The Nordic AmChams, in partnership with Bain & Company, virtually hosted a Winning on Purpose: The Unbeatable Strategy of Loving Customers meeting with Bain & Company co-authors Fred Reichheld and Darci Darnell.
Using their new Winning on Purpose book as a framework, Reichheld and Darnell demonstrated that in the interest of business success, the primary purpose of a business should be to enrich the lives of its customers. When customers feel this appreciation, they come back for more and bring their friends— generating higher returns across a wide array of industries.
Industry thought leader and co-author Fred Reichheld has pioneered work in customer, employee and investor retention. He has quantified the linkage between value, loyalty and profits by developing the widely adopted Net Promotor System (NPS), which measures an organization’s success in these areas.
From an investment standpoint, Fred urged investors to pay attention primarily to firms whose customers display a high level of engagement, as opposed to traditional financial performance metrics.
Co-Author Darci Darnell is a Bain Partner & Global Head of the Customer Sales & Marketing Practice at their Chicago offices. As a topic expert on customer loyalty, Ms. Darnell is responsible for Bain’s solutions within customer strategy, loyalty, commercial excellence.
Darnell emphasized the importance of giving employees the time and space to engage with customers, as those moments can generate true customer value. In addition, by leveraging data, the customers themselves can become the company’s own sales force, as they themselves know why they love the brand. With customer retention rates in check, where customers actively participate as brand advocates, sustainable growth models abound.
To hear all the insights, see the meeting recording on the top of the page.