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Implementing the 80:20 Rule with Predictive Modeling

80:20 rule, predictive modelingIt has lots of names.  The 80:20 rule.  The pareto principle.  HVC.  Power Laws.  Zipf laws.  Whatever we call it, the idea is that around 20% of our potential customers will account for 80% of our upside.  While the numbers can move around a bit, this basic idea applies in all aspects of customer management.  It applies among your customers: a small proportion of your customers will provide most of your profit.  It also applies among your prospects: a small proportion of the prospects have the potential to deliver much more profit than the rest.

If the 80:20 rule describes your market, how can you leverage it?  Fortunately, it is pretty straightforward! [Read more…]

Using Market Research: How To Analyze Survey Data Test and Refine Your Business Idea

shoppingBefore spending thousands of dollars on developing a product and committing to months of exhaustive customer acquisition strategies it is worthwhile hedging your bets and learning how how to analyze survey data , use basic market research to test and refine your idea. A useful strategy to implement at the idea conception stage is concept testing. [Read more…]

Diagnosing Customer Experience Problems with Market Research (and Doing It Economically)

Diagnosing customer experience problems with market researchYou have a suspicion that something is wrong.  Sales are going in the wrong direction. You are hearing the odd complaint.  The vibe is generally bad.  But how do you work out what the real problem is?  And indeed, how do you work out if you really do have a problem? [Read more…]