senior partner in Bain & Company's Boston office and a leader in Bain's Customer Strategy and Marketing Practice. Maureen is out with a new book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, with co-authors Fred Reichheld and Darci Darnell. I asked how Maureen, who has a background in investment banking and serves financial services company clients, could sign up to co-author a book about loving customers. She told me that at first she was skeptical saying, "Fred, I can't go to my financial services c-suite clients and talk about love." What is most motivating about this exchange is the realization that the evidence is overwhelming that companies that prioritize enriching the lives of customers (loyalty leaders in their categories) outperformance the market by 3X or more. And, it turns out, Burns' financial services clients have been quite receptive to the purpose of enriching customer lives. It's not just good for financial results, it's just plain the right way to treat people. More about Maureen:The book: https://www.amazon.com/Winning-Purpose-Unbeatable-Strategy-Customers/dp/1647821789/ref=sr_1_3?keywords=winning+on+purpose&qid=1638816110&sr=8-3The Harvard Business Review article: Net Promoter 3.0 - https://hbr.org/2021/11/net-promoter-3-0About Maureen: https://www.bain.com/our-team/maureen-burns/More about ServiceRocket:Visit ServiceRocket.com: https://www.servicerocket.com/On Linkedin: https://www.linkedin.com/company/servicerocket/On Twitter: https://twitter.com/servicerocketOn Facebook: https://www.facebook.com/ServiceRocket/On Instagram: https://www.instagram.com/servicerocket/ Subscribe at helpingsells.substack.com

Darci Darnell is the head of Bain’s global sales & marketing practice and an active leader in Financial Services and Strategy practices with nearly two decades of management consulting experience. She also has particular expertise in customer retention strategy, NPS®, and employee engagement. Darnell is out with a new book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, with co-authors Fred Reichheld and Maureen Burns. We talked about the original intent of net promoter system. As Darci described in the book, "NPS implemented correctly reveals how consistently a company lives up to its purpose of loving customers." Loving customers? Not all execs will accept this easily, even though the empirical evidence is overwhelming that loyalty leading companies out-perform the market by numerous multiples. Darci's advice to me, "Be brave."There's a life lesson. More about Darci:The book: https://www.amazon.com/Winning-Purpose-Unbeatable-Strategy-Customers/dp/1647821789/ref=sr_1_3?keywords=winning+on+purpose&qid=1638816110&sr=8-3The Harvard Business Review article: Net Promoter 3.0 - https://hbr.org/2021/11/net-promoter-3-0About Darci: https://www.bain.com/our-team/darci-darnell/More about ServiceRocket:Visit ServiceRocket.com: https://www.servicerocket.com/On Linkedin: https://www.linkedin.com/company/servicerocket/On Twitter: https://twitter.com/servicerocketOn Facebook: https://www.facebook.com/ServiceRocket/On Instagram: https://www.instagram.com/servicerocket/ Subscribe at helpingsells.substack.com

A central theme in Fred Reichheld's new book, Winning on Purpose: The Unbeatable Strategy of Loving Customers, which releases December 7, is purpose. For Fred, a well-defined company purpose is the engine that drives success. But it's not enough. To succeed, an organization's No. 1 goal should always be to make customers' lives better.

