The second prong of our blended approach embraces the qualitative aspects of pricing and the recognition of customer propensities in response to changing market conditions. This “artistic” approach incorporates surveys, interviews, demographics, firmographics and more, in an attempt to capture data elements that have not historically been captured in your standard data warehouse tables. We then develop our own unique analytics to uncover patterns in customer responses and behaviors. Once determined we blend this new “data” with the quantitative elements determined in our analytic phase, and thus build out predictive models to forecast future expectations. This new roadmap for the future provides a framework to build strategic plans, marketing plans, price lists, operating policies, discount matrices, and more for improved financial results.
This approach to understanding true “value” is not a one-time event, but rather a paradigm shift in your approach to customer satisfaction. As a result these perceptions must be periodically monitored and expectations must be cultivated in a manner that is consistent with an organization’s long term strategic desires. When done well this, blended qualitative and quantitative method is a true “game changer”.