How do you define customer centricity? What it is not? How does it challenge the traditional view as irresponsible, ineffective and misaligned with best practice?
Why ‘unmasking the customer base’ is the hidden goldmine within one’s business? How should a business go about it? What are the misconceptions? What are some of the best practices?
Please provide a few glimpses of the The Analytical Toolkit and unveil the key analyses for customer centric success (e.g., customer cohorts, time between first and second purchase, distribution of customer value)
Which are some key CLV misconceptions ?
Decoding CLV Calculation – which are the 3 crucial factors. Will this hold true across industries? Why?
Please share a case study showcasing the impact of CLV on business performance and decision-making.? (Penn students accurately forecasted Dish Network's customer acquisition, outperforming Wall Street experts. How?)
Peter answers the above questions and more as he takes us on a journey or understanding & valuing our customer base. Peter S. Fader is the Frances and Pei-Yuan Chia Professor of Marketing at The Wharton School of the University of Pennsylvania. With a passion for understanding and forecasting customer shopping and purchasing activities through behavioral data analysis, Professor Fader's expertise spans a wide range of industries, including telecommunications, financial services, gaming/entertainment, retailing, and pharmaceuticals.
Peter Fader also co-founded a predictive analytics firm (Zodiac) in 2015, which was sold to Nike in 2018. He then co-founded (and continues to run) Theta to commercialize his more recent work on “customer-based corporate valuation.”
Latest Book of Peter is The Customer-Base Audit: The First Step on the Journey to Customer Centricity Kindle Edition
Fader is also the author of Customer Centricity: Focus on the Right Customers for Strategic Advantage (2020, 2012) and coauthor of The Customer Centricity Playbook (2018) with Sarah Toms.
Connect with Peter on Linkedin https://www.linkedin.com/in/peterfader/
Visit Peter's University Page https://marketing.wharton.upenn.edu/profile/faderp/
Visit Peter's Cool Numbers Website http://www.coolnumbers.com
Jagged with Jasravee is facilitated by Jasravee Kaur Chandra, Director- Brand Building, Research & Innovation at Master Sun, Consulting Brand of Adiva L Pvt. Ltd. Jasravee has over 20 years experience as a Strategic Brand Builder,Communications Leader and Entrepreneur.
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Connect with Jasravee on Linkedin at https://www.linkedin.com/in/jasravee/
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00:00 Preview & Introduction to Professor Peter Fader
03:28 Customer Centricity Unveiled
06:25 Customer Lifetime Value - How Granular Do We Need to Get
08:51 Misconceptions about Customer Lifetime Value
13:53 Measurement of CLV - Recency, Frequency, Monetary Value
17:20 Understanding Cohorts
24:16 Scaling Up: Avoiding the Pitfalls of Losing Intuition & Intimacy
26:39 Product Development Aligned to Customer Value
31:41 Customer-Based Corporate Valuation
34:17 Talent Show: Cool Numbers - The Story of a Dollar Bill's Journey
37:29 Rapid Fire - Personally Speaking with Peter Fader
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