Exceptional Service, Exceptional Profit

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Author :
Publisher : AMACOM
ISBN 13 : 0814415393
Total Pages : 190 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Exceptional Service, Exceptional Profit by : Leonardo Inghilleri

Download or read book Exceptional Service, Exceptional Profit written by Leonardo Inghilleri and published by AMACOM. This book was released on 2010-04-14 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: What if you could protect your business against competitive inroads, once and for all? Customer service experts Leonardo Inghilleri and Micah Solomon's anticipatory customer service approach was first developed at The Ritz-Carlton as well as at Solomon's company Oasis, and has since proven itself in countless companies around the globe--from luxury giant BVLGARI to value-sensitive auto parts leader Carquest and everywhere in between. Their experience shows that the most powerful growth engine in a tight market--and best protection from competitive inroads--is to put everything you can into cultivating true customer loyalty. Exceptional Service, Exceptional Profit takes the techniques that minted money for these brands and reveals how you can apply them to your own business to provide the kind of exceptional service that nearly guarantees loyalty. Soon, you'll be reaping the benefits of loyal customers who are: less sensitive to price competition, more forgiving of small glitches, and, ultimately, who are "walking billboards" happily promoting your brand. Filled with detailed, behind-the-scenes examples, Exceptional Service, Exceptional Profit unlocks a new level of customer relationship that leaves your competitors in the dust, your customers coming back day after day, and your bottom line looking better than it ever has before.

Ignore Your Customers (and They'll Go Away)

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Author :
Publisher : HarperCollins Leadership
ISBN 13 : 1400214939
Total Pages : 241 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Ignore Your Customers (and They'll Go Away) by : Micah Solomon

Download or read book Ignore Your Customers (and They'll Go Away) written by Micah Solomon and published by HarperCollins Leadership. This book was released on 2020-01-14 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate guide to transforming your customer service, company culture, and customer experience, endorsed by all the top names in the field. Great customer service may be today's most essential competitive advantage. This book gives a step-by-step plan to craft a customer service culture and customer experience so powerful that they'll transform your organization and boost your company's bottom line. You'll enjoy inspirational and hilarious tales from the trenches as author Micah Solomon, one of the world's best-known customer service consultants and thought leaders, brings you with him on hands-on adventures assessing and transforming customer service in a variety of industries. In Ignore Your Customers (and They'll Go Away), you will find: Exclusive customer service secrets and proven turnaround methodologies showing you how to perform effective and lasting customer service transformation within your company. A dive into one of the hottest topics in business today: company culture, specifically how to build and sustain a customer-centric company culture. Case studies and anecdotes from the great customer-centric companies of our time. Each chapter concludes with a Business Reading Group Guide and a point-by-point summary to maximize your memory retention and make every insight actionable. Drawing on a wealth of stories assembled from today's most innovative and successful companies including Amazon, USAA, The Ritz-Carlton Hotel Company, Nordstrom, MOD Pizza, and more, Solomon reveals what it takes to turn an average customer interaction into one that drives customer engagement and lifelong loyalty.

Remarkable Service

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 0470197404
Total Pages : 304 pages
Book Rating : 4.4/5 (71 download)

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Book Synopsis Remarkable Service by : The Culinary Institute of America

Download or read book Remarkable Service written by The Culinary Institute of America and published by John Wiley & Sons. This book was released on 2009-05-04 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: As competition for customers is constantly increasing, contemporary restaurants must distinguish themselves by offering consistent, high-quality service. Service and hospitality can mean different things to different foodservice operations, and this book addresses the service needs of a wide range of dining establishments, from casual and outdoor dining to upscale restaurants and catering operations. Chapters cover everything from training and hiring staff, preparation for service, front-door hospitality to money handling, styles of modern table service, front-of-the-house safety and sanitation, serving diners with special needs, and service challenges—what to do when things go wrong. Remarkable Service is the most comprehensive guide to service and hospitality on the market, and this new edition includes the most up-to-date information available on serving customers in the contemporary restaurant world.

