Two weeks before the Learning Lab’s new Customer Centricity simulation was set to go live for the first time in a Wharton MBA class, I was asked to add a CRM glossary to it – one that could grow as more data reports became available to a player throughout the course of the game.
Suffice it to say this was a quite a task given the timeframe. Nevertheless, I approached the challenge with an open mind and a lot of quick thinking. Viewing it as a somewhat exploratory endeavor, I managed to meet the deadline and our sim made its scheduled debut with a fresh-baked working glossary. Now, having devised an efficient process for whipping one up on the fly, I’d like to share with you my recipe:
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If you’ve ever sat through one of Wharton marketing professor Peter Fader’s highly engaging lectures on the merits of a customer-centric business model (or read his book on the subject), then you know how quickly he’s able to convince an audience that adopting this game-changing go-to-market strategy can trump a product-focused approach (from a profitability standpoint), and that – if done well – can create the conditions for longterm viability in the perilous, race-to-the-bottom age of commoditization that many companies are grappling with these days.
He’ll also handily disabuse any naysaying marketing execs of the notion that using data is just about collecting numbers, driving the point home that simply having a CRM system in place is not where the work ends, it’s where it begins – and leaving no doubt in their minds that if they think all customers are created equal, they have a lot to learn. Indeed, Fader is a maestro at shifting paradigms to embrace the power of data analytics for calculating customer lifetime value (CLV). But for this revolution in marketing strategy to truly take hold, theory must meet practice – and that’s where the Learning Lab comes into play.
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For the past year, students taking Wharton Prof. Ethan Mollick’s MGMT 801 class have been offered a unique alternative to traditional coursework – those who were game, as it were, got invited down a rabbit-hole and emerged in the fast-paced world of launching a startup.
This soup-to-nuts, wholly immersive experience in the “Looking Glass” was intricately designed by Wharton’s Learning Lab and built by Forio, a San Francisco-based system dynamic company that specializes in custom simulations. Under Mollick’s guidance, our bicoastal team crafted a storyboard comprised of sequential scenarios – from company onboarding to gaining angel investment – all tied to learning objectives that paralleled his course syllabus.
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