We are very excited to have Fred Reichheld, the creator of the Net Promoter system of management and the founder of Bain & Company’s Loyalty practice, as our special guest on The Way Forward podcast series. Fred is known for “putting loyalty economics on the map” and is a trusted expert in customer loyalty.
Two thirds of the Fortune 1000 now use Net Promoter Score (NPS), the world’s leading customer success and loyalty framework. Companies that achieve the highest NPS in their industry consistently beat the stock market over the past decade, with annual returns of 26%+, and outperform the vast majority of private equity funds. The very best return across the universe of funds and ETFs tracked by Morningstar barely reached 19% over the decade.
The issue at hand is that a July 2021 Bain & Co. survey of business executives revealed that only 10% of business leaders believe the primary purpose of their company is to enrich the lives of their customers. 90% of today’s executives dismiss the unbeatable advantages of a customer-centered purpose, which is sine qua non of loyalty leadership.
In his latest book, Winning on Purpose, Fred Reichheld shows why all businesses should make enriching the lives of customers their primary purpose. It’s the best way to ensure sustainable growth, happily fulfilled employees, and robust investor returns. He unveils Net Promoter 3.0 – updated for our current business and social environment and introduces Bain’s latest invention, Earned Growth, which provides an accounting-based twin for Net Promoter Score.