#8: Pt. 1. - Don't Treat All Customers the Same: The Customer-Base Audit with Dr. Peter Fader of Wharton

This episode is part 1 of a 2 part series featuring a very special guest, Professor of Marketing from the Wharton School of Business, at the University of Pennsylvania, Dr. Peter Fader. We will talk about how his new book may revolutionize the way Wall Street looks at what a company is actually worth based not on traditional financial metrics alone but the overall health of it’s customers. At some companies, it’s already starting to happen.  He challenges leaders who spend countless hours looking at traditional financial statements without understanding the health of their customer base.  In this episode we will break down The Customer Base audit with real world examples from his book and from my experience as a CX practitioner and other practical applications. I hope you will keep an open mind as we dive into some groundbreaking concepts that could change the way organizations think about their business. Peter Fader's Bio Peter Fader is the Frances and Pei-Yuan Chia Professor of Marketing at The Wharton School of the University of Pennsylvania. His expertise centers around the analysis of behavioral data to understand and forecast customer shopping/purchasing activities. He works with firms from a wide range of industries, such as telecommunications, financial services, gaming/entertainment, retailing, and pharmaceuticals. Managerial applications focus on topics such as customer relationship management, lifetime value of the customer, and sales forecasting for new products.  Much of his research highlights the consistent (but often surprising) behavioral patterns that exist across these industries and other seemingly different domains. In addition to his various roles and responsibilities at Wharton, Professor Fader 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.” Fader is the author of “Customer Centricity: Focus on the Right Customers for Strategic Advantage” (2020) and co-authored “The Customer Centricity Playbook” with Sarah Toms (2018). A third book, “The Customer-Base Audit,” will be published in Fall 2022.  He has won many awards for his research and teaching accomplishments. Among these achievements, he was named by Advertising Age as one of its inaugural “25 Marketing Technology Trailblazers” in 2017, and was the only academic on the list. The Customer-Base Audit The First Step on the Journey to Customer Centricity Peter Fader, Bruce Hardie, and Michael Ross As a leader in your organization, you will be very familiar with your organization’s key financial statements and monthly management reports. You may have spent countless hours discussing budgets and expenditures. But how much time have you spent reflecting on the fact that these revenues are generated by actual customers—the people who pull out their wallets and pay for your products and services? In The Customer-Base Audit: The First Step on the Journey to Customer Centricity, experts Peter Fader, Bruce Hardie, and Michael Ross start you on the path toward really getting to understand your customers’ buying behavior as well as the health of your overall customer base. To order the book: https://www.amazon.com/Customer-Base-Audit-Journey-Customer-Centricity/dp/1613631618 Contact me if: You have feedback you'd like to share about the podcast You would like to be a guest on the show You would like to book me on your Subscribe to The Delighted Customer Podcast so you don't miss an episode: https://www.empoweredcx.com/podcast Subscribe to The Delighted Customer Newsletter for practical tips and insights: https://www.empoweredcx.com/delightedcustomersnewsletter