Frederick F. Reichheld - The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value
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The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value
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U.S. corporations now lose half their customers in five years, half their employees in four, and half their investors in less than one. The Loyalty Effect reveals the secrets of successful companies which base their business strategies on loyal relationships. Reichheld lays out the principles that connect value creation, loyalty, growth, and profits, and shows how great companies have used these principles to build loyal customers, loyal employees, and loyal owners.
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The Hidden Force Behind Growth, Profits and Lasting Value
Frederick F. Reichheld with Thomas Teal
Bain & Company, Inc.
Harvard Business School Press Boston, Massachusetts
Page ii
Copyright 1996 by Bain & Company, Inc. All rights reserved
Loyalty-Based ManagementSM is a registered servicemark of Bain & Company, Inc.
Printed in the United States of America
00 99 98 15
Library of Congress Cataloging-in-Publication Data
Reichheld, Frederick F. The loyalty effect: the hidden force behind growth, profits, and lasting value / Frederick F. Reichheld with Thomas Teal. p. cm.
Includes bibliographical references and index. ISBN 0-87584-448-0
1. Customer relations. 2. Consumer satisfaction. 3. Job satisfaction. 4. Labor productivity. 5. Loyalty. I. Teal, Thomas
A. II. Title. HF5415.5.R438 1996
658.4dc2095-39972
CIP
The paper used in this publication meets the requirements of the American National Standard for Permanence of Paper for Printed Library Materials Z39.49-1984.
Page iii
This book is dedicated to my family, who taught me the value and the virtue of loyalty.
Page v
Contents
Preface
vii
1. Loyalty and Value
1
2. The Economics of Customer Loyalty
33
3. The Right Customers
63
4. The Right Employees
91
5. Productivity
117
6. The Right Investors
153
7. In Search of Failure
185
8. The Right Measures
217
9. Transforming the Value Proposition
255
10. Partnerships for Change
279
11. Getting Started: The Path Toward Zero Defections
301
Notes
311
Index
315
About the Author
323
Page vii
Preface
The ideas in this book began to come together in the mid-1980s when I and a group of my colleagues, all of us consultants at Bain & Company, were struggling with a series of growth-and-profit riddles. Traditional models of competitive strategy did not fit the marketplace realities we observed in industries where knowledge and intellectual capital comprised the critical assets. Initially, we were trying to make sense of some striking disparities in performance among various companies in the insurance brokering industry, and the usual strategic factorsmarket share, scale, unit cost, and the likehad failed to explain the wide range of results. Eventually, however, we noticed one previously unexamined factor that did seem to make sense of the situation and the numbers. Firms that earned superior levels of customer loyalty and retention also earned consistently higher profitsand they grew faster as well. Closer study enabled us to quantify this loyalty-based advantage and nail down its connection to superior profit and growth, at least in insurance brokering.
A short time later, another consulting team I worked with extended this new economic framework to the credit card industry. We constructed the lifecycle economics for credit card customers and measured retention performance among competitors. Once again, retention explained relative growth and profits with remarkable accuracy. We then turned our loyalty laser on a third business in which intellectual capital comprised the key strategic assetour own consulting businesswith much the
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