The Customer-Base Audit: The First Step on the Journey to Customer Centricity
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About the Author
Peter Fader is the Frances and Pei-Yuan Chia Professor of Marketing at The Wharton School of the University of Pennsylvania. His expertise centers on 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.In addition to his various roles and responsibilities at Wharton, 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, 2012) and coauthor of The Customer Centricity Playbook (2018) with Sarah Toms. He has won many awards for his research and teaching accomplishments. Bruce Hardie is a Professor of Marketing at London Business School. For most of his career, his research has focused on developing tools for analyzing customer and marketing data. He has worked with market research firms and their clients on the development of marketing analytics solutions for new product sales forecasting and marketing mix analysis. He has collaborated extensively with Pete Fader, developing a number of key customer analytics tools for computing customer lifetime value (CLV) that have been used by thousands of data scientists and researchers around the world. He teaches courses on customer and marketing analytics, and the data-driven enterprise. Michael Ross is a data agitator: he is currently SVP retail data science at EDITED, and a non-exec director at Sainsbury's Bank, Domestic & General and N Brown Group plc. He has co-founded businesses including ecommera, DynamicAction and figleaves.com, and was also a consultant at McKinsey and Company. Michael has an MA in Mathematics from the University of Cambridge. He is also an Executive Fellow at London Business School, and is on the commercial board of the Turing Institute.
"I would be a rich man if I had been paid a pound every time I had been told in the last 40 years or so that if only we had a reliable, complete view of the behaviour of each customer, we could become a much more successful business. This book shows the reader how to take the steps to achieve this."-- "David Tyler, Former Chairman, J. Sainsbury plc"
"Fader, Hardie, and Ross's practical, logical and commonsense approach to data analysis is refreshing when compared with the myriad of confusion that normally reigns in understanding consumer behaviour."-- "Mark Newton-Jones, Member of the Global Supervisory Board, INGKA"
"The Customer-Base Audit brings a long-overdue customer focused structure and discipline to the practice of business decision-making. Fader, Hardie and Ross take away the mystery and uncertainty associated with customer analytics, replacing it with a comprehensive approach that no company should ignore."-- "Rob Markey, Partner, Bain & Company, Inc., and coauthor, The Ultimate Question 2.0"
"The Customer-Base Audit brings clarity and rigor to the analysis of what is the most fundamental unit of analysis: the customer. The truth is that most executives don't understand their customers as well as they should, and this book provides them with the frameworks they need to gain insight and to guide their strategic decisions. It also equips investors with the right questions to ask managers. This is essential reading for anyone who wants to understand customers and how they create value."-- "Michael J. Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, and Author, The Success Equation"
"The Customer-Base Audit is a masterpiece that challenges companies to measure the differences and dynamics between their customers. A gateway into customer centricity, this important book is one you'll devour and then proudly evangelize to the rest of your organization, bringing all those who listen to a path toward profitable, sustainable growth backed with conviction born from insurmountable data and an endless buffet of experience."-- "Neil Hoyne, Chief Measurement Strategist, Google, and Author, Converted"
"Understanding the nature (and value) of our customers' behavior is central to every decision a bank makes, as well as the way those decisions are evaluated. I've been a strong advocate of formally assessing customer value for years, and I can't think of a better way to do that than through a customer-base audit. The frameworks and analysis in The Customer-Base Audit are incredibly useful for any company and should be part of every analytics team's repertoire. Further, boards and executives should be demanding this type of work from their analytics leaders."-- "Zachery Anderson, Chief Data and Analytics Officer, NatWest Group"
"The Customer-Base Audit makes the complex simple. It shows how straightforward analysis can spotlight massive opportunities for change and is a must read for anyone who wants to do more for their customers."-- "Gill Barr, former Marketing Director, John Lewis"
"The Customer-Base Audit, by Fader, Hardie, and Ross, provides a practical and example-rich hands-on guide to their core methods of analyzing customer data. The authors, who are master teachers and practitioners of this field, point out that executives know so much about their products, yet so little about their customers. For most of history, customer specific data was not readily available, so people were not trained to analyze it and there were no good guides to doing so. But with the digital age, it now becomes possible and imperative to view a business through the lens of customer data. This book is a must-read guide that will empower leaders for a generation and spur countless insights within organizations of all kinds."-- "Barney Pell, Ph.D., AI Pioneer and Thought Leader; Entrepreneur and Investor; Founder of Powerset (Microsoft Bing)"