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.
Read more Bringing Customer Centricity to Life (and Biz Models to Black)