A quick way to improve profit? Focus on loyal customers, Reichheld argues in new metric [Toronto Globe and Mail (Ontario, Canada)]
FIRST REPUBLIC BANK (FRC)
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Source: Toronto Globe and Mail
Fred Reichheld dramatically reshaped marketing in 2006 when he unveiled what he called the ultimate question. Now, he’s back with an added step to help you understand and improve your marketing efforts. Bain & Co.’s loyalty expert was initially concerned that companies couldn’t tell the difference between good profits and bad profits. Bad profits are gained at a future cost because they shortchange or irritate the customer. A prime example is a phone centre that companies set up with tight cost controls and limits on time talking to customers. Good profits come when the customer is so well-treated they tell everyone about your service. On the profit and loss statement, both look the same. So he offered an alternative scorecard, asking customers, on a 10-point scale, “How likely is it that you would recommend this company to a friend or colleague?” People who rate the company at nine or 10 are considered promoters – the customers you want. Customers who value your company at seven or e
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