—is your strategic foundation if you want to grow a successful service business.
The one common denominator across all successful service businesses is that the top performing companies have far more loyal customers than their less well-performing competitors.
But what the best do differently from the rest is that they do not try to bribe customers to loyalty with coupons, rebates or frequent visitor programs.
Instead, they understand that loyalty is built from the bottom up—step by step. It's not rocket science or magic, but it's a systematic and strategic way of building a service business that has proved itself again and again.
How key service industries such as hospitality, healthcare, tourism and other staff-intensive services are undergoing fundamental changes;
How loyalty is different from satisfaction;
Why service is asymmetric—what you sell is not what your client is buying;
How your customer breaks down what values mean to them; and
What the key ingredients are to building a dream that's capable of delivering the value your customer seeks.
But first, you need to see why the Service Profit Chain is more important now than ever before.
Customer loyalty is the prime driver of profits and growth across all service sectors. Service businesses that have more loyal customers than their direct competition make more money and grow faster.
The principles researched and laid out in the book clearly documented that the most successful service companies, regardless of industry, e.g., car rental, insurance, hospitality, all operate according to the same basic formula as mentioned above.
The challenge with the original book is that it can seem quite overwhelming and academic in its approach. I tried to get my colleagues to read it, but had little success. I then decided to develop a fun, fast and inspiring way to explain how these fundamental principles of successful service businesses work.
Since 1998, I have given these presentations to hundreds of managers and team leaders—and quite honestly —they love them.
Now, I have made them available here.