Update: as of February 16, 2023: You may bring a guest free of charge to this event with the purchase of your ticket. Please email Matt Burns at [email protected] to RSVP for your guest. In addition, if you are unable to attend live in person, you may also purchase a ticket below to watch the meeting live via Zoom.
Buffet dinner, beer, wine, soda and beverages will be provided with the purchase of your ticket below.
The Penn & Wharton Club of Arizona is pleased to present a discussion by our special guest speaker, Wharton professor and author, Professor Peter Fader. Professor Fader will join us via Zoom for a live presentation at Meet24. Please join us in welcoming him virtually and hear his latest updates on building practical, effective models of customer lifetime value (CLV).
Professor Fader is the Frances and Pei-Yuan Chia professor of marketing at The Wharton School of the University of Pennsylvania. He is also the author of three books: “Customer Centricity; focus on the Right Customers for Strategic Advantage” (2020), “The Customer Centricity Playbook” with Sarah Toms (2018), and “The Custom-Base audit” with Bruce Hardie and Michael Ross (2022).
Companies both large and small are talking about “customer centricity” as a new management framework that allows them to build stronger (and more profitable) relationships with customers by better understanding their behaviors and anticipating their needs. But firms have different perspectives about what customer centricity really means, and how to best to implement it. Professor Fader will clarify this important concept and convey what executives, management consultants, and other professionals really need to know about this emerging strategic perspective. He will provide a brief overview of the traditional product-centric approach and some of the evolving concerns arising from it. He will then focus on the nature of customer centricity (e.g. how do a local coffee shop and Starbucks compare to each other?), the key factors in implementing it successfully and how it can help transform a company and drive profitable growth.
Much of Professor Fader’s academic research focuses on building practical, effective models of customer lifetime value (CLV). In 2015 he co-founded a predictive analytics firm (Zodiac), that brought CLV to life at full commercial scale for both B2C and B2B firms. Professor Fader had great success, including lots of clients, then sold the firm to Nike in 2018.
Peter’s first book, “Customer Centricity” takes some of the key insights from the CLV models to focus on the important (but rather surprising) implications for senior managers. In particular, he emphasizes the fact that not all customers are created equal; the subtitle of the book (“Focus on the Right Customers for Strategic Advantage”) conveys very important (but counterintuitive) advice. The book has sold nearly 100,000 copies and continues to drive a lot of interesting discussions about the changing role of marketing.
The customer centricity simulation has proven to be an excellent way to bring the concepts to life in a fun/compelling/experiential/competitive manner. This is how Professor Fader is able to get the CC conversation started with many organizations. Over 300 business schools around the world include it as a regular part of their curriculum.
Peter’s second book, “The Customer Centricity Playbook,” focuses on implementation issues. Here’s a video from an “Authors@Google” event in which my co-author Sarah Toms and Professor Fader discuss some of the key ideas and frameworks.
Next there is Theta, focusing on “customer-based corporate valuation” (CBCV) – it’s been a great way to get buy-in from the CFO and other financially oriented stakeholders for their firms’ CC initiatives. Here’s a link to an article about CBCV in HBR, and there are many interesting case studies on the website (such as Warby Parker, among many others).
Finally, there is the new book. Here is a new piece about it in HBR. In some sense, this book may seem like the culmination of all of the aforementioned work, but viewed another way, its subtitle (“The First Step on the Journey to Customer Centricity”) suggests that it is the precursor to the CLV models and everything else listed above. Hence, the “C Cycle” continues, and will continue to motivate new work by Professor Fader and others.
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