Nelson D. Schwartz

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Average rating: 4.06 · 656 ratings · 111 reviews · 1 distinct workSimilar authors
The Velvet Rope Economy: Ho...

4.06 avg rating — 656 ratings — published 2020 — 9 editions
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“you've got to create that aspiration at the upper end so people will want to participate at the lower end”
Nelson D. Schwartz, The Velvet Rope Economy: How Inequality Became Big Business

“the richest one percent of Americans live nearly fifteen years longer on average than the poorest one percent, according to a 2016 study in the Journal of the American Medical Association.”
Nelson D. Schwartz, The Velvet Rope Economy: How Inequality Became Big Business

“It’s tempting to think that when you call the bank or another financial service provider and you are put on hold for twenty-five minutes, it’s simply because it’s a peak time of day and many other account holders are calling at the same moment. Tempting, but wrong. In reality, the wait time likely has nothing to do with timing and everything to do with your CLV, or customer lifetime value. This is a calculation of how much your business is worth to whoever you are calling, and the higher the number, the better the service. At a bank or credit card company, it might be determined by your balance. Frequency of travel and spending levels help set your CLV at airlines and hotels. More and more, as soon as you call any consumer-facing company, according to Palmatier, the company’s first step is to identify your phone number and then determine your CLV. “If it’s high,” he explained, “they might take your call more quickly, or direct it to one of their best-performing or most highly trained representatives. We call this heterogeneity in customer service, and it’s driven by the profit motive.”
Nelson D. Schwartz, The Velvet Rope Economy: How Inequality Became Big Business




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