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The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value Paperback – Sep 1 2001


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Product Details

  • Paperback: 323 pages
  • Publisher: Harvard Business Press; 1 edition (Sept. 1 2001)
  • Language: English
  • ISBN-10: 1578516870
  • ISBN-13: 978-1578516872
  • Product Dimensions: 23.5 x 15.6 x 2.5 cm
  • Shipping Weight: 431 g
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Bestsellers Rank: #12,856 in Books (See Top 100 in Books)
  • See Complete Table of Contents


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First Sentence
"LOYALTY IS DEAD, the experts proclaim, and the statistics seem to bear them out." Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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By Len on Dec 21 2003
Format: Paperback
Simply the best business book I've read in years. An invaluable framework for long-term success.
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Format: Paperback
“Loyalty is dead” begins this classic about loyalty. But after you’ve read this book, you'll know that pursuing loyalty pays off. The authors show you many ways to measure the profit of loyalty. Not only is employee loyalty important but also the loyalty of customers and investors. The first step is to build up a set of values for your company. This core task can't be delegated; it must be done by CEOs themselves. Loyalty can't be managed; it must be earned. The book contains many examples of how large companies have done this. What I like most about this book are the hints for substantiating “soft” efforts for loyalty with “hard” figures. Most of the time the authors argue for a focus on the long term. Loyalty-based management is hard work. This is the right book to get you started.
Peter Pick
(...)
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By Robert Morris HALL OF FAMETOP 10 REVIEWER on June 26 2001
Format: Hardcover
I read this book when it was first published and recently re-read it. Those who have checked out my reviews of other books which address many of the same issues already know that I have a bias with regard to "customer satisfaction" and "customer loyalty", agreeing with Jeffrey Gitomer and others that the former is wholly dependent on each transaction and the latter can end (sometimes permanently) because of a single unsatisfactory transaction. The objective for those who have customers (be they internal or external) is to achieve and then sustain their passion about doing business with you. You want them to become evangelists.
Of course, Reichheld fully understands all this. In a brilliant essay which recently appeared in the Harvard Business Review, he shares new research which (again) shows that companies with faithful employees, customers, and investors (i.e. capital sources which include banks) share one key attribute: leaders who stick with six "bedrock principles": preach what you practice (David Maister has much of value to say about this in his most recently published book, Practice What You Preach), play to win-win, be picky, keep it simple, reward the right results, and finally, listen hard...talk straight. In this book, Reichheld organizes his material within 11 chapters which range from "Loyalty and Value" to "Getting Started: The Path Toward Zero Defections." With meticulous care, he explains how to devise and them implement programs which will help any organization to earn the loyalty of everyone involved in the enterprise. He draws upon a wealth of real-world experience which he and his associates in Bain & Company, a worldwide strategy consulting firm. Reichheld heads up its Loyalty Practice.
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Format: Hardcover
I would recommend the first half of this book (chapters 1-4 & 6) to any business manager or aspiring upstart. Reichheld's "customer lifecycle profit" and "customer value proposition" concepts provide a unique, innovative framework for evaluating your company's philosophies and strategies. The chapter on finding the "right" investor defies almost everything I learned in my MBA program.
The second half of the book explains (in excruciating detail) how to set up measurement and incentive systems based on this loyalty-based framework. Unfortunately, the author only gives passing mention (in Ch. 10) to the fact that these systems are not applicable to many businesses, including technology firms and makers of commodity products. As an IT analyst in a paper company, I got little tangible benefit from Reichheld's discussions.
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Format: Hardcover
This book draws a very important link between two critical (and timely) strategic topics: customer loyalty and retention, and employee recruitment and retention.
Although my current interest is largely the subject of customer relationships, Mr. Reichheld reminds me of the importance of integration. Loyalty initiatives must be integrated! Customer loyalty cannot be achieved without a corresponding commitment to employee and shareholder loyalty. This idea is very important.
The book is extremely well-written and compelling enough to warrant a significant time investment. By focusing case examples on a handful of "loyalty leaders" such as MBNA and State Farm, readers get a very complete picture of best practice.
Readers looking to develop an economic case for loyalty initiatives will benefit particularly by reading Chapter 2, on the economics of customer loyalty, and Chapter 10, on measurement.
[Dan Michaluk is a simulation designer for ExperiencePoint, creators of award-winning business simulations.]
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Format: Hardcover
Many perceive the word loyalty to be a concept collecting dust. After all, employee turnover across industries today is ten to thirty percent. Businesses are losing customers at a rate of fifteen to twenty percent a year. And we all know that Wall Street is very unpredictable reporting investor turnover for many companies to be as high as one hundred percent annually. Despite these statistics, Frederick Reichheld is optimistic that loyalty is possible and even should be the goal for employees, customers, and investors. He and his colleagues have been studying successful companies for several decades and have found that there are specific key principles and practices that enable organizations to reap high profits, attract talented employees, and maintain investors. He calls these organizations Loyalty Leaders. By reading his book you will not find a "cookie cutter template" to turn your organization around. The process of developing loyalty is much more personal. He will, however, tell you what principles drive loyalty success and share best practices among the strongest Loyalty Leaders. From concrete demonstration and articulation of what some organizations are putting into practice, you can work in your organization to ask the more effective questions, collect the most pertinent data, and design a network that will lead your organization successful forward into the new economy. The underlying principle of The Loyalty Effect is building trust with your constituents-whom Reichheld has as customer, employee, and investor (respectively in order of importance). Customers must trust your ability to deliver, offer service, and most importantly offer value. Everything revolves around value and trust.Read more ›
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