Customer-centric Marketing

Customer centricity is a modern buzz word. Leaders and consultants from many industries, including mobility, healthcare, finance, telecom, or hospitality regularly pepper their speeches and presentations with it. But what is a customer-centric strategy really? It’s not about "putting your customer first" or "creating a positive customer experience." It’s about utilizing technology, data, and psychology to better measure and influence the value customers provide to your organization. That’s right: The value your customers provide to you! With recent advances in technology we are just at the dawn of the customer-centric era. This program prepares executives for the revolution that is ahead.

This program aims to improve participants’ ability to acquire, develop, and retain profitable customers using insights, tools, and frameworks from the behavioral and data sciences. At the end of the program, participants will have learned to address the following issues:

Balance spending on customer acquisition and customer retention

• What is the whale curve? Should we ever fire customers?
• How much should we be willing to spend to acquire a customer? How do we decide which customers to acquire? How can we evaluate the effectiveness of online advertisements?
• How should we design targeted interventions to reduce churn? How can we evaluate the effectiveness of these interventions?
• Why and how should organizations quantify churn rates at the individual level?

De-fossilize how your organization measures and manages customer experiences

• How do organizations (mis)apply common metrics such as customer satisfaction and net promoter scores?
• How can we use technology to better measure the value we provide to customers?
• What is the difference between predicted, experienced, and remembered utility? How should we manage each?
• When and how should we respond to online user-generated content?

Use behavioral economics to develop customers

• What are the benefits and limitations of survey-based techniques (such as conjoint analysis) to understand customer preferences?
• What is the choice architecture? What is rational versus irrational customer behavior? Can irrationality be predictable?
• When it comes to innovation, why is it often more effective to "think inside the box"?

The participants will obtain a certificate from the Luxembourg School of Business. Our school is certified by the Ministry of Education as a lifelong learning organism and member of AACSB (Association to Advance Collegiate Schools of Business).