High-Tech, High-Touch Customer Service

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Author :
Publisher : AMACOM Div American Mgmt Assn
ISBN 13 : 0814417906
Total Pages : 209 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis High-Tech, High-Touch Customer Service by : Micah Solomon

Download or read book High-Tech, High-Touch Customer Service written by Micah Solomon and published by AMACOM Div American Mgmt Assn. This book was released on 2012-05-26 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's customers are a hard bunch to crack. Time-strapped, screen-addicted, value-savvy, and socially engaged, their expectations are tougher than ever for a business to keep up with. They are empowered like never before and expect businesses to respect that sense of empowermentùlashing out at those that don't. Take heart: Old-fashioned customer service, fully retooled for today's blistering pace and digitally connected reality, is what you need to build the kind loyal customer base that allows you to surviveùand thrive. And High-Tech, High-Touch Customer Service spells out surefire strategies for success in a clear, entertaining, and practical way. Discover: ò Six major customer trends and what they mean for your business ò Eight unbreakable rules for social media customer service ò How to effectively address online complainers and saboteurs on Yelp, Twitter, TripAdvisor, and other forums for user generated content ò The rising power of self-serviceùand how to design it properly ò How to build a company culture that breeds stellar customer service High-Tech, High-Touch Customer Service reveals inside secrets of wildly successful customer service initiatives, from Internet startups to venerable brands, and shows how companies of every stripe can turn casual customers into fervent supporters who will spread the word far and wideùonline and off.

The Service Profit Chain

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Author :
Publisher : Simon and Schuster
ISBN 13 : 1439108307
Total Pages : 345 pages
Book Rating : 4.4/5 (391 download)

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Book Synopsis The Service Profit Chain by : James L. Heskett

Download or read book The Service Profit Chain written by James L. Heskett and published by Simon and Schuster. This book was released on 1997-04-10 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this pathbreaking book, world-renowned Harvard Business School service firm experts James L. Heskett, W. Earl Sasser, Jr. and Leonard A. Schlesinger reveal that leading companies stay on top by managing the service profit chain. Why are a select few service firms better at what they do -- year in and year out -- than their competitors? For most senior managers, the profusion of anecdotal "service excellence" books fails to address this key question. Based on five years of painstaking research, the authors show how managers at American Express, Southwest Airlines, Banc One, Waste Management, USAA, MBNA, Intuit, British Airways, Taco Bell, Fairfield Inns, Ritz-Carlton Hotel, and the Merry Maids subsidiary of ServiceMaster employ a quantifiable set of relationships that directly links profit and growth to not only customer loyalty and satisfaction, but to employee loyalty, satisfaction, and productivity. The strongest relationships the authors discovered are those between (1) profit and customer loyalty; (2) employee loyalty and customer loyalty; and (3) employee satisfaction and customer satisfaction. Moreover, these relationships are mutually reinforcing; that is, satisfied customers contribute to employee satisfaction and vice versa. Here, finally, is the foundation for a powerful strategic service vision, a model on which any manager can build more focused operations and marketing capabilities. For example, the authors demonstrate how, in Banc One's operating divisions, a direct relationship between customer loyalty measured by the "depth" of a relationship, the number of banking services a customer utilizes, and profitability led the bank to encourage existing customers to further extend the bank services they use. Taco Bell has found that their stores in the top quadrant of customer satisfaction ratings outperform their other stores on all measures. At American Express Travel Services, offices that ticket quickly and accurately are more profitable than those which don't. With hundreds of examples like these, the authors show how to manage the customer-employee "satisfaction mirror" and the customer value equation to achieve a "customer's eye view" of goods and services. They describe how companies in any service industry can (1) measure service profit chain relationships across operating units; (2) communicate the resulting self-appraisal; (3) develop a "balanced scorecard" of performance; (4) develop a recognitions and rewards system tied to established measures; (5) communicate results company-wide; (6) develop an internal "best practice" information exchange; and (7) improve overall service profit chain performance. What difference can service profit chain management make? A lot. Between 1986 and 1995, the common stock prices of the companies studied by the authors increased 147%, nearly twice as fast as the price of the stocks of their closest competitors. The proven success and high-yielding results from these high-achieving companies will make The Service Profit Chain required reading for senior, division, and business unit managers in all service companies, as well as for students of service management.

