Customer centricity is something we all intend to do--it sounds like it means being "into" your customers. You are interested and focused on them right? Well not really. Customer centricity as defined by Dr. Peter Fader of Wharton might be different than what you think. I saw Dr. Fader speak at the 2nd Annual Customer Centricity Conference--there was a debate with the audience around the purpose of a brand. It quickly became clear everyone disagreed about customer centricity especially as it relates to the purpose of a brand.
According to Fader, customer centricity is when the brand identifies the most valuable customers and surrounds them with relevant products and services. The brand creates enough influence with their key customers that these customers see the brand as a trusted advisor.
Clearly there are differing opinions today about how you treat your customers. Do you take your most financially rewarding customers and spend all of your time creating services, products and loyalty programs for them? Or do you treat all of your customers equally?
In this podcast you will learn:
Dr. Peter Fader is Co-Director of the Wharton Customer Analytics Initiative and taught marketing at Wharton for 29 years. He is the author of the book Customer Centricity: Focus on the Right Customers for Strategic Advantage.