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The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value [Paperback]

Frederick F. Reichheld , Thomas Teal
4.7 out of 5 stars  See all reviews (20 customer reviews)
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Book Description

Sept. 1 2001
Loyalty is by no means dead. In fact the principles of loyalty . . . are alive and well at the heart of every company with an enduring record of high productivity, solid profits, and steady expansion.
From The Loyalty Effect

The business world seems to have given up on loyalty: many major corporations now lose-and have to replace-half their customers in five years, half their employees in four, and half their investors in less than one. Fred Reichheld's national bestseller The Loyalty Effect shows why companies that ignore these skyrocketing defections face a dismal future of low growth, weak profits, and shortened life expectancy. Reichheld demonstrates the power of loyalty-based management as a highly profitable alternative to the economics of perpetual churn. He makes a powerful economic case for loyalty-and takes you through the numbers to prove it. His startling conclusion: Even a small improvement in customer retention can double profits in your company. The Loyalty Effect will change the way you think about loyalty, profits, and the nature of business.

Fred Reichheld is a Director Emeritus of Bain & Company and a Bain Fellow. He is also the author of Loyalty Rules!.


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From Publishers Weekly

Reichheld, a director of Bain & Co., a strategy consulting firm in Boston, takes an old-fashioned concept?loyalty?and shows its relevance to customer retention and long-term profit growth. His position seems obvious, but its import has been lost amid the rapid turnover in the current business climate. He notes that major companies replace half their customers in five years, half their employees in four and a half and their investors in less than one. To counteract this trend, he recommends loyalty-based management, in which businesses not only make a conscious effort to retain customers but also develop strategies for attracting the kind who are likely to remain loyal. Reichheld also posits a "cause-and-effect relationship" between employee and customer loyalty. Writing with Teal, a senior editor at Bain & Co., he makes his point with examples from State Farm, Toyota/Lexus and others that have improved their bottom lines and insured long-term growth by developing loyalty. Illustrations. 50,000 first printing; $80,000 ad/promo; author tour.
Copyright 1996 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Booklist

Much has been written recently lamenting the loss of loyalty in all aspects of society. This loss seems magnified in the corporate world, where job change is often the only ticket for getting ahead and where companies regularly abandon communities and downsize longtime workers out of jobs. In White-Collar Blues, Charles Heckscher last year surveyed the state of middle-management loyalty and offered solutions for rebuilding loyalties. Now Reichheld, director at a strategy consulting firm with its own "loyalty practice," analyzes not only employee but also customer and investor loyalty and demonstrates the measurable results that strong loyalties have on corporate profits. Reichheld notes that traditional accounting systems do not show the "loyalty effect" and offers gauges that do. To make his case, he uses such companies as Lexus, John Deere, and Leo Burnett--the "loyalty royalty" --as examples. David Rouse --This text refers to an out of print or unavailable edition of this title.

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"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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Customer Reviews

4.7 out of 5 stars
4.7 out of 5 stars
Most helpful customer reviews
5.0 out of 5 stars Superb Dec 21 2003
By Len
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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5.0 out of 5 stars How to Achieve and Then Sustain Loyalty June 26 2001
By Robert Morris HALL OF FAME TOP 10 REVIEWER
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.
Read more ›
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By Craig
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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4.0 out of 5 stars Loyalty-A Business Imperative!!!!! Oct. 14 2000
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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Most recent customer reviews
5.0 out of 5 stars Superb demonstration of the relevance of loyalty in business
Frederick Reichheld masterfully shows the reader the subtle interactions between customer loyalty, employee loyalty and investor loyalty. Read more
Published on July 30 2000 by Serge J. Van Steenkiste
5.0 out of 5 stars The most valuable business book I've ever read
Reichheld lays out both why loyalty matters, and why difficulty in measuring the impact of loyalty has made managers undervalue it in the past. Read more
Published on July 9 1999 by Ray Campbell
5.0 out of 5 stars For those who think there is no such thing as loyalty!
For those who think loyalty cannot be attained by either your customers or your employees, think again. Read more
Published on March 31 1999 by Jim Altfeld
5.0 out of 5 stars Why Keeping Your Customers Happy Makes Good Business Sense
It is a well known fact, but almost impossible to document in most companies, that it is less expensive to keep customers than to find and acquire new ones. Read more
Published on March 29 1999
5.0 out of 5 stars How to Capture the Most Benefit from Your Business
This is an outstanding book for explaining and exploring the economic value of keeping a customer. In explaining those benefits, it becomes clearer how important and affordable it... Read more
Published on Jan. 28 1999 by Donald Mitchell
5.0 out of 5 stars A compelling book, and excellently written
This book makes a really compelling case for managing under the paradigm of loyalty underlying the foundation of every business. Read more
Published on Dec 26 1998 by Stefan Smalla (smalla@rcs.urz.tu-dresden.de)
5.0 out of 5 stars The most valuable business book I've read in years!!!
The Loyalty Effect takes a long, detailed look at the economics of loyalty, providing concrete examples to support the conclusion that the goal of a business must be the creation... Read more
Published on Nov. 25 1998 by Jerome Jewell
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