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Summary: Important lesson about integration of loyalty initiatives!
Review: This book draws a very important link between two critical (and timely) strategic topics: customer loyalty and retention, and employee recruitment and retention. Although my current interest is largely the subject of customer relationships, Mr. Reichheld reminds me of the importance of integration. Loyalty initiatives must be integrated! Customer loyalty cannot be achieved without a corresponding commitment to employee and shareholder loyalty. This idea is very important. The book is extremely well-written and compelling enough to warrant a significant time investment. By focusing case examples on a handful of "loyalty leaders" such as MBNA and State Farm, readers get a very complete picture of best practice. Readers looking to develop an economic case for loyalty initiatives will benefit particularly by reading Chapter 2, on the economics of customer loyalty, and Chapter 10, on measurement. [Dan Michaluk is a simulation designer for ExperiencePoint, creators of award-winning business simulations.]
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Summary: A compelling book, and excellently written
Review: This book makes a really compelling case for managing under the paradigm of loyalty underlying the foundation of every business. As a student of business administration I was very fascinated by Reichheld's systemic approach to the topic. Though Reichheld keeps superficial at some times he goes remarkably deep at other times proving his assumptions with real numbers. These examples throughout the book are very interesting and always straight to the point. Adding to the fun of reading this book is the excellent style delivering messages that they are easy to grasp, while Reichheld does not simplify too much. I would definitely recommend the book to any business students and anyone interested in a systemic and common sense approach to management away from the ballyhoo slogans of some management books.
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Summary: How to Capture the Most Benefit from Your Business
Review: This is an outstanding book for explaining and exploring the economic value of keeping a customer. In explaining those benefits, it becomes clearer how important and affordable it is to keep customers. Unlike most business books, which seem to be written by people who cannot use numbers, this one quantifies its points. It also shows you how to do the same for your business. As such, it is a very practical and important resource for every company. I strongly urge you to read and apply these lessons to your business. In many companies, getting new customers is seen as the solution to virtually every problem. However, a lot of times companies have to get new customers because they have disappointed the old ones. You are better off to find out why you are losing customers, and do something about it. Otherwise, you will just spend a fortune to add new customers who will soon leave you for the same reasons. This book also explains a well-known investing phenomenon, that companies with high loyalty rates are great stocks to own (like Coca-Cola, Gillette, and so forth). Did Warren Buffett know this all along? I should mention that I am a management consultant, but have no connection to the firm that wrote this book.
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Summary: A book that all people should read.
Review: Whatever profession or business you are involved in this book is a must read! I will own and/or run my own business one day and I promise that it will be run on all the principles and morals of Loyalty Based Management. This book could open the eyes of anyone from the sole proprietor to Bill Gates.
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Summary: A great, non-preachy business book
Review: While many authors of business books seem to be really just selling their consulting services, Mr. Reicheld paints a picture of what businesses need to do to retain customers while adding VALUE to those customer relationships. Reicheld talks about his experience as a consultant, but I never felt he was trying to sell me on his services.The Loyalty Effect is a must read for anyone who is mystified at why their profits aren't as high as their competitors while everyone seems to have about equal margin.
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