Ep 109 : Peter Fader on Leveraging CLV and a Customer Base Audit to Achieve Customer Centricity

Jagged with Jasravee : Cutting-Edge Marketing Conversations with Thought Leaders

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 https://www.amazon.in/gp/product/B0B65KKHN9/ 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. Please visit Jasravee at https://jasravee.com/ Connect with Jasravee on Linkedin at https://www.linkedin.com/in/jasravee/ Email Jasravee at [e-mail] Index 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 Follow Jagged with Jasravee on Social Media Campsite One Link : https://campsite.bio/jaggedwithjasravee Facebook Page : https://www.facebook.com/jaggedwithjasravee Instagram : https://www.instagram.com/jagggedwith Podcast Page : https://anchor.fm/jagged-with-jasravee Youtube Page : https://www.youtube.com/c/jaggedwithjasravee Jagged with Jasravee, is an initiative of Master Sun, the Consulting Brand of Adiva Lifestyle Pvt Ltd. Website : https://jasravee.com/