RESTAURANT STRATEGY Talking Customer Centricity with Wharton Professor, Peter Fader (ENCORE)
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Jan 1, 2024 In this enlightening conversation, Peter Fader, a Wharton marketing professor and co-founder of innovative companies like Zodiac, shares his expertise on customer centricity. He highlights the shift from product-focused to customer-focused strategies in restaurants. Fader discusses leveraging customer insights to boost engagement and retention, integrating data for improved decision-making, and embracing technology for operational success. He also addresses post-pandemic challenges and the importance of understanding customer behavior for sustainable growth.
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Customer Centricity
- Most companies focus on products/services, building their structure around what they sell.
- A customer-centric approach prioritizes understanding customer behavior to drive product/service decisions.
Customer Loyalty
- Customers aren't exclusively loyal to one business; they have multiple relationships.
- Focus on customers naturally inclined to love your business, rather than trying to change everyone.
Customer Lifetime Value
- Customer lifetime value (CLV) predicts customer profitability based on purchase frequency, duration, and value.
- CLV reveals most customers are low-value, with a small high-value group on the right of the value distribution.
