Say goodbye to one-size-fits-all approaches. Realizing and reacting to the full range of needs within each customer is a big challenge. If businesses really want to build loyalty and lasting value, they must figure out the different needs within a single customer.
While the Four Ps are still relevant, they aren’t the only way to capture customer value because they don’t account for the heterogeneity within the same person. . . there isn’t just one me.” – Eric Bradlow
Source: Knowledge@Wharton, November 15, 2021. Link. Eric Bradlow encourages firms to think beyond the old-school definition of Customer Lifetime Value, a metric that captures the worth of the entire relationship between firm and consumer. He said the modern definition of CLV includes how a single customer’s needs change over time.
INSIGHTS: Our animal health industry has evolved over the past 20-plus years to consider each individual animal and act accordingly. Applying similar thinking from behavioral science focused on animal owners may be an opportunity for which our industry is already prepared.