Customer Confidential: Untold Stories of Earned Growth Ep. 231: Fred Reichheld | Unleashing Earned Growth: The Referral Spectrum
Discover the engine of Earned Growth as Rob Markey and Fred Reichheld, Bain Fellow and "Winning On Purpose" author, hold a working session on how references and referrals significantly contribute to organic growth.
Rob and Fred unearth the pivotal role that references and referrals play in propelling Earned Growth. They answer key questions such as: How would you characterize different referral types? What are the best mechanisms for measuring and attributing value to them? How do you navigate the tricky path of fostering genuine, organic referrals at scale?
Together, they explore one of the thorniest issues in accounting for the value of referrals: How much of a new referred customer's value should accrue to the referring customer versus the referred one?
Guest: Fred Reichheld, Bain Fellow, founder of Bain's Loyalty Practice
Host: Rob Markey, Partner, Bain & Company
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Time-stamped list of topics covered:
- 02:00 - Unveiling the Referral Spectrum
- 08:30 - Measuring the Impact of Referrals
- 15:45 - Attributing Value: Who Benefits?
- 22:10 - Fostering a Culture of Earned Growth
Time-stamped list of notable quotes:
- 02:25 - Rob Markey: "A genuine referral, an authentic referral, is motivated by some form of goodwill towards the recipient."
- 05:45 - Fred Reichheld: "Earned Growth is not just a metric, it's a philosophy."
- 19:30 - Fred Reichheld: "The value of a referral is the cornerstone of organic expansion."
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