How NPS Enriches the Lives of Customers, Employees, and Leaders Shep Hyken interviews Fred Reichheld, creator of the Net Promoter® system of management, the founder of Bain & Company's Loyalty practice, and the author of five books including his latest, Winning on Purpose: The Unbeatable Strategy of Loving Customers. They discuss how companies can use Net Promoter Score to enrich lives and drive sustainable growth.  Top Takeaways:   Net Promoter Score is the metric that millions of companies have used for decades to know if they are doing a good job for their customers and their employees. It aims to measure if you have gained your customer's loyalty enough to earn their repeat business and new business from their friends and family. But, in the age of cookies, click rates, and measurable eyeball hang times, is a company's NPS still relevant? And, is your company using the NPS metric correctly? This week, we interview Fred Reichheld, the developer of the Net Promoter score to talk about how many companies are misusing the Net Promoter Score and missing out on the potential benefit that it can help your business achieve. We also talk about how NPS is still applicable in modern business and how it can be used correctly. To put his money where his mouth is, Fred invested his own money in all of the public companies that are NPS leaders. The return on his investments is almost three times the S&P. In today's episode of Amazing Business Radio, Fred and I discuss how you can use the Net Promoter Score to invest in customer loyalty, which pays big dividends!  Quote:   "Who you hang around with in your life influences everything - how you think about success and what's important to you. This is true with who you want to be a customer of, who do you want to be an employee of, who do you want to invest in."   About:   Fred Reichheld, creator of the Net Promoter® system of management, the founder of Bain & Company's Loyalty practice, and the author of five books including his latest, Winning on Purpose: The Unbeatable Strategy of Loving Customers. He is currently a Fellow and Senior Advisory Partner at Bain, where he has worked since 1977. Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio. Learn more about your ad choices. Visit megaphone.fm/adchoices

Fred Reichheld is the creator of the Net Promoter system of management, the founder of Bain & Company's Loyalty practice and the author of five books including The New York Times bestseller, The Ultimate Question 2.0. He is currently a Fellow and Senior Advisory Partner at Bain, where he has worked since 1977. Fred is a frequent speaker at major business forums and his work on customer loyalty has been widely covered in The Wall Street Journal, New York Times, Financial Times, Fortune, Businessweek and The Economist.   His upcoming article to be published in November marks his 15th contribution to the Harvard Business Review. In 2012, he became one of the original LinkedIn influencers, an invitation only group of corporate leaders and public figures who are thought leaders in their respective fields. In 2003, Consulting Magazine named Fred as one of the world's 25 Most Influential Consultants.   According to The New York Times, he put loyalty economics on the map. The Economist refers to him as the “high priest” of loyalty. Reichheld graduated with honors both from Harvard College (B.A., 1974) and Harvard Business School (M.B.A., 1978). He's based in Cape Cod and Miami.   Questions   Could you share a little bit about your own journey? How is it that you got to where you are today? Could you explain to us what the Net Promoter system is and how companies should really be using it to yield the best results? Could you share with us maybe two or three things that you believe are contributing drivers of loyalty? What are some things that companies should look at in trying to enrich the lives of your customers? Do they need to understand what type of customer they're serving and does the generation matter? Could you share with us what is Customer Capitalism exactly? And how does that impact the consumer? Could you share with us what's the one online resource, tool, website or app that you absolutely cannot live without in your business? Could you also share with us maybe one or two books that have had the biggest impact on you? Could you share with us what's the one thing that's going on in your life right now that you're really excited about? It could be something that you're working on to develop yourself or your people. Where can our listeners find you online? Do you have a quote or a saying that during times of adversity or challenge, you'll tend to revert to this quote, it kind of helps to keep you on track, or at least get you back on track if for any reason you get derailed. Do you have one of those?   Highlights   Fred's Journey   Fred shared that early in his career at Bain & Company, he noticed companies similar to us all, some brand new, some quite mature, but they were all outperforming all of the things he learned at the Harvard. Some were crushing it and a good example was enterprise Rent-A-Car, who started out as a tiny little rental leasing agency in St. Louis, and has grown now to become the largest car rental company on Earth without ever having to tap public equity markets, it's still a private company. And you think, Gosh, what I learned at Harvard was a capital intensive business, low growth industry, low margins, there's no way that you could grow on internally generated cash.   So, when he went to meet with Andy Taylor, their CEO, he said, “Fred, there's no secret, there's only one way to grow a successful business sustainably.” And so, he was listening for this great secret. And he said, “You treat your customers so they come back for more and bring their friends.”   