Delight Your Customers

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Author :
Publisher : AMACOM
ISBN 13 : 0814432824
Total Pages : 200 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Delight Your Customers by : Steve Curtin

Download or read book Delight Your Customers written by Steve Curtin and published by AMACOM. This book was released on 2013-07-19 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover the hidden ways to raise your organizations’ customer service experiences from ordinary to extraordinary. If you want to know how strong your company’s customer service is, ask your employees to describe what their work entails. Then pay attention to whether they simply list their duties and tasks or if they speak to the true essence of their job--to create delighted customers who will be less price sensitive, have higher repurchase rates, and enthusiastically recommend the company or brand to others. The latter should be every employee’s highest priority, because when it’s not, your customers are merely the recipients of a transaction, not an experience, and transactions do not make for a lasting impression or inspire loyalty. In Delight Your Customers, customer service expert Steve Curtin makes a compelling case that customer service managers need to shift from monitoring service activities to modeling, recognizing, and reinforcing the behaviors that create happy and returning customers. Things such as: Expressing genuine interest Offering sincere compliments Sharing unique knowledge Conveying authentic enthusiasm Providing pleasant surprises Delivering service heroics when needed Simply based on their own personal experiences, everyone knows that great customer service is rare. So why wouldn’t you want to provide a unique, caring, and beneficial experience for all your customers to rave about with others? With the real-world stories, examples, and strategies shared in Delight Your Customers, you can take the customer service experience you offer from ordinary to extraordinary.

Exceptional

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Publisher : Simon and Schuster
ISBN 13 : 1501115448
Total Pages : 336 pages
Book Rating : 4.5/5 (11 download)

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Book Synopsis Exceptional by : Dick Cheney

Download or read book Exceptional written by Dick Cheney and published by Simon and Schuster. This book was released on 2015-09-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new book by former Vice President and #1 New York Times bestselling author Dick Cheney and Liz Cheney.

The Heart of Hospitality

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Author :
Publisher : SelectBooks, Inc.
ISBN 13 : 159079379X
Total Pages : 210 pages
Book Rating : 4.5/5 (97 download)

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Book Synopsis The Heart of Hospitality by : Micah Solomon

Download or read book The Heart of Hospitality written by Micah Solomon and published by SelectBooks, Inc.. This book was released on 2016-10-11 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Success in today’s rapidly changing hospitality industry depends on understanding the desires of guests of all ages, from seniors and boomers to the newly dominant millennial generation of travelers. Help has arrived with a compulsively-readable new standard, The Heart of Hospitality: Great Hotel and Restaurant Leaders Share Their Secrets by Micah Solomon, with a foreword by The Ritz-Carlton Hotel Company’s president and COO Herve Humler. This up-to-the-minute resource delivers the closely guarded customer experience secrets and on-trend customer service insights of today’s top hoteliers, restaurateurs, and masters of hospitality management including: Four Seasons Chairman Isadore Sharp: How to build an unsinkable company culture Union Square Hospitality Group CEO Danny Meyer: His secrets of hiring, onboarding, training, and more Tom Colicchio (Craft Restaurants, Top Chef): How to create a customer-centric customer experience in a chef-centric restaurant Virgin Hotels CEO Raul Leal: How Virgin Hotels created its innovative, future-friendly hospitality approach Ritz-Carlton President and COO Herve Humler: How to engage today’s new breed of luxury travelers Double-five-star chef and hotelier Patrick O’Connell (The Inn at Little Washington) shares the secrets of creating hospitality connections Designer David Rockwell on the secrets of building millennial-friendly restaurants and hotel spaces (W, Nobu, Andaz) that resonate with today’s travelers Restaurateur Traci Des Jardins on building a “narcissism-free” hospitality culture Legendary chef Eric Ripert’s principles of creating a great guest experiences, simultaneously within a single dining room. The Heart of Hospitality is a hospitality management resource like no other, put together by leading customer service expert Micah Solomon. Filled with exclusive, first-hand stories and wisdom from the top professionals in the industry, The Heart of Hospitality is an essential hospitality industry resource. As Ritz-Carlton President and COO Herve Humler says in his foreword to the book, “If you want to create and sustain a level of service so memorable that it becomes an unbeatable competitive advantage, you’ll find the secrets here.”

Customer Loyalty

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Author :
Publisher : Jossey-Bass
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Customer Loyalty by : Jill Griffin

Download or read book Customer Loyalty written by Jill Griffin and published by Jossey-Bass. This book was released on 1997-06-26 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies show that customer satisfaction does not equate with continued sales--it is the "loyal" customer who resists the competitor's tempting offers. This pragmatic guide outlines a savvy, seven-step process for turning prospects into customers and customers into loyal advocates.

