Competitive Advantage Of Customer Centricity

This book presents strategies that put the customer at the center of an enterprise. It elaborates on the reasons for viewing customers as assets that a firm needs to acquire, develop and cultivate in order to generate profitable relationships, and champions customer profitability as the metric for measuring business performance. Further, it advocates the need to provide solutions to customers’ requirements with bundles of products and services. It broadens the definition of customer value beyond tangible benefits and price to include both tangible and intangible benefits and total ownership costs, while embracing a variety of unique customer needs. The book highlights the value of business planning, marketing and sales mechanisms and changing employee behavior to create lifelong, high-value profitable customer relationships that satisfy the customer’s needs. Competitive Advantage of Customer Centricity maps a new journey that entire organizations must undertake in order to achieve these lucrative goals.

Not all customers are created equal. Despite what the tired old adage says, the customer is not always right. Not all customers deserve your best efforts: in the world of customer centricity, there are good customers...and then there is pretty much everybody else. Upending some of our most fundamental beliefs, renowned behavioral data expert Peter Fader, Co-Director of The Wharton Customer Analytics Initiative, helps businesses radically rethink how they relate to customers. He provides insights to help you revamp your performance metrics, product development, customer relationship management and organization in order to make sure you focus directly on the needs of your most valuable customers and increase profits for the long term.

Times have changed. Long gone are our days of being kings of the manufacturing industry, we are now immersed in the world of ‘service’ where the relationship between an organization and the customer is an integral part of the "product" offering. The nation is suffering from a widespread lack of truly customer-satisfying service. We lack the very thing that we need to make this new paradigm work efficiently: service-ability. Organizations of all kinds are facing high customer churn, serious customer antagonism, loss of consumer confidence and plummeting customer satisfaction. Research shows that totally satisfying the customer is the only thing that will secure loyalty and offer significant competitive advantage. Yet still, on a daily basis we encounter service that frustrates us. Whilst the emergence of technology has no doubt brought efficiency to many areas of business activity, including the third sector, it has led to the standardised and indifferent service we regularly receive. We appear to have lost sight that people do business with people. Through efficient technology, our organisations may be serviceable but they are not service able. The arrival of Generation Y and the developments in social media, provide businesses with a whole new way to engage with their customers, but also provide a new way for customers to rate companies, products and services: not always in a positive manner. 'Like' or '#Fail' have become part of our social language. Organizations that refocus on the need to treat customers in a way that satisfies them, and not the technology, will have better customer retention, lower costs of replacement and will build their brand value through better reputations. Service-Ability delves deeply into these areas to show how today's managers need to re-think the way we structure, manage, lead and organize our companies to achieve total 'customer-centric' work cultures that develop lasting relationships with customers.

This book presents strategies that put the customer at the center of an enterprise. It elaborates on the reasons for viewing customers as assets that a firm needs to acquire, develop and cultivate in order to generate profitable relationships, and champions customer profitability as the metric for measuring business performance. Further, it advocates the need to provide solutions to customers’ requirements with bundles of products and services. It broadens the definition of customer value beyond tangible benefits and price to include both tangible and intangible benefits and total ownership costs, while embracing a variety of unique customer needs. The book highlights the value of business planning, marketing and sales mechanisms and changing employee behavior to create lifelong, high-value profitable customer relationships that satisfy the customer’s needs. Competitive Advantage of Customer Centricity maps a new journey that entire organizations must undertake in order to achieve these lucrative goals.

As customer orientation continues to gain importance in the marketing field, there has been a growing concern for organizations to implement effective customer centric policies. Customer-Centric Marketing Strategies: Tools for Building Organizational Performance provides a more conceptual understanding on customer-centric marketing strategies as well as revealing the success factors of these concepts. This book will discuss how to improve the organization’s financial and marketing performance.

Diploma Thesis from the year 2003 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, University of Phoenix, 64 entries in the bibliography, language: English, abstract: Only a few short generations ago, the global economy was predominated by agricultural and tradesman businesses. Consumers frequented businesses that were close to their physical location, as limited transportation gave them little other feasible choice. Tradesmen provided customizable goods made specifically for their clients needs, on small or individual scales of production. The life cycle of a product, during this era, typically began with a customer order for a product. With the advent of the Industrial Revolution, this quickly changed.