And that basic idea changed his world because that's what he now understands is the key to success. If your customers are coming back for more and bringing their friends, your economic flywheel will crush the competition.   What is the Net Promoter System and How Companies Can Use it to Yield the Best Results   Me: Amazing. So I had an opportunity to get an advanced copy of your book Winning on Purpose: The Unbeatable Strategy of Loving Customer. I really, really love it. I haven't finished reading it as yet, but I've gotten quite far in it. And so, I just wanted you to share with us.   Fred, in the book, especially in the preface and the foreword, you kind of mentioned that you have this net promoter system, but people are not actually using it the way how you created it to be used. Could you explain to us what the Net Promoter system is and how companies should really be using it to yield the best results?   Fred shared that he's long been troubled by the fact that financial accounting is how we run our businesses. And while financial accounting is very good at telling us when we've extracted a million dollars from our customers wallets, it does nothing in helping us understand when we've enriched a million customers lives or when our teams have done work that's meaningful and toward an important purpose.   And Net Promoter was his attempt at helping companies measure that important idea of all the lives you touch, how many are enriched? How many diminished? And that evolved into Net Promoter Score is based on one question, how likely you'd recommend us to a friend, 0 through 10.   And it turns out that when someone gives you a 9, and especially a 10, you've enriched their life, you've lived up to the golden rule of loving your neighbor.   And 0 through 6, you failed, you diminish their life. And so, this notion of Net Promoter Score is just keeping track of all the lives touched, how many enriched, how many diminished, and how many promoters, how many detractors, it's very practical for running a business because your promoters are your assets, who come back for more and bring their friends. But also, it's a little bit inspirational because putting your teams to work, and enriching lives and measuring that outcome and helping them learn how to do better, that's really helping them live the right kind of life.   The Contributing Drivers of Loyalty   Me: So, at the end of the day, we're all trying to build better relationships with our customers. Now, in your book, you also said that loyalty means investing time and resources in relationships.   Do you know maybe could you share with us maybe based on your experience and your research, you've definitely been in the thing way longer than I have; maybe two or three drivers that you think contribute to loyalty.   And this is loyalty in general, which I'm sure impacts business relationships, because I mean, loyalty is something that as human beings, we do link it to a person. For example, if you have an animal, your dog is loyal to you as the owner, in a relationship; you're loyal to the other person that you're in the relationship with, whether it's a personal or professional relationship. So could you share with us maybe two or three things that you believe are contributing drivers of loyalty?   Fred shared that he thinks it's quite poorly understood in this day and age when people are demanding loyalty and trying to get loyalty through gimmicks and marketing, so called loyalty programs. So, he thinks it does make sense to get back to basics.   He thinks loyalty is an investment from you and another person in a relationship. And you think, “Why would I invest in someone else?” Well, it's because they stand for what you believe in you.   You believe that they'll reciprocate and treat you reasonably and not abuse your trust and that you're in a position to actually do something to make their life better. Otherwise, you're just wasting your time.   A lot of people think about loyalty as, “Oh, I want them to be loyal to me.” He thinks the way to start is, “How can I invest in this relationship and love them, make their lives better?”   And that's what great companies' do, that's what great leaders do, they inspire their troops to find ways to enrich the lives of customers sustainably, of course, profitably. But the whole goal in a business is making your customers lives better. Because when you do that, you're investing in the right relationships, they come back for more, they bring their friends, they say great things about you, they become your public relations force, that's how great business works.   And he thinks we get drawn off center a little bit because the larger our company is, the more it's run through financial mindset. It's our accounting numbers that we seem to view as the framework of success, when in fact, no, it's this golden rule ideas, it's love thy neighbor as thyself. And when you do it, you'll see the results because when customers feel the love, they are loyal and that's at the core of loyalty, it's earning loyalty by enriching customers lives. And loyalty from employees, by putting them in a position to earn lives of meaning and purpose, by enriching the lives of customers that they touch.   Me: I like the fact that you mentioned that it's not just about loyalty in terms of you getting the person to be loyal to you, but it has to be earned and it's not something that can be bought. So I'm glad that you mentioned at the beginning that a lot of these loyalty programs and marketing initiatives that organizations have that they dub as loyalty programs are not actually programs that will make or even influence your customers to be loyal to you. So it's good that you identified for us that loyalty is something that is earned.   