{"id":31996,"date":"2019-09-03T00:00:00","date_gmt":"2019-09-03T00:00:00","guid":{"rendered":"https:\/\/hyken.com\/amazing-business-radio-peter-fader-sarah-toms\/"},"modified":"2024-03-06T18:59:25","modified_gmt":"2024-03-06T18:59:25","slug":"amazing-business-radio-peter-fader-sarah-toms","status":"publish","type":"post","link":"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/","title":{"rendered":"Customer Centricity in Business with Peter Fader and Sarah Toms"},"content":{"rendered":"<h3>The Interview with Peter Fader &amp; Sarah Toms:<\/h3>\r\n<ul>\r\n \t<li>A key term is CLV, which stands for \u201ccustomer lifetime value.\u201d Taking this into account, it is almost always more profitable to retain existing customers versus acquiring new customers.<\/li>\r\n \t<li>There are high-, mid- and low-value customers. In your customer base, there are fewer high-value customers and losing them could drastically, negatively impact your business profits. There are more low- and mid-value customers. They are easier to acquire and losses don\u2019t hurt your business as much.<\/li>\r\n \t<li>The paradox of customer-centricity is that despite these facts, many companies still expend a lot of effort into acquiring and retaining the risky high-value customers rather than retaining the dependable low- and mid-value customers. Be careful with how you manage your customer base.<\/li>\r\n \t<li>Don\u2019t prioritize price over customer experience. Focus your efforts into creating a valuable experience first and foremost, and you will find that a loyal and profitable customer base will follow.<\/li>\r\n \t<li>Wait to create loyalty programs until you learn more about your customer base, their spending habits, and their wants and needs. Also, assess the kinds of customers you\u2019re attracting from your marketing campaigns. Then build your loyalty program using this data.<\/li>\r\n \t<li>Most loyalty programs are really marketing programs. For instance, \u201cBuy nine and the tenth one is free!\u201d True loyalty involves an emotional connection.<\/li>\r\n \t<li>Customer heterogeneity refers to differences between customers. You must recognize these differences and not attempt to create a one-size-fits-all approach to use across your entire customer base. Celebrate the differences that elevate your customers above \u201caverage.\u201d<\/li>\r\n \t<li>The Customer Centricity Manifesto consists of four major areas:\r\n<ul>\r\n \t<li>Customer Heterogeneity<\/li>\r\n \t<li>Cross-Functional Uses of CLV<\/li>\r\n \t<li>Metrics That Reflect Customer Equity<\/li>\r\n \t<li>Clear Communications with External Stakeholders<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<h3><strong>Quotes:<\/strong><\/h3>\r\n\u201cBe careful with how you manage your customers. Make sure that you\u2019re not accidentally firing your customers. That\u2019s not what customer-centricity is about.\u201d <em>\u2013 Sarah Toms<\/em>\r\n\r\n\u201cRecognize the heterogeneous nature of your customer base and don\u2019t create a one-size-fits-all approach.\u201d<em> \u2013 Sarah Toms<\/em>\r\n\r\n\u201cWhen it comes to your customers, don\u2019t celebrate averages. Celebrate differences.\u201d <em>\u2013 Peter Fader<\/em>\r\n<h3><strong>About<\/strong>:<\/h3>\r\nSarah Toms is the executive director and co-founder of Wharton Interactive. She works with <a href=\"https:\/\/womenintechsummit.net\/\">The Women in Tech Summit<\/a> and <a href=\"https:\/\/www.techgirlz.org\/\">techgirlz.org<\/a> to support women and girls in the technology field. Recently, she co-authored <a href=\"https:\/\/www.amazon.com\/Customer-Centricity-Playbook-Implement-Strategy-ebook\/dp\/B07GX87GVX\/\"><em>The Customer Centricity Playbook<\/em><\/a> with Peter Fader.\r\n\r\nPeter Fader is a professor of marketing at the University of Pennsylvania\u2019s Wharton School. He is the author of <a href=\"https:\/\/www.amazon.com\/gp\/product\/1613630166\/\"><em>Customer Centricity: Focus on the Right Customers for Strategic Advantage<\/em><\/a>. Recently, he co-authored <a href=\"https:\/\/www.amazon.com\/Customer-Centricity-Playbook-Implement-Strategy-ebook\/dp\/B07GX87GVX\/\"><em>The Customer Centricity Playbook<\/em><\/a> with Sarah Toms.