Investment in the retention of existing customers lags behind the investment that companies make in customer acquisition.
In today’s competitive market, customers have a large array of choices. Customer-centric marketing is a long-term strategy that invests deeply in making connections and building stronger customer relationships. At the heart of the idea of customer centricity is not just a focus on any old customer, it is a focus on your most profitable customers. A concept first addressed by Dr. Peter Fader, he explained it as looking at a customer’s lifetime value and focusing marketing efforts on that high-value customer segment to drive profit.