What Companies Should Look for to Enrich the Lives of Customers   Me: Now, in terms of showing your customers or enriching their lives regardless of the industry that you're in, whether you're a financial company, you sell insurance or you have credit cards, or you're a retail company, what are some things that companies should look at in trying to enrich the lives of your customers? Do they need to understand what type of customer they're serving and does the generation matter?   Fred shared that of course it does. And yet, he finds that the most successful businesses, whether dealing with teenagers today or octogenarians, it's understanding how to communicate effectively, how to always act in your customers best interest, to listen very carefully to how you're doing and what they need. Because at the core, a business is trying to solve the customer's problem, it's trying to turn a frown, into a smile, and the human process of understanding that, he doesn't think that's changed in thousands and thousands of years. Of course, the technologies we use, the innovative approaches, those open up wonderful new opportunities, but the basics, they haven't changed.   One of his colleagues at Bain, they joined about the same year, Scott Cook, who's the founder of Intuit, who has built TurboTax, and other very successful business, huge, huge success.   And he said, “Fred, you want a big business, solve a big problem for your customers.” And that's the right way to think about it, “I am going to be a reliable resource that is going to make a real difference in your life by turning that frown into a smile, and I'm going to measure my success that way.”   Obviously, profits are necessary but those who think of profits as the true objective, they're not going to grow a very big business very long because that's very selfish, “How much money can I extract from your wallet, get away from me, I'm not going to tell you anything about myself for what I need.” If he has someone who actually acts in a loving, caring way, they're a mutually beneficial relationship affair. But that's the kind of person he's willing to actually share his information with and give constructive feedback to because he wants them to succeed, he wants them to succeed in helping him solve problems.   What is Customer Capitalism and How it Impacts the Consumer?   Me: So, while I was reading part of your book as well, I bucked up on a term, Customer Capitalism. Could you share with us what is that exactly? And how does that impact the consumer?   Fred shared that he thinks people have a framework in their heads about capitalism that's just dead wrong, that maximize shareholder value as the underlying concept. Through the years, whether it's Milton Friedman, or Adam Smith, there's an ancient and an out of date framework that people call capitalism, that without giving it this name, it's financial capitalism, because it's based on this idea of profits and shareholder and investor is the king. He thinks that has changed over the last few decades, at least, to where now, there's so much capital in the world; you can raise millions and millions if you have a good idea.   What there's not infinite amounts of are good people with good ideas who are willing to work together in a team framework to serve others.   And the real capital in that system, our customers, all the cash flow comes out of customers' wallets.   So let's keep track of how many customers you have, how many are coming back for more, how many referrals you're getting, that was the basic, those are the keystone metrics in customer capitalism.   And more than anything, it's being clear about the purpose. If the purpose in the old school capitalism was maximizing profits and shareholder value, in customer capitalism, the purpose is to enrich the lives of your customers.   Bain did a survey of a couple 100 Senior Executives around the world, C suite executives and they found that only 10% believe that the primary purpose their business existed was to make customers lives better. They thought it was about profits or great place to work or balance duties to shareholders, stakeholders. He just thinks that is dead wrong. A good business, a sustainable business has to have a primary purpose of making their customers lives better.   Me: Amazing. One of the companies that you mentioned in your book when I was reading was Chick-fil-A and I absolutely love Chick-fil-A, both me and my daughter. But one of the things that I really love about Chick-fil-A was the fact that I remember I traveled a few years ago and my daughter wanted to get something from them on a Sunday and they're actually closed on Sundays and I thought that was awesome, from what I read that was a principle that their organization had and they've lived it up to this day and they've still been very successful even though they're closed on a day when they could be making more profit, as you mentioned.   Fred stated that the purpose of Chick-fil-A is certainly to enrich the lives that it touches. It's interesting, the founder, Truett Cathy was one of his early teachers in his business career, and they're totally different people. He's a Southern, he was a Southern Baptist, very, very conservative point of view. He (Fred) lives up in New England, Unitarian Universalist, you couldn't be more liberal in your religious thinking. And yet they had enormous overlap at the core, he picked a proverb from the Bible, that essentially, it says, “A good name is worth more than silver or gold.” Or in other words, your reputation is everything, which he thinks is so true.   And this notion of net lives enrich and Net Promoter Score, you think about when you enrich a life, you're living up to the golden rule, you're loving a neighbor, when you diminish your life, you're failing.   And so, the reason Chick-fil-A has been very interested and supportive of Net Promoter is because we're trying to achieve the same mission, this is back to Truett Cathy's words, he was inspired to turn frowns into smiles on his customers' faces and that is the purpose of the business.   