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Title: The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value by Frederick F. Reichheld, Thomas Teal ISBN: 1-57851-687-0 Publisher: Harvard Business School Press Pub. Date: 15 September, 2001 Format: Paperback Volumes: 1 List Price(USD): $16.95 |
Average Customer Rating: 4.7 (20 reviews)
Rating: 5
Summary: A great, non-preachy business book
Comment: 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.
Rating: 5
Summary: The most valuable business book I've read in years!!!
Comment: The Loyalty Effect takes a long, detailed look at the economics of loyalty, providing concrete examples to support the conclusion that the goal of a business must be the creation of sustainable value for customers employees and investors.
Reichheld takes that which many of us hold as "intuitively correct" and adds substance to our intuition. By translating loyalty into the language of accounting and finance, for example, he proves over and over again, that loyalty is a pre-requisitie for proitability. He doesn't argue against profitability...he merely clarifies the order of priorities for management.
I'm a former IBMer and I now run my own management consulting firm. Reichheld's firm is in fact a competitor, and yet I strongly recommend this book to any decision-maker who is interested in breaking through the fluff and securing real-world advice regarding specifc ways to sustain the health of any company.
Rather than reading the "visionaries", the turnaround specialists and the various and assorted geniuses read this. Reichheld, offers a straightforward summary of empirical evidence that correlates high retention rates (of customers and employees) with long-term profitability. While many other authors seem to be pushing their own agendas (and egos), Reichheld is summarizing the collective experience of numerous companies around the world.
Read this book. It will guide you to better business performance whether you're in marketing, finance, engineering, operations, HR or window-cleaning. If you're tired of losing customers and employees, this book may help save your butt! (if you're patient and willing to ask some difficult questions).
Rating: 5
Summary: Superb
Comment: Simply the best business book I've read in years. An invaluable framework for long-term success.
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