| Details | | Publication Date: | 1996-02-01 | | Edition Description: | Illustrated |
| Size | | Length: | 323 pages | | Height: | 9.8 in | | Width: | 6.8 in | | Thickness: | 1.2 in | | Weight: | 23.2 oz |
Publisher's Note
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. This book shows why companies that ignore these skyrocketing defections face a dismal future of low growth, weak profits, and shortened life expectancy. In The Loyalty Effect Fred Reichheld demonstrates the power of loyalty-based management as a highly profitable alternative to the economics of perpetual churn. He lays out the principles that connect value creation, loyalty, growth, and profits and shows how great companies like State Farm, Toyota/Lexus, MBNA, John Deere, and the Leo Burnett advertising agency have used these principles to build unassailable franchises of loyal customers, loyal employees, and loyal owners. He describes the key business philosophies that underlie the remarkable results of these loyalty leaders. The Loyalty Effect will provide your company with an effective approach to sustained value creation and change the way you think about loyalty, profits, and the nature of business. Reichheld makes the powerful economic case for loyalty - and takes you through the numbers to prove it. His startling conclusions show how even a small improvement in customer retention can double profits for your company.
Industry Reviews
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. (Mar.)
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