Over the last several years, many organizations have realized that substantial financial value and competitive advantage can be created by effectively building and managing customer relationships over time, rather than focusing purely on building and managing products. This “customer centric” mindset is associated with a range of new business strategies, metrics, and organizational requirements.
This course will introduce students to the strategies, best practices and metrics associated with “customer centricity”. Among the issues we will study are:
· How to segment customers based on profitability and tailor your products and services to these segments
· Customer-centric business metrics, such as share-of-wallet, churn, silent migration, and cost-per-acquisition, and their uses and misuses
· The powerful opportunities offered by new media, such as blogs and social networking, for generating more value from customer relationships
· How you can design effective loyalty programs that will measurably improve customer retention
· Why most customer satisfaction initiatives fail to deliver results, and how to rightly implement this discipline to drive business improvements and financial value
The topics covered in the course are applicable across a wide range of industries: both products and services, both consumer and business markets, and both data-rich and data-poor environments. This half-semester course consists of a mix of lectures, cases and guest speakers.
Professor of Professional Practice
Hitendra Wadhwa is Professor of Practice at Columbia Business School and founder of the Institute for Personal Leadership (IPL). He teaches Columbia's most popular MBA leadership class on Personal Leadership & Success. He also teaches MBA and Executive Education programs on Driving Strategic Impact and Leading from...