\r\n\r\n<a href=\"https:\/\/www.hyken.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Shep Hyken<\/a> is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio.\r\n\r\n<strong>This episode of <em>Amazing Business Radio with Shep Hyken<\/em> answers the following questions \u2026 and more:<\/strong><strong>\u00a0<\/strong>\r\n<ol>\r\n \t<li><strong>What is customer-centricity?<\/strong><\/li>\r\n \t<li><strong>How can I be customer-centric?<\/strong><\/li>\r\n \t<li><strong>How can I create customer loyalty?<\/strong><\/li>\r\n \t<li><strong>Does price matter more to customers than experience?<\/strong><\/li>\r\n \t<li><strong>How can I use data analytics and metrics to improve my CX?<\/strong><\/li>\r\n<\/ol>\r\n&nbsp;","protected":false},"excerpt":{"rendered":"<p>The Interview with Peter Fader &amp; Sarah Toms: A key term is CLV, which stands for \u201ccustomer lifetime value.\u201d Taking this into account, it is almost always more profitable to retain existing customers versus acquiring new customers. There are high-, mid- and low-value customers. In your customer base, there are fewer high-value customers and losing [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":38265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6806],"tags":[4860,6002,2266],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Customer Centricity in Business with Peter Fader and Sarah Toms - Shep Hyken | Customer Service Expert<\/title>\n<meta name=\"description\" content=\"Shep Hyken interviews Peter Fader and Sarah Toms about their new book, The Customer Centricity Playbook, and the \u201cCustomer Centricity Manifesto,\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Customer Centricity in Business with Peter Fader and Sarah Toms - Shep Hyken | Customer Service Expert\" \/>\n<meta property=\"og:description\" content=\"Shep Hyken interviews Peter Fader and Sarah Toms about their new book, The Customer Centricity Playbook, and the \u201cCustomer Centricity Manifesto,\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/\" \/>\n<meta property=\"og:site_name\" content=\"Shep Hyken | Customer Service Expert\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ShepHykenSpeaker\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/ShepHykenSpeaker\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-03T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-06T18:59:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hyken.com\/wp-content\/uploads\/2022\/11\/Peter-fader-and-sarah-toms-ABR-PHOTO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"1400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"shephyken\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"shephyken\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/\"},\"author\":{\"name\":\"shephyken\",\"@id\":\"https:\/\/hyken.com\/#\/schema\/person\/b92dbe4f9f734f7c0d600fc8014b7fe2\"},\"headline\":\"Customer Centricity in Business with Peter Fader and Sarah Toms\",\"datePublished\":\"2019-09-03T00:00:00+00:00\",\"dateModified\":\"2024-03-06T18:59:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/\"},\"wordCount\":509,\"publisher\":{\"@id\":\"https:\/\/hyken.com\/#\/schema\/person\/b92dbe4f9f734f7c0d600fc8014b7fe2\"},\"image\":{\"@id\":\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/hyken.com\/wp-content\/uploads\/2022\/11\/Peter-fader-and-sarah-toms-ABR-PHOTO.jpg\",\"keywords\":[\"customer centric\",\"customer culture\",\"customer loyalty\"],\"articleSection\":[\"Amazing Business Radio Show\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/\",\"url\":\"https:\/\/hyken.com\/amazing-business-radio-show\/amazing-business-radio-peter-fader-sarah-toms\/\",\"name\":\"Customer Centricity in Business with Peter Fader and Sarah Toms - 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