Marketbusters

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Publisher : Harvard Business Press
ISBN 13 : 1591391237
Total Pages : 274 pages
Book Rating : 4.5/5 (913 download)

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Book Synopsis Marketbusters by : Rita Gunther McGrath

Download or read book Marketbusters written by Rita Gunther McGrath and published by Harvard Business Press. This book was released on 2005 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: If all firms face similar obstacles to profitable growth, how do some companies successfully burst through these barriers, leaving their competitors in the dust? Rita Gunther McGrath and Ian C. MacMillan argue that an answer to this question lies in MarketBusters. Best of all, the authors say, opportunities for identifying and executing such moves can be unearthed throughout a company’s existing business platform—if managers know where and how to look for them. The authors practical tools and checklists to help leaders determine the best marketbusting move to use in a given situation. Vivid company examples illustrate the moves in practice, and clear guidelines aid managers in implementing their chosen moves effectively. Driving continuous growth is imperative for every leader in every industry. MarketBusters is the field guide that will help them succeed. MARKET BUSTERS OFFERS: * A Unique Perspective on Growth Opportunities: Big “breakthrough” moves are risky and often unsuccessful. Today’s executives are looking to drive growth off a platform of established markets, with existing customers, and with existing products and offerings. This book shows them how to do that. * A Highly Practical Approach: Actionable, tools-oriented focus of this book will appeal to executives under pressure to show results fast.

The Best Service is No Service

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Publisher : John Wiley & Sons
ISBN 13 : 1118039394
Total Pages : 341 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis The Best Service is No Service by : Bill Price

Download or read book The Best Service is No Service written by Bill Price and published by John Wiley & Sons. This book was released on 2011-09-14 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this groundbreaking book, Bill Price and David Jaffe offer a new, game-changing approach, showing how managers are taking the wrong path and are using the wrong metrics to measure customer service. Customer service, they assert, is only needed when a company does something wrong—eliminating the need for service is the best way to satisfy customers. To be successful, companies need to treat service as a data point of dysfunction and figure what they need to do to eliminate the demand. The Best Service Is No Service outlines these seven principles to deliver the best service that ultimately leads to "no service": Eliminate dumb contacts Create engaging self-service Be proactive Make it easy to contact your company Own the actions across the company Listen and act Deliver great service experiences

Customer Relationship Imprinting

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Publisher :
ISBN 13 : 9781640953659
Total Pages : 192 pages
Book Rating : 4.9/5 (536 download)

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Book Synopsis Customer Relationship Imprinting by : Michael Barnett

Download or read book Customer Relationship Imprinting written by Michael Barnett and published by . This book was released on 2022-04-19 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Significantly improve customer attraction, acquisition, and retention with this groundbreaking six-step program for creating exceptional customer relationships. Follow this formula and your customers will follow you! While many customer service books discuss customer loyalty, the concept of customer imprinting has never been introduced into the customer service conversation--until now. Customer Relationship Imprinting reveals why some businesses have fiercely loyal customers who will pay much more for the same goods and services instead of doing business with their competitors. Barnett demystifies the success secrets of these top customer-centric businesses so that you can infuse the main ingredients of customer imprinting into your organization. The result? You'll not only strengthen customer bonds--you'll create an amazing internal employee culture. With so much confusion on how to provide great customer service, Customer Relationship Imprinting provides a clear path to delivering extraordinary service consistently. You'll discover: The three sectors of impact that can elevate or devastate your business How to trade transactional flings for loyal customer relationships What Relational Velcro is and how to use it to maximize meaningful customer interactions Who Service Architects are and how to empower them to build a strong brand framework And much more! Practical tools, insightful stories, and a team-reading option make Customer Relationship Imprinting a must-have book for service professionals, CEOs, and managers from all segments of business.

Be Our Guest

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Publisher :
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Be Our Guest by : Disney Institute

Download or read book Be Our Guest written by Disney Institute and published by . This book was released on 2003-06 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword by Michael D. Eisner. All organisations drive towards the same goal - how best to serve their customers. Walt Disney World has always enjoyed a reputation as a company that set the benchmark for outstanding business practices. Now, for the first time, one critical element of the method behind the magic is revealed: that of quality service. Here, their proven principles and processes are fully outlined, to help your organisation focus its vision and assemble its infrastructure to deliver exceptional customer service.

