Peter Fader on Customer Centricity and Why It Matters

Starbucks and Apple stocks have been trading at record highs, but are these and other businesses doing everything they can to ensure growth over the long term? Peter Fader, Wharton marketing professor and co-director of The Wharton Customer Analytics Initiative, argues that too many companies are customer friendly, but not customer centric. In other words, they treat each customer the same, missing an opportunity to discover who their best customers are. Without that data, they cannot make their most valuable customers even more profitable to the firm. In his new book, Customer Centricity, part of the Wharton Executive Education Essentials Series, Fader describes what customer centricity is, what it isn't and why it matters. He also demystifies customer relationship management and emphasizes the importance of gathering customer data in meaningful ways.

Stephen J. Kobrin, a Wharton management professor and executive director of Wharton Digital Press, talked with Fader about his new book.

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