Customer Analytics Initiative

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From the course by University of Pennsylvania

Introduction to Marketing

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University of Pennsylvania

Introduction to Marketing

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Course 1 of 6 in the Specialization Business Foundations

Taught by three of Wharton's top faculty in the marketing department, consistently ranked as the #1 marketing department in the world, this course covers three core topics in customer loyalty: branding, customer centricity, and practical, go-to-market strategies. You’ll learn key principles in - Branding: brand equity is one of the key elements of keeping customers in a dynamic world in which new startups are emerging constantly. - Customer centricity: not synonymous with customer service, customer centricity starts with customer focus and need-gathering. - Go-to-market strategies: understand the drivers that influence customers and see how these are implemented prior to making an investment. Complete this course as part of Wharton's Business Foundations Specialization, and you'll have the opportunity to take the Capstone Project and prepare a strategic analysis and proposed solution to a real business challenge from Wharton-governed companies like Shazam and SnapDeal or to a challenge faced by your own company or organization. Wharton-trained staff will evaluate the top submissions, and leadership teams at Shazam and SnapDeal will review the highest scoring projects prepared for their companies.

From the lesson

Applied Marketing (Optional)

These short lectures apply marketing principles taught in the course to current examples. Content in these lectures may deepen your understanding of course concepts, but won't be tested directly on the quizzes or exam.

The Brand Named Jennifer2:15

Awesomeness TV1:17

Playboy in China1:19

Barriers to, and Challenges of, Customer Centricity5:08

Pay It Forward: Google and Others3:08

CLV: Electronic Arts3:02

Rewarding CLV: Merial4:08

Customer Analytics Initiative3:32

New Start-ups in Customer Centricity4:26

Meet the Instructors

Barbara E. Kahn
Professor of Marketing and Director, Jay H. Baker Retailing Center
The Wharton School
Peter Fader
Professor of Marketing and Co-Director of the Wharton Customer Analytics Initiative
The Wharton School
David Bell
Xinmei Zhang and Yongge Dai Professor, Professor of Marketing
Marketing

At the beginning of our time together, I mentioned that I'm the co-director

at a research center, the Wharton Customer Analytics Initiative.

But I never really took the time to describe what it is that we do or

how it fits in with my overall desire to get companies to understand and

become more customer-centric.

So let me tell you a little bit about both of those things.

So what do we do?

Well, actually, we're a matchmaker.

We don't actually do the research.

We'll find companies that are sitting on top of lots of interesting

customer level data.

So whether it's data about individual consumers buying things or

whether it's physicians writing proscriptions or

whether it's insurance brokers writing policies.

We're very agnostic about what we mean by customer, and

in all these cases the customers, whoever they may be,

we have lots of data on what they're doing over time.

And lots of desires to extract insights from that data

to help the company become more customer-centric.

So, here's the way it works.

We'll sit down with a company and

we'll talk about all the different data assets that they have and all the business

problems that either arise from or motivate some of those data assets.

Then we'll hold a webinar, and we'll basically announce those data assets.

We don't give the data away, but

we'll describe the data to academics all over the world.

So all schools, all disciplines, all geographies, we basically say,

hey researchers, here's this dataset, or this set of datasets.

What would you do with it if you could get access to it?

You tell us.

What theories would you test?

What models would you develop?

What algorithms would you come up with?

You tell us what's interesting, both from an academic and a commercial standpoint,

write us a proposal.

We'll get 40 or 50 proposals.

We'll sort them into buckets based on what techniques people are proposing or

what substantive questions they're attempting to answer.

Then we can go to the company and say, hey, company, here's 40 great ideas.

Some of them might be more interesting and relevant than others, and that's fine.

You pick as many of them as you want.

You pick, say, a dozen of them.

We'll go back to those researchers, give them the data and say go to it.

And at the end of the process a few months later,

we'll have this private symposium where the company gets together with all of

these academics to talk about the data and the insights and the commercial value.

And it's really terrific, because all too often we'll have practitioners and

academics kind of talking over each other's heads,

thinking that the other one doesn't understand the problem.

But if we have the company that gave us the data and

all those academics that have been working on it, they're seeing eye-to-eye.

We'll see just tremendous insights, and again, commercial value that can be tied

to meaningful financial results arising from these projects.

So part of it is that it's nice to see better research happen.

It's nice to help companies raise their quantitative literacy.

It's nice to have researchers work on more practical,

relevant problems than the usual ivory tower stuff.

And this whole mechanism is just a nice way to bring customer-centricity across.

because while I'm talking to companies and talking about customer-centricity and

everything that we've been covering here, sometimes it's hard for them to get going.

Sometimes they need the data, they need the metrics, the COV,

the customer retention.

So maybe we can start on that side and we can have top academics all around

the world show them how they can derive some of those analytics from their data,

and it becomes much easier for them to start to do the strategic thing as well.

So it's just a really nice triangulation between the kind of pure talk that we

have about the customer-centricity and the research work that we do.

And it all meets together, and it all makes the world a better place.

At least when it comes to customer-centricity.

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