TRC-Rice University Conference Summary
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Maximizing the Value of Research
Rajan Sambandam, Chief Research Officer, TRC |
| In this educational session Rajan talked about two ways of getting useful information from research: through primary data only and through a combination of primary and secondary data. The topics discussed under primary data were idea generation, brand/ad awareness and concept testing, where the best ways of gaining useful information were presented. For example, for idea generation Rajan stressed the importance of proper incentives to help generate good ideas as practiced in the concept of crowdsourcing. Linking to secondary data involved discussions of segmentation |
and key driver analysis with specific emphasis on the data issues that need to be sorted out for practical analysis to be conducted. The objective of this session was to provide a broad overview of methods for gaining useful information to drive business and to lay the groundwork for the two following sessions which were more tightly focused on specific topics.
Conclusion: Both primary data by itself and in combination with secondary data can provide useful information for business decisions. |
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Financial Payoffs From Customer Satisfaction Measurement Programs
Vikas Mittal, J. Hugh Liedtke Professor of Marketing, Rice University |
| Vikas began the session by introducing the idea of the Satisfaction-Profit Chain and through that explaining the pivotal role of satisfaction in firm prosperity. The American Customer Satisfaction Index was then introduced and explained in depth. Various pieces of evidence relating satisfaction measures to company financials such as market value, and Tobin's Q were presented. The importance of satisfaction optimization was presented through the idea of satisfaction efficiency. Lastly, case studies of the integrated |
approach to satisfaction research, ranging from operational inputs all the way to financial impacts were presented to provide evidence of the gains that could be made by companies committed to strategic change.
Conclusion: While satisfaction certainly impacts firm financial performance, the best value is obtained using an integrated approach that helps to optimize rather than maximize satisfaction. |
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Efforts of Responding to Customer Satisfaction Surveys
Paul Dholakia, Jones School Distinguished Associate Professor of Marketing |
| In a spirited session, Paul dealt with the counter-intuitive idea that customer satisfaction surveys are investments rather than expenses. He presented evidence supporting the idea that respondents answering surveys actually show enhanced relationships with firms compared to those who do not take part in surveys. This effect persists in multiple industries and settings. While the reasons for the effect are not entirely clear |
the practical implications were clear to all observers. This led to the generation of several ideas for further testing of this effect and discussion of its applicability in practical situations.
Conclusion: The usefulness of survey research is conventionally believed to lie in the information gained. Here it was shown that just conducting the research can actually produce financial returns for the company. |
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Fund Raising - While the conference was meant to be educational in nature, there was also a charitable side to it. Registration fees of attendees will be sent in full to Philabundance, a hunger relief organization in the Philadelphia region.
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