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All Posts Blog: Misreading Attribute Importance: A Common and Often Costly Mistake

Misreading Attribute Importance: A Common and Often Costly Mistake

Misreading Attribute Importance: A Common and Often Costly Mistake - Charlie Marshall
Jan 12 2018
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Improving performance - particularly in those areas that are important to customers - has been a staple of continuous improvement programs for years.  Market research is routinely utilized to identify attributes that are important to the customer, measure current and competitive performance, and develop growth strategies based on the research findings.

Recent research into the current focus of B2B marketers has pointed to two interesting trends guiding much of their activity around building their B2B brands: (1) moving from a price driven focus to a value based approach and by (2) placing more emphasis on the customer experience. Although these highlighted areas of focus were reported as unique separate initiatives, the concept of enhancing value and improving the customer experience are strongly linked and can be considered holistically.
 Tamer Elshennawy
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For many companies, business growth is often driven by unforeseen or unique market events that drive demand. In any given year, the “stars may align” for a business and result in unforeseen growth. An example of this is the topic of a recent article published in Plastics News, “A solar (eclipse) powered boom for specialty film business.” For some specialty film producers, the stars may not have aligned, but the alignment of the moon and sun created a once in a lifetime growth opportunity.
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Custom Market Research Projects – Structure and Timing
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Custom Research Techniques
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 1  9  11/19/2015
 Charlie Marshall
 -1  -1  1/1/0001
In our previous correspondence, we discussed the value in having increased knowledge of your current customer base by understanding two of the four dimensions of customer satisfaction. Knowing how well your products and services align with your customers current and future requirements helps focus a large portion of your growth strategy. The third dimension of meaningful customer satisfaction research, competitive position, provides a clear picture of your performance against competition.
 Charlie Marshall
 1  15  8/24/2016
Many companies rely on internal salespeople and marketers for insight into their customers. While helpful, customers reveal limited information to someone pursuing their business. Externally focused customer satisfaction studies are highly valuable, as they provide an in-depth customer needs assessment that evaluates your performance and value against customer requirements to determine alignment as well as identify performance gaps.
 Charlie Marshall
 1  22  7/21/2016
One of the most common questions asked by clients when designing a B2B research project is “What is the sample size I need to ensure the data is ‘statistically valid’?” These sample size questions typically include common statistical terms such as margin of error, randomness, confidence level, and statistical validity. In most cases we find that the client possesses limited knowledge of what these terms actually mean, or the role they play in determining a sample size.
 Tamer Elshennawy
 1  67  2/15/2018
Face-to-Face Interviews - Advantages and Disadvantages
 Charlie Marshall
 1  74  1/19/2016
Since being introduced in Frederick Reichheld’s article “The One Number You Need to Grow”, the concept of measuring customer loyalty through a single question survey has become a common practice among many B2B companies. The power of this single metric, “Net-Promoter Score” (NPS), is built on the concept that “word of mouth” is a strong driver of growth. According to Reichheld, “research shows a strong correlation between a company’s growth rate and the percentage of its customers who are “promoters” – that is, those who state they are extremely likely to recommend the company to a friend or colleague. The Net-Promoter Score (Figure 1) is calculated by subtracting the percentage of customers who say they are unlikely to recommend from the percentage who say they are extremely likely to do so.”
 Charlie Marshall
 1  27  9/19/2016
 Charlie Marshall
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Priority Metrics Group has been delivering game changing B2B customer insight to our clients for 25 years. PMG’s Customer Insight™ is designed as a robust, customer-centric management tool which collects both quantitative data and relevant qualitative data to support growth strategies. The final deliverable is a fact-based, data-driven report providing guidance on how to better align with your customers to strategically grow revenue, profitability and customer share.
 Charlie Marshall
 1  28  8/11/2017
Marketing in the Boardroom is an important book for any aspiring marketers who are moving up the career ladder, particularly those who are writing or giving presentations to the Board. It is also an important book for their organizations, particularly those that struggle to give marketing the support it needs to create customer-led strategies that will drive business growth.
 Charlie Marshall
 1  6  6/8/2017
Improving performance - particularly in those areas that are important to customers - has been a staple of continuous improvement programs for years. Market research is routinely utilized to identify attributes that are important to the customer, measure current and competitive performance, and develop growth strategies based on the research findings.
 Charlie Marshall
 1  24  1/12/2018
 Charlie Marshall
 1  21  2/29/2016
PMG News
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 2  91  5/8/2018
While attending a PackExpo last week, I couldn’t help noticing the increase in emphasis on robotics, especially those focused in areas of the manufacturing process that traditionally utilize significant amounts of manual labor. Discussing my observation with others at the show, the difficulty of finding labor in today’s market was an overriding theme. My subsequent research supported the observation, with construction and agriculture appear to be two of the hardest hit industries.
 Tamer Elshennawy
 1  19  10/9/2017
 Charlie Marshall
 1  341  2/2/2016
The Value of B2B Custom Market Research
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 1  26  7/1/2015
Types of B2B Custom Research: Matching Need to Project Type
 Charlie Marshall
 1  25  8/25/2015
In the B2B world, market share is pursued and defended constantly. On a customer-by-customer basis companies constantly exploit opportunities to take share from competitors and develop strategies to prevent losing share. Sustainable growth is dependent on developing solid strategies in both of these areas. So how do you begin to understand all of the market dynamics associated with developing a comprehensive strategy designed to protect and grow market share?
 Charlie Marshall
 1  36  10/19/2016
If you are looking for growth opportunities, increasing share with existing customers is usually the fastest and lowest risk growth option available. Properly designed Customer Insight research delivers the critical pieces of information needed to develop a winning revenue growth strategy: the product and service attributes most important to your customers, your performance on each attribute, your competitive position relative to each attribute, and the critical few attributes that drive your customers to recommend your business to other potential customers.
 Charlie Marshall
 1  33  7/7/2016