So, then you mentioned Sunday, he asked him why he closed on Sundays and he said, “It's not a religious thing, Fred.” He's a very religious guy but he's not preachy, their business does not put biblical quotes at the bottom of their cups, and they're not proselytizing in the parking lot. They try to be models; they try to help their people live up to this standard of loving your neighbor. And closing on Sundays, he just knew that you could not run a restaurant and have the manager there 7 days a week, you'll kill yourself. And he said, “Given that, and I definitely want my store operator there running the place not delegating to an assistant.” He said, “We have to close a day and closing Sundays gives this signal that we care about our people, and we care about golden rule.”   As he said, “But you know, Fred, I go to other restaurants on Sunday, it's not like it's wrong to go out and eat at a restaurant on Sunday. It's just wrong for us to try and have our managers running a business 7 days a week.” And he thinks it's brilliant. And it is a signal. He thinks it reminds people that they're different. And you're right, their productivity, they have far higher sales per unit than any of the competitors. And those competitors are open 7 days a week. And it shows you when you get the purpose right; your business can crush the competition.   App, Website or Tool that Fred Absolutely Can't Live Without in His Business   When asked about online resource that he cannot live without in his business, Fred shared that it's a new one for him, he discovered a company through one of his Bain partners, it's called BILT. The reason they were intriguing to him was their goal is to help their customers, their customers tend to be consumer brands, like Weber, who makes grills and place at manufacturers and so on. They try to help them build promoters among their customers, to create more promoters.   And what they've done is just taken one of the most painful steps in every customer's journey episode, which is assembly and first use, using paper instructions, which these paper instructions are horrible, let's be serious, they're written by engineers whose English is certainly their second language and they're just totally unintuitive.   So, BILT takes the 3D CAD drawing from the manufacturer, and then turns it into great little 3D instructions on how to assemble and use your product effectively and it's free to the consumer. So you go to a Home Depot or Costco and you'll start to see BILT on the packaging, and you know that you're going to get that home and you'll be able to put this thing together quickly and you'll feel great about yourself or Home Depot will have their faucets or ceiling fans, things that are really tricky to install, or garage door openers, and you go to BILT and you put the product in it and it downloads up to date information about how to put it together in a very intuitive way where you can zoom in and pinch out and rotate upside down and voice activated to help you guide you through your journey, it's just brilliant.   Me: Nice, very good. They obviously saw a need in the market, as you said, a problem that people were having challenges with and complaining about and created a product that would be applicable to make people's lives easier.   Fred stated that try ordering a bicycle online, you get it back to your driveway and then you try to put it together using paper instructions and he thinks you'll see why BILT is so successful.   Me: Yes, I can just imagine and my coordination of doing things like that are extremely poor, so I'm sure I'd benefit from using BILT.   Books That Have Had the Greatest Impact on Fred   Me: Could you also share with us maybe one or two books that have had the biggest impact on you? I'm sure you have many because you've been around for quite some time and I'm sure you've had to read and engage with a lot of authors over the years that have definitely helped enrich your life and the lives of others. But is there maybe one or two that have definitely had a great impact on you over the years, maybe something you read a long time ago, or even something you read recently?   When asked about books that have had biggest impact, Fred shared that he read a lot of books. Actually, he listens to them now; his eyes are so strained from working at his computer and writing a book, he can't read in a relaxed way so he listens to Audible. Probably the most impactful book in the last 10 years was written by a guy who passed away, Clayton Christensen was a business school professor, who he got to know, he worked briefly at Bain and then worked at an entrepreneurial thing and ended up at Harvard.   He wrote a book called How Will You Measure Your Life? And he (Fred) thinks he's just absolutely right. And the reason that helped him is, he thinks you do need to measure a life carefully, that's what a Net Promoter Score is, of all the lives he touched, how many enriched, how many diminished?   That's how you measure a life. And he thinks Clayton put this in very human terms, and thinking about that, not just in a business sense, but all of your relationships in life, how do you think about investing in those relationships and being loving and loyal in a way that's not just correct in your mind, but you know the other party felt the love, you have to get feedback on how you enrich their life. So, How Will You Measure Your Life is a big one.   There's a recent book by Adam Grant called Think Again: The Power of Knowing What You Don't Know, that he thinks is quite good. Adam is a guy that they must think along the same lines, because it was an earlier book that he wrote about it's called Give and Take. And he just makes the case that the world is full of people; there are some people who are givers, there are people who are matchers, they want a relationship to be in balance and then there are takers. And he said, one of the keys to life is avoid those takers, they're sociopaths, you can try and change them, but good luck.   