Simplistic or Brilliant? Depends if you `buy in' to the concept that loyal customers are better for business.

books:


	• The Ultimate Question: Driving Good Profits and True Growth Fred Reichheld Harvard Business School Press, 2006 - 210 pages average customer review:based on 64 reviews view larger image
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highly recommended

Simplistic or Brilliant? Depends if you `buy in' to the concept that loyal customers are better for business.

If it was author Fred Reichheld's intention to generate discussion and debate around the benefits of customer loyalty then this book has proven to be the ideal way to achieve that.

Look at the variety and range of perspectives offered by the reviews and articles this book has generated and the emotions attached.

So, if you want to understand the hype you have just got to read the book and make your own judgment. But it really depends on what perspective you bring to the opening pages.

I `buy in' to the argument that loyalty is great for business, so I found the book easy to read and understand and incredibly helpful. The argument is well crafted and supported, and with enough `detail' and case studies to support and reinforce my point of view. The underlying concept being that every organisation has both `detractors' and `promoters' and the objective of every company should be to grow the number of promoters whilst eliminating detractors. Those organisations with many more promoters than detractors tend to be more successful than others.

But many simply don't buy into the underlying premise that building customer loyalty is achievable, even desirable, in today's business environment. I'm not sure that this book will change their perspectives. Much of the data could be described by some, as `soft', `open to misinterpretation' even questionable but it is certainly an intriguing proposition.

Then of course, there is the whole concept that by merely asking one question - The Ultimate Question - will give you a useful insight into the health of your company. Is it really that simple?

Make your own judgment. For me though, The Net Promoter Score is a useful measure that has application in most industries and could be a terrific lead indicator. Would I `bet the farm' on this as the only measure? I don't think so!

Do I want to know the ratio of my company's Promoters to Detractors? You bet.

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Powerful message based on common sense

This surprising book offers a powerful message based on common sense: Companies that treat their customers ethically and honestly will build a dedicated client base, and thus grow steadily and earn "good profits." The opposite lesson is that companies that take advantage of their customers through predatory pricing or shoddy products earn "bad profits" while building an army of disenchanted buyers who tell their friends to stay away. Fred Reichheld makes his point in black and white: Rip off your customers at your peril. He amply illustrates his message with powerful case studies, and includes details about using the "ultimate" question - "How likely is it that you would recommend this business to a friend or colleague?" - and the resulting "Net Promotor Score" to identify your best customers. We commend this book to service or product providers who want to achieve solid growth by nurturing their core consumers.

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So good I had to share with a friend

There are a lot of books on customer experience, but this is the one that sets the standard. The rationale is stunning. But best of all there is a real method of measuring this soft, squishy thing called customer loyalty. When I saw that General Electric was using Reichheld's method as a means of determing compensation to its managers ... well, what more proof do you need. So I had to buy this book again, this time to send to a friend of mine who was a doubter.

The Ultimate Answer

The work in this book describes the challenges all businesses face in establishing and maintaining authentic relationships with customers. The ultimate question, while simple, is a challenge of significant proportions. The challenge is for every business member living company values to the extent that their customers are thrilled with their relationship and their experience of the company. It is the logical compliment to six sigma. The knowledge in this book lived will lead to just and dynamic performance on the part of the whole company. This is easy reading, full of solid examples. The Ultimate Question is required reading for every business leader at all echelons.

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NPS metrics the future of corporate growth

After reading "The Ultimate Question" this is definitely a metric worth looking into for any company as it can provide a real-time view of where your profits are coming from. Companies can continue in their old ways, but if you are earning most of your revenues from gleaning from your detracting customers eventually your competition will overtake you and you will end up high and dry.

The theory is not rocket science, it is good business practice. Getting the process tweaked to your specific business is where the work is and you need to be fully committed to implementing it.

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reviews: 1, 2, 3, page 4, 5, 6, 7, 8, 9, 10, 11, 12, 13

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