Paula: Welcome to Lets Talk Loyalty, an Industry podcast for loyalty marketing professionals. I’m Paula Thomas, the Founder of Let’s Talk Loyalty. Today’s episode is hosted by Tom Peace, Managing Director of the Loyalty People, a strategic consultancy with a laser focus on Loyalty, CRM, and Customer Engagement.
The Loyalty People also runs a free global community for anyone working in the loyalty industry. If you are working in loyalty marketing, make sure to join, Let’s Talk Loyalty every Tuesday, Wednesday, and Thursday to hear the latest ideas from loyalty experts around the world.
This episode is brought to you by Collinson Worldwide, leaders in Loyalty. Creating and orchestrating loyalty initiatives and program. For some of the world’s biggest brands in travel, retail, and financial services, doing it globally for over 30 years. Want to know more? Go to collinsongroup.com.
Tom: Hello, listeners. Thanks for tuning in. I’m Tom Peace Managing Director of the loyalty people, and I’m here to provide another short summary, on behalf of Let’s Talk Loyalty. This week, my five minute summary show will highlights Paula’s interview with Fred Reichheld, loyalty industry legend and creator of the Net Promoter Score.
His career spans 44 years as a consultant, author of four bestselling books and an internationally renowned speaker on loyalty. Fred joined Paula, to introduce his latest book, “Winning On Purpose, the Unbeatable Strategy for Loving Customers.”, which features some profound new ideas on the very fundamentals of how we do business.
He challenges the dominant corporate approach based on greed and shares powerful evidence for how NPS leaders in every category, consistently earned superior profits. This book also introduces his new framework, which he describes as the accounting based twin for net promoter score called Earned Growth Rate.
It’s a great read and I’d encourage you all to grab a copy. Fred’s work is extremely important to us as loyalty marketers, and I hope this summary show will encourage you all to find the original show on www.letstalkloyalty.com, episode number 167. Fred talks us through the value to business of the NPS score and just how many businesses around the world use this to measure customer satisfaction.
Fred explains how NPS is a measure of promoters or advocates of your brand versus detractors, which is a very strong way of gauging your customer’s general feeling towards you. This is a vital measure, much more important than financial analysis that leads to a business to think in terms of how to extract as much wealth from the customer as possible.
These measures have traditionally been the way brands measure success, but we all need to move to measuring and influencing customer love for the brand. Obviously we need to run profitable big business by measuring financial success, but creating positive emotional connections is even more important these days.
Fred talks about his research on big businesses and how those that grow the fastest are those who are the keen focus on understanding customer perception and building strong engagement. Fred’s new framework, which he calls the earned growth rate, goes a step further than NPS and looks at how customers can help drive growth through advocacy and referral.
Please do listen to the main show. It is fascinating to hear the growth results from brands with a strong focus on customer service. It’s not just a feel good thing, it’s actually what drives economic success. Thanks for listening and I hope you enjoy this summary show. All of best and speak soon. Tom.
Paula: This show is sponsored by The Wise Marketer. The world’s most popular source of loyalty marketing news, insights, and research. The Wise Marketer also offers loyalty marketing training through its loyalty academy, which has already certified over 500 executives in 38 countries, as certified loyalty marketing professionals. For more information, check out thewisemarketer.com and loyaltyacademy.org.
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