And he thinks this is important and living a golden rule existence. Not all people want to be part of a community where people are treated with love and care, they'll abuse that community and he thinks if they can't be fixed, they have to be excluded. And then Think Again, Grant just says, we have these mindsets that are fixed, and he thinks of financial capitalism as a fixed mindset for 90% of the world and he needs to change the way people think about the purpose of business and how to enrich a life.    What Fred is Really Excited About Now!   Fred shared that he got the paperback galley of Winning on Purpose just a week ago and he can't take it off on his desk, but very pleased with the way it's come out. And that's going to be every day of his life for the next probably 90 days is how to get people to see the relevance of this book to their personal lives, not just their business lives because the subtitle of Winning on Purpose is “The Unbeatable Strategy of Loving Customers.” And loving customers, it doesn't sound like it's a business book, he doesn't know what it sounds, just a little flaky but it's not because this notion of loving thy neighbor as thyself is the core, it's the highest standard in human affairs. And what he's arguing and Winning on Purpose is that, that is how you win.   When you enrich lives, you have to do it sustainably, and you have to do it profitably, but that's not the magic, accountants can do the profits for you. The magic is figuring out how using your energy and ingenuity to love your customers and have them come to trust you and come back for more and bring their friends but it goes so far beyond business.   So, the great challenge he's got is getting people to recognize, he wrote this book for his granddaughters, infants who he wants them to see how you live the right life. And it sets out a way of measuring progress that he thinks is consistent with what Truett Cathy had in mind of building a reputation that you'll be proud of, and investing in relationships where you can earn people's loyalty.   It's probably a good rule of thumb anywhere to just don't spend time with a person unless you can figure out a way to make their life better. And by the way, the good news, chapter two and five of the book, demonstrate that companies that do this, they're the ones that get rich.   It's not clear from reading the Wall Street Journal, but every company, every industry, where they look at the Net Promoter Score, versus the competition, measured carefully, correctly, not just some self reported vanity metric, but real apples to apples.   It's the company with the highest Net Promoter Score who is growing faster and delivering better total shareholder value. And that's really good news.   But people are the mindset is fixed, they just don't get it. They say, “Oh, that's just some industries.” No, every time they're finding it, how did Andy Taylor grow to be the biggest car rental company on earth? How did Apple become one of the biggest companies on earth? Because they built a set of customers who are Promoters who are out there buying more stuff, and referring their friends and giving good feedback because they trust you, and making your employees feel special and loved, that's the flywheel that's going on. So, he's trying to convince the world that business works in a very different way than they probably learned in business school, or if they read the Wall Street Journal and The Economist.   Me: And you know, one of the things that kind of came in my head just now when you're speaking in terms of what we were taught in school versus what is reality, the reality is, a business isn't a static thing, it's made up of people and without people in the business, there is no business and people are human beings with feelings and emotions. And you get more out of people when they feel loved, when they feel listened to, when they feel heard, as you said, when you enrich their lives. So, if you really do live that principle, I'm sure you'll win in all aspects of your life.   Fred shared that he's worked at Bain & Company since 1977. So what is that 43 going on 44 years now. And they've been through good and bad times. For the last 10 or 20 years, it's been good times. If you look on Glassdoor, the place that rates businesses as great places to work, Bain, this year, it's the best in the world according to Glassdoor, it's always been one of the top several since Glassdoor started. And Bain hires lots of different kinds of people. But these are really ambitious, talented people. And even with that slice of ambitious people, when you look at what makes a person happy at work at Bain, they want to feel loved; they want to feel like they're a valued member of a team that wins with its customers. So it's an act of service and if you ask, remember he said the typical business person in the world, 10% of them think the reason their business exists is to enrich customer lives, at Bain, if you just ask everybody through the company, you find 60% to 70% of the people think the reason Bain exists is to make their clients more successful.   It's a servant culture where love is at the core, helping people succeed and putting smiles on faces and that's what makes it a great place to work.   And the irony is, he knows what makes, at least he thinks he knows what makes Bain a great place to work, it's that they are dedicated to helping their teams make a difference in their clients success, and be recognized and rewarded and part of a team that helps achieve that.   And it's financially successful but that's not the purpose, the purpose is making their customers lives better. And he thinks most great places to work lists, completely ignore that. They think it's refrigerators full of beer in the break room, pool tables and ping pong and cool fringe benefits, that's the fringe, the core is being on a team where you're playing a valued role at really making a difference in a customer's life.   