A great read, clear and concise – inspirational!
Renowned behavioral data expert Peter Fader, Co-Director of The Wharton Customer Analytics Initiative, helps businesses radically rethink how they relate to customers. Prof. Fader talks about Customer Lifetime Value (CLV), explains attrition rate and long-term thinking, why acquisition is an essential focus, and delivers metrics for acquisition to gauge and guide acquisition activities. Fader explains the “cracks” in product centricity, ergo retail saturation: distribution technology brings every ‘thing’ to every ‘where’, customers are more informed, product life cycles are much shorter, and the Internet takes away monopolization of products, etc. This creates the need for a new strategic approach.
“Customer centricity is a strategy to fundamentally align a company’s products and services with the wants and needs of its most valuable customers. That strategy has a specific aim: more profits for the long term.” Excerpt from Customer Centricity
Fader explains the ideas of brand equity and customer equity and how to calculate these values.
Customer centricity for Haritomedia means to give our customers highly customized services: consulting, helping them with marketing communication strategies, being available for them when the pressure is on. We align our service and activities around our customers’ needs, talking to them in their language and enhancing their ability to achieve a high performance.
Enjoy the read:
Peter S. Fader is the Frances and Pei-Yuan Chia Professor of Marketing at The Wharton School of the University of Pennsylvania. In 2015, Fader co-founded Zodiac, a predictive analytics firm that was acquired by Nike in 2018. More recently, he co-founded Theta Equity Partners, which focuses on customer-based corporate valuation. Fader is the author of Customer Centricity: Focus on the Right Customers for Strategic Advantage and coauthor with Sarah E. Toms of the book The Customer Centricity Playbook. He has been quoted or featured in The New York Times, The Wall Street Journal, The Economist, The Washington Post, and on NPR, among other media.