Better, Simpler Strategy

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Publisher : Harvard Business Press
ISBN 13 : 1633699706
Total Pages : 348 pages
Book Rating : 4.6/5 (336 download)

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Book Synopsis Better, Simpler Strategy by : Felix Oberholzer-Gee

Download or read book Better, Simpler Strategy written by Felix Oberholzer-Gee and published by Harvard Business Press. This book was released on 2021-04-20 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Named one of the best strategy books of 2021 by strategy+business Get to better, more effective strategy. In nearly every business segment and corner of the world economy, the most successful companies dramatically outperform their rivals. What is their secret? In Better, Simpler Strategy, Harvard Business School professor Felix Oberholzer-Gee shows how these companies achieve more by doing less. At a time when rapid technological change and global competition conspire to upend traditional ways of doing business, these companies pursue radically simplified strategies. At a time when many managers struggle not to drown in vast seas of projects and initiatives, these businesses follow simple rules that help them select the few ideas that truly make a difference. Better, Simpler Strategy provides readers with a simple tool, the value stick, which every organization can use to make its strategy more effective and easier to execute. Based on proven financial mechanics, the value stick helps executives decide where to focus their attention and how to deepen the competitive advantage of their business. How does the value stick work? It provides a way of measuring the two fundamental forces that lead to value creation and increased financial success—the customer's willingness-to-pay and the employee's willingness-to-sell their services to the business. Companies that win, Oberholzer-Gee shows, create value for customers by raising their willingness-to-pay, and they provide value for talent by lowering their willingness-to-sell. The approach, proven in practice, is entirely data driven and uniquely suited to be cascaded throughout the organization. With many useful visuals and examples across industries and geographies, Better, Simpler Strategy explains how these two key measures enable firms to gauge and improve their strategies and operations. Based on the author's sought-after strategy course, this book is your must-have guide for making better strategic decisions.

Everybody Matters

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Author :
Publisher : Portfolio
ISBN 13 : 1591847796
Total Pages : 274 pages
Book Rating : 4.5/5 (918 download)

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Book Synopsis Everybody Matters by : Bob Chapman

Download or read book Everybody Matters written by Bob Chapman and published by Portfolio. This book was released on 2015-10-06 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Bob Chapman, CEO of the $1.7 billion manufacturing company Barry-Wehmiller, is on a mission to change the way businesses treat their employees.” – Inc. Magazine Starting in 1997, Bob Chapman and Barry-Wehmiller have pioneered a dramatically different approach to leadership that creates off-the-charts morale, loyalty, creativity, and business performance. The company utterly rejects the idea that employees are simply functions, to be moved around, "managed" with carrots and sticks, or discarded at will. Instead, Barry-Wehmiller manifests the reality that every single person matters, just like in a family. That’s not a cliché on a mission statement; it’s the bedrock of the company’s success. During tough times a family pulls together, makes sacrifices together, and endures short-term pain together. If a parent loses his or her job, a family doesn’t lay off one of the kids. That’s the approach Barry-Wehmiller took when the Great Recession caused revenue to plunge for more than a year. Instead of mass layoffs, they found creative and caring ways to cut costs, such as asking team members to take a month of unpaid leave. As a result, Barry-Wehmiller emerged from the downturn with higher employee morale than ever before. It’s natural to be skeptical when you first hear about this approach. Every time Barry-Wehmiller acquires a company that relied on traditional management practices, the new team members are skeptical too. But they soon learn what it’s like to work at an exceptional workplace where the goal is for everyone to feel trusted and cared for—and where it’s expected that they will justify that trust by caring for each other and putting the common good first. Chapman and coauthor Raj Sisodia show how any organization can reject the traumatic consequences of rolling layoffs, dehumanizing rules, and hypercompetitive cultures. Once you stop treating people like functions or costs, disengaged workers begin to share their gifts and talents toward a shared future. Uninspired workers stop feeling that their jobs have no meaning. Frustrated workers stop taking their bad days out on their spouses and kids. And everyone stops counting the minutes until it’s time to go home. This book chronicles Chapman’s journey to find his true calling, going behind the scenes as his team tackles real-world challenges with caring, empathy, and inspiration. It also provides clear steps to transform your own workplace, whether you lead two people or two hundred thousand. While the Barry-Wehmiller way isn’t easy, it is simple. As the authors put it: "Everyone wants to do better. Trust them. Leaders are everywhere. Find them. People achieve good things, big and small, every day. Celebrate them. Some people wish things were different. Listen to them. Everybody matters. Show them."

