BUSML 4380 Lecture Notes - Lecture 2: Scale-Invariant Feature Transform
10 Nov 2018
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Underlying factor: have the customer needs in mind. Big data can help to sift through data to predict forecasts. Relies on all parts of delivery to fulfill its duties. Shows the customer the unexpected when they can compensate. If you create a good enough backup plan, it can even increase satisfaction from the customer (service recovery paradox) Also have to think about cost tradeoff to service. Underlying idea: not all customers are created equal. Different customers should be treated in different ways, depending on importance. 80-20: 80% of your revenues come from 20% of your customers. A vs b vs c customers: ranked from high importance to standard value. High vs low value customers have different needs, requires different levels of resources to satisfy. Grow with loyal customers, it costs less and is a good indication on whether you can even get new customers. Empathize with the customers, tailor your service to them while still keeping in mind the costs.
