Thousands of companies around the world have adopted the Net Promoter System (NPS) since its conception two decades ago by my guest, Fred Reichheld. During this episode, Fred explains the newest thinking (NPS 3.0), and best practices for doing it right, as many practitioners achieve a fraction of the system’s full potential.
We also talk about Fred’s newest book,“Winning On Purpose,” and enriching customer lives. Because, when customers feel loved, they come back for more and bring friends—generating good profits.
You’ll also hear about Earned Growth Rate (EGR): a complementary accounting measure leveraging the power of NPS, and additional ways of winning on purpose.
What you’ll learn from listening to Stacy Sherman and Fred Reichheld:
- How to avoid gaming and false Net Promoter (NPS) results
- Fred’s view of the level of effort score (LOE)
- The meaning behind the math – “the Net Lives Enriched Score.”
- How much attention to give to NPS Passives (7 & 8 rating segment) and turning them into Promoters
- How can different departments leverage NPS i.e., Marketing, Sales, Product development, Customer Care / Customer Service
- Actionable tips to inspire customer love
- NPS limitations
- Best leadership advice received and given
- Advice to his younger 20-year-old self based on what Fred knows now
Take notes as this episode is filled with tons of practical and actionable recommendations for winning on purpose and measuring customer experience the right ways.
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About Fred Reichheld:
Winning on Purpose and Measurements of Customer Success
Fred Reichheld is a Bain Fellow and founder of our Loyalty practice, which helps companies achieve results through customer and employee loyalty. He is the creator of the Net Promoter® system of management.
His work in the area of customer and employee retention has quantified the link between loyalty and profits. Fred’s books, The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value (HBSP 1996); Loyalty Rules! How Today’s Leaders Build Lasting Relationships (HBSP 2001); The Ultimate Question: Driving Good Profits and True Growth (HBSP, 2006) and The Ultimate Question 2.0: How Net Promoter Companies Thrive in a Customer Driven World (HBR Press) have each become best sellers.
In his most recent book, Fred reveals how NPS practitioners including Apple Retail, Philips, Schwab, Allianz, American Express, and Intuit, have used the Net Promoter System (NPS) to generate extraordinary results. He explains how NPS helps companies become truly customer-centric, unleashing profitable growth through systematically converting more customers into promoters and fewer into detractors.
Fred is a frequent speaker at major business forums and his work on loyalty has been widely covered in The Wall Street Journal, New York Times, Financial Times, Fortune, Business Week and The Economist. He is the author of eight Harvard Business Review articles on the subject of loyalty and he is also a LinkedIn Influencer, a member of a group of corporate leaders and public figures who are thought leaders in their respective fields.
Consulting Magazine chose Fred as one of the “25 Most Influential Consultants” in its 2003 annual survey. 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).
Learn more about Doing Net Promoter (NPS) Right with Rob Markey >HERE.
About Stacy Sherman: Founder of Doing CX Right®
An award-winning certified marketing and customer experience (CX) corporate executive, speaker, author, and podcaster, known for DoingCXRight®. She created a Heart & Science™ framework that accelerates customer loyalty, referrals, and revenue, fueled by engaged employees and customer service representatives. Stacy’s been in the trenches improving experiences as a brand differentiator for 20+ years, working at companies of all sizes and industries, like Liveops, Schindler elevator, Verizon, Martha Steward Craft, AT&T++. Stacy is on a mission to help people DOING, not just TALKING about CX, so real human connections & happiness exist. Continue reading bio >here.