Customer Experience 3.0

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Author :
Publisher : HarperChristian + ORM
ISBN 13 : 0814433898
Total Pages : 279 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Customer Experience 3.0 by : John A. Goodman

Download or read book Customer Experience 3.0 written by John A. Goodman and published by HarperChristian + ORM. This book was released on 2014-08-12 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Customer Experience 3.0 provides firsthand guidance on what works, what doesn't--and the revenue and word-of-mouth payoff of getting it right. Between smartphones, social media, mobile connectivity, and a plethora of other technological innovations changing the way we do almost everything these days, your customers are expecting you to be taking advantage of it all to enhance their customer service experience far beyond the meeting-the-minimum experiences of days past. Unfortunately, many companies are failing to take advantage of and properly manage these service-enhancing tools that now exist, and in return they deliver a series of frustrating, disjointed transactions that end up driving people away and into the pockets of businesses getting it right. Having managed more than 1,000 separate customer service studies, author John A. Goodman has created an innovative customer-experience framework and step-by-step roadmap that shows you how to: Design and deliver flawless services and products while setting honest customer expectations Create and implement an effective customer access strategy Capture and leverage the voice of the customer to set priorities and improve products, services and marketing Use CRM systems, cutting-edge metrics, and other tools to deliver customer satisfaction Companies who get customer service right can regularly provide seamless experiences, seeming to know what customers want even before they know it themselves…while others end up staying generic, take stabs in the dark to try and fix the problem, and end up dropping the ball. Customer Experience 3.0 reveals how to delight customers using all the technological tools at their disposal.

Good Profit

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Author :
Publisher : Crown Currency
ISBN 13 : 1101904143
Total Pages : 290 pages
Book Rating : 4.1/5 (19 download)

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Book Synopsis Good Profit by : Charles G. Koch

Download or read book Good Profit written by Charles G. Koch and published by Crown Currency. This book was released on 2015-10-13 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: NEW YORK TIMES BESTSELLER • Learn how to apply the principles of Charles Koch’s revolutionary Market-Based Management® system to generate good profit in your organization, company, and life “This book helps show you the way to good profit—whether you work for an international supermarket chain, a medium-sized regional business, or your own start-up.”—John Mackey, co-founder and co-CEO, Whole Foods Market The technological innovations, extreme politics, civil unrest, cyber attacks, demographic shifts, and global pandemic that have affected all businesses since this book was published have only confirmed Charles Koch’s belief that “the only reason a business should exist (and the only way it can legitimately survive long term) is to create value in a responsible way.” Hence, the principles in Good Profit are more important today than ever before. What exactly does Koch Industries, Inc., do and why is it so remarkably profitable? Koch’s name may not be on your home’s plywood, vehicle’s grille, smartphone’s connectors, or baby’s ultra-absorbent diapers but it makes them all. And Koch’s Market-Based Management® (MBM) system is what drives these innovations and many more. The core objective of MBM is to generate good profit. Good profit results from products and services that customers vote for freely with their dollars. It results from a bottom-up culture where employees are empowered to act entrepreneurially to discover customers’ preferences and the best ways to improve their lives. Drawing on six decades of interdisciplinary studies, experimental discovery, and practical implementation across Koch businesses worldwide, Charles Koch walks the reader through the five dimensions of MBM to show how to apply its framework in any business, industry, or organization of any size. Readers will learn how to: • Craft a vision for how to thrive in spite of increasingly rapid disruption and ever-changing consumer values • Select and retain a workforce possessing both virtue and talent • Create an environment of knowledge sharing that prizes respectful challenges from everyone at every level • Award employees with ownership and decision rights based on their comparative advantages and proven contributions, not job title • Motivate all employees to maximize their contributions by structuring incentives so compensation is limited only by the value they create A must-read for any leader, entrepreneur, or student, as well as anyone who wants a more civil, fair, and prosperous society, Good Profit is one of the greatest management books of all time.