The Decision Accuracy Calculator: Estimate the Upside of Better Decisions
Browse the pages of any old high school yearbook and you’ll be treated to a parade of poor decisions. Shoulder pads. Oversized jeans. Sweater vests. Fauxhawks. The list could go on but let’s not.
Some poor decisions like yearbook fashion shots take time for them to reveal themselves. But when you make poor product and marketing decisions, they can be instantly obvious…. and irreversible.
- What is the cost of misnaming your product?
- What is the cost of misreading your customers?
- What is the cost of misplanning your product features?
- What is the cost of mispricing your service?
- A Calculator for your Decisions
The Qualtrics Decision Accuracy Calculator helps you estimate how much incremental revenue you make when you improve the accuracy of your decisions, and how much you lose when you make the wrong calls.
About the Decision Accuracy Calculator
To build this calculator, we surveyed 250 product and marketing leaders from various industries to tell us how research has impacted their decision quality in 4 key areas:
- How to set the right price with conjoint analysis
- How to develop features that drive purchase with regression analysis
- How to design on-trend products with concept testing
- How to build loyalty with brand tracking
The Qualtrics Decision Accuracy Calculator. Tell it your sales goal and it will tell you how much incremental revenue you can expect to make when you add four helpful types of research analysis.
This survey data powers the calculator to give you informed estimates of how much incremental revenue you can expect when you improve your decisions with advanced analysis. While you are free to dial the estimates up or down to your liking, these guidelines serve as markers based on the experience of product and marketing decision makers.
For simplicity, the calculator estimates an increase in revenue as a proportional increase in decision accuracy, and shows revenue increases for one project at a time only. You can also choose which of the four types of research you wish to use or ignore.
Smarter Decisions Mean Smarter Business
When you make smarter decisions, you make more money. Market research is an investment in your decisions and should be viewed as a path to smarter products, more successful launches, and better messaging.
- How much can you boost your brand recognizability with a product name that is proven to connect to your target audience using naming research?
- How much additional market share will you capture with a price and feature combination that has been statistically proven to increase purchase with market simulations?
- What is the sales lift you will experience with a product that has been vetted with rigorous concept testing?
- How much higher will your landing page conversion be with copy that has been tested to resonate with a specific audience?
- How much more effective will your brand promise be when you can track its consumer awareness over years?
Smart decisions come from asking smart questions, and no one ever became a winner by guessing. When you invest in your products and marketing with predictive analytics, you reap the rewards. Try the decision calculator today!