This course suggests why companies should be customer centric. Customer centricity provides a number of competitive advantages including revenue growth and cost reduction. The key concept is customer lifetime value (CLV) For example, a typical household spends more than $500,000 over 15 years at nearby grocery stores. Customer centricity is important, but most organizations struggle to implement it properly. This is due to internal operations, processes, and most importantly, cost accounting systems.
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Since the industrial age, the cost accounting focus has been very product centric, and there needs to be a shift customer centric accounting. This course, taught by Professor Jagdish Sheth, 2020 Padma Bhushan Award winner for Literature and Education, offers videos, articles, and recommendations from senior industry leaders on how to successfully implement customer centricity.
Course 1 of 4 in the Customer Centricity with Professor Jagdish Sheth Specialization.
Skills You Will Gain
- Understand the economic value of customer centricity
- Understand the cumulative value of customer loyalty
- Understand how processes and legacy systems are key obstacles to implementing customer centricity
- Understand why the role of chief customer officer must be created at the corporate level to coordinate and integrate activities across products and business units
- Understand why a shift away the cost accounting system is crucial for creating a customer centric organization
Syllabus
WEEK 1
Introduction to Customer Centricity
With growing global competition and the commodification of products, it is important to develop and nurture customer loyalty. While loyalty programs such as airline frequent flyer programs are good, what is needed is the reorganization of the company from a product centric to a customer centric company.
WEEK 2
Implementing Customer Centricity
Customer centricity, while very useful, is very hard to implement. Internal processes and turf wars create obstacles for reorganizing from a product centric to a customer centric organization.
WEEK 3
How to Create Value for Customers
The purpose of business is to create real value for its customers. Customers seek three main values: performance value, price value, and service value. Therefore, if you offer a superior product at a price lower than the competition in a customer friendly manner, you will become a market leader.
