28 Nov '11, 8am

The Skinny On “Fattening Up” Customers

The Skinny On “Fattening Up” Customers

By Peter Fader, author of “Wharton Executive Education Customer Centricity Essentials: What It Is, What It Isn’t, and Why It Matters “ I often use the metaphor of fishing as a way to explain new customer acquisition. From the firm’s perspective, there is a great big ocean out there full of prospective customers of all different shapes and sizes. First we have to decide how we want to catch them: do we want to cast our nets far and wide (a broad acquisition strategy), or throw spears at individual fish that we believe to be particularly juicy and plump (a targeted acquisition strategy)? That’s a tough decision and worthy of two full lectures in my MBA elective course, “Managing the Value of Customer Relationships”. But let’s focus on what happens after we catch the fish: once we have acquired our newest batch of customers, how do we fatten them up as much as possible, i.e.,...

Full article: http://www.youngupstarts.com/2011/11/28/the-skinny-on-fat...

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