Nice Companies Finish First by Peter Shankman

Last updated: Aug 19, 2023

Summary of Nice Companies Finish First by Peter Shankman

Nice Companies Finish First by Peter Shankman is a book that explores the concept of kindness and its impact on business success. Shankman argues that being nice is not only the right thing to do, but it also leads to better financial results and a more positive work environment.

The book begins by debunking the myth that nice guys finish last. Shankman presents numerous examples of successful companies and leaders who prioritize kindness and empathy in their business practices. He emphasizes that being nice does not mean being weak or passive, but rather being respectful, considerate, and compassionate.

Shankman highlights the importance of building strong relationships with customers and employees. He explains that by treating people well, companies can create loyal customers who will continue to support their business. Additionally, happy employees are more productive and engaged, leading to increased profitability.

The author also discusses the power of social media and how it has changed the business landscape. He emphasizes the need for companies to be transparent, authentic, and responsive in their online interactions. Shankman provides practical tips on how to effectively use social media to build relationships and address customer concerns.

Furthermore, Shankman explores the role of kindness in leadership. He argues that leaders who prioritize the well-being of their employees and foster a positive work culture are more likely to succeed. He provides strategies for creating a supportive work environment, such as recognizing and rewarding employees, promoting work-life balance, and encouraging open communication.

Throughout the book, Shankman shares personal anecdotes and interviews with successful business leaders who have embraced kindness as a core value. He also provides actionable advice and exercises for readers to implement in their own businesses.

In conclusion, Nice Companies Finish First is a comprehensive guide that demonstrates the power of kindness in business. Shankman argues that being nice is not only morally right, but it also leads to financial success and a more positive work environment. By prioritizing relationships, transparency, and empathy, companies can thrive in today's competitive market.

1. The Power of Authenticity

In "Nice Companies Finish First," Peter Shankman emphasizes the importance of authenticity in business. He argues that being genuine and transparent with customers and employees is crucial for building trust and loyalty. Authenticity allows companies to connect with their audience on a deeper level, creating a sense of authenticity that resonates with customers and employees alike.

Shankman provides examples of companies that have successfully embraced authenticity, such as Zappos and Southwest Airlines. These companies prioritize open communication, honesty, and a genuine desire to help their customers. By being authentic, these companies have built strong relationships with their customers, resulting in increased customer loyalty and positive word-of-mouth.

2. The Value of Going the Extra Mile

Another key takeaway from "Nice Companies Finish First" is the importance of going above and beyond for customers. Shankman argues that providing exceptional customer service and going the extra mile can set a company apart from its competitors. By exceeding customer expectations, companies can create memorable experiences that leave a lasting impression.

Shankman shares stories of companies that have gone above and beyond for their customers, such as Ritz-Carlton and Nordstrom. These companies empower their employees to make decisions that prioritize customer satisfaction, even if it means going outside of the usual protocols. By doing so, they create loyal customers who become advocates for their brand.

3. The Impact of Empathy

Empathy is a powerful tool in business, and Shankman highlights its importance in "Nice Companies Finish First." He argues that understanding and empathizing with customers' needs and emotions can lead to better products, services, and overall customer experiences.

Shankman provides examples of companies that have successfully incorporated empathy into their business practices, such as Warby Parker and TOMS. These companies have built their brands around a social mission, showing empathy towards those in need. By doing so, they have attracted customers who align with their values and are willing to support their cause.

4. The Significance of Employee Happiness

Shankman emphasizes the importance of prioritizing employee happiness in "Nice Companies Finish First." He argues that happy employees are more engaged, productive, and likely to provide exceptional customer service.

Shankman provides examples of companies that prioritize employee happiness, such as Google and Zappos. These companies offer perks and benefits that go beyond the standard, creating a positive work environment that fosters employee satisfaction. By investing in their employees' well-being, these companies have created a culture of happiness that translates into better customer experiences.

5. The Power of Transparency

Transparency is a key theme in "Nice Companies Finish First." Shankman argues that being open and transparent with customers and employees builds trust and fosters stronger relationships.

Shankman provides examples of companies that have embraced transparency, such as Buffer and Patagonia. These companies openly share information about their processes, values, and even their mistakes. By being transparent, these companies have gained the trust of their customers and employees, resulting in increased loyalty and support.

6. The Importance of Social Responsibility

In "Nice Companies Finish First," Shankman emphasizes the significance of social responsibility in business. He argues that companies that prioritize giving back to their communities and supporting social causes create a positive impact and attract like-minded customers.

Shankman provides examples of companies that have successfully incorporated social responsibility into their business models, such as Ben & Jerry's and The Body Shop. These companies have built their brands around a commitment to social and environmental causes, attracting customers who share their values. By aligning their business with a greater purpose, these companies have created a loyal customer base.

7. The Role of Trust in Business

Trust is a fundamental aspect of successful businesses, and Shankman highlights its importance in "Nice Companies Finish First." He argues that trust is built through consistent actions, open communication, and delivering on promises.

Shankman provides examples of companies that have earned trust through their actions, such as Amazon and Apple. These companies have consistently delivered high-quality products and services, creating a sense of trust among their customers. By prioritizing trust, these companies have gained a competitive advantage and a loyal customer base.

8. The Impact of Positive Company Culture

Company culture plays a significant role in the success of a business, and Shankman emphasizes its impact in "Nice Companies Finish First." He argues that a positive company culture fosters employee satisfaction, productivity, and customer satisfaction.

Shankman provides examples of companies that have cultivated positive company cultures, such as Netflix and Zappos. These companies prioritize values such as transparency, collaboration, and work-life balance. By creating a positive work environment, these companies have attracted and retained top talent, resulting in better customer experiences.