Fred Reichheld: Customer centricity and the strategic power of embracing the “Golden Rule” in business

Abstract

Purpose Few have done more to advance the cause of a customer-first approach over the last two decades than Fred Reichheld, pioneer in the area of the customer loyalty economics. He is interviewed by S&L Contributing editor Brian Leavy. Design/methodology/approach Reichheld’s new book, Winning on Purpose, argues that there is one (and only one) purpose that generates long-term prosperity for a business and that is to enrich the lives of customers. Findings Reichheld’s book shows how customer capitalism can promise not only economic advance but also help to further humanize and elevate the world of business. Practical implications Putting customers first is what enables firms to serve all stakeholders well. Originality/value An important read for leaders, Reichheld’s significant advice to them is: Decisions and priorities must be explained in terms of values, principles and purpose, not simply profits.