Where Can We Find Fred Online   Website - https://www.netpromotersystem.com/ LinkedIn – Fred Reichheld   Quote or Saying that During Times of Adversity Fred Uses   When asked about a quote or saying that he tends to revert to, Fred shared that he wished he did. When he's preaching to whether it's at the dinner table or elsewhere, he goes back to this idea of how important loyalty is. You got to understand what your life stands for, what is your purpose as an individual and then the way you live that purpose is to invest in relationships with other people who share that purpose. And it's how you can invest and help those people succeed that he thinks helps you achieve your mission. So, “Choose your loyalties wisely, they guide your life and they define your legacy.”   Me: Love it, choose your loyalties wisely, they guide your life and define your legacy. Amazing. Love it, absolutely love it. And I'm sure every person on the face of this earth that wants to do good, wants to leave a good legacy behind. So the only way to do that, I believe, as you had said was to try and live by doing those actions on a daily basis, do it consistently because that's the only way when you leave this world you'll be able to leave that legacy.   Fred stated that and measure, so many people would say, “Oh, I can't measure love.” And he would say, actually you can, you can get feedback from your customers in a systematic Net Promoter framework and understand how many lives you've enriched and that is your legacy. And then you should be measuring your way toward the kind of life you want to lead.   Please connect with us on Twitter @navigatingcx and also join our Private Facebook Community – Navigating the Customer Experience and listen to our FB Lives weekly with a new guest   Grab the Freebie on Our Website – TOP 10 Online Business Resources for Small Business Owners   Links   The Ultimate Question 2.0 (Revised and Expanded Edition): How Net Promoter Companies Thrive in a Customer-Driven World by Fred Reichheld Winning on Purpose: The Unbeatable Strategy of Loving Customers by Fred Reichheld How Will You Measure Your Life by Clayton Christensen Think Again: The Power of Knowing What You Don't Know by Adam Grant   The ABC's of a Fantastic Customer Experience   Do you want to pivot your online customer experience and build loyalty - get a copy of “The ABC's of a Fantastic Customer Experience.”   The ABC's of a Fantastic Customer Experience provides 26 easy to follow steps and techniques that helps your business to achieve success and build brand loyalty. This Guide to Limitless, Happy and Loyal Customers will help you to strengthen your service delivery, enhance your knowledge and appreciation of the customer experience and provide tips and practical strategies that you can start implementing immediately! This book will develop your customer service skills and sharpen your attention to detail when serving others. Master your customer experience and develop those knock your socks off techniques that will lead to lifetime customers. Your customers will only want to work with your business and it will be your brand differentiator. It will lead to recruiters to seek you out by providing practical examples on how to deliver a winning customer service experience!

Fred Reichheld is a Bain fellow and the inventor of NPS, or Net Promoter Score, which is a system adopted by thousands of companies around the world to measure customer loyalty. He's authored several bestselling books that have helped companies thrive in a customer-driven economy, and according to the New York Times, his work has put loyalty economics on the map. In this episode, Fred and Ben discuss strategies for measuring customer success and strengthening customer loyalty, as well as some of the themes from Fred's new book, Winning on Purpose.You can purchase Winning on Purpose: The Unbeatable Strategy of Loving Customers, on Amazon here.

Fred Reichheld, best known for creating the Net Promoter System℠ (NPS®), is a Fellow at Bain & Company. At Bain, he founded the company's loyalty practice, which helps companies achieve sustainable results through improved customer and employee loyalty. He is a New York Times best-selling author and recently published his latest book Winning on Purpose: The Unbeatable Strategy of Loving Customers. What You'll Learn:How NPS is designed to help you win on purpose.Learnings from those who have implemented NPS.NPS best practices and some examples of great companies that embody this system.How to change the culture from within and be a more customer-focused organization.Key Takeaways:A little bit about Fred and his career path [1:45]When you touch a life - you either enrich it or you diminish it. [3:44] Unfortunately, many people are not using NPS to its full potential. [6:47]Fred doesn't recommend linking NPS to employee bonuses or key performance indicators. It destroys the learning power of NPS. [8:08]Coaching is done best when it's constructive and allows people to learn, listen, and get better. [11:49]Fred shares some examples of companies who use NPS to run their business. [15:34]Leaders should inspire teams to embrace the mission of enriching the lives they touch. [18:14]What's the one question that gets to the heart of what makes teams happy and what makes them unhappy? [22:26] Healthcare can be improved by making sure patients are treated with love and care. [27:26}Experience should be “mother care,” where everyone is treated as well as your mother should be. [30:02]Your reputation is everything. [32:07]Continue on Your Journey:Medallia.comNetpromotersystem.com/about/Bain.comFred on LinkedInWinning on Purpose: The Unbeatable Strategy of Loving Customers, by Fred Reichheld