Profiting from the Golden Rule – Valdosta Daily Times

Hopefully, we dont treat people well just so they will treat us kindly in return. We should treat everyone we meet with dignity, respect and kindness because it is the right thing to do. We want to treat others as wed like to be treated.

That is what the Golden Rule tells us to do.

I love this quote from Mother Teresa, Let no one ever come to you without leaving better and happier. Be the living expression of Gods kindness.

But it is sometimes helpful to believe that what goes around comes around. That belief can make doing the hard but right things a little easier.

Today, I want to show how doing the right thing as an organization is the most profitable thing you can do. I also want to show you can measure how well your organization is following the Golden Rule.

How well you and your organization live out the Golden Rule is reflected in your reputation. We all want to be treated with honor and respect. Being treated with honor and respect makes us happy, so happy we want to tell other people about the experience.

Think about the last time you received amazing service. Did it make you happy? Did you tell others about your experience?

When we recommend a company or service were signaling our trust that our friends will be treated the same. Recommendations are also an indicator of how customers feel about their relationship with a company.

When customers feel so well treated they enthusiastically recommend a company to friends, they are promoters. When customers are treated so badly they recommend avoiding a company, they are detractors. The idea of promoters and detractors is the foundation of the Net Promoter Score.

What is the Net Promoter Score? It is a lot of things. First, it is my go-to survey tool for customers and employees. Second, it is the brainchild of Fred Reichheld. Reichheld is a Fellow at Bain & Company and founder of their Loyalty Practice. He has spent most of his professional life quantifying the link between customer loyalty and profits.

The Net Promoter Score focuses the entire organization on generating promoters, who buy more, stay longer, refer friends and are less price sensitive. It also helps minimize the number of costly detractors, who are not afraid to loudly proclaim the organizations deficiencies.

Reichhelds research has found that across multiple industries, the company with the leading Net Promoter Score grew more than twice as fast as their competitors.

Are you ready to grow twice as fast as your competitors? Well explain how to do it in future columns.

Curt Fowler is an organizational growth expert and president of Fowler & Company, a business advisory firm dedicated to helping leaders create and achieve a compelling vision for their organization. He has an MBA in strategy and entrepreneurship from the Kellogg School, is a CPA, and a pretty good guy as defined by his wife and four children.

Have a business growth topic youd like me to cover? Send suggestions to cfowler@valuesdrivenresults.com.

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Profiting from the Golden Rule - Valdosta Daily Times