strategic impact in life science markets

strategic impact in life science markets

A Close Look at Measuring Performance

Throughout various studies, one of the many questions lingering in the minds of various clients is “How are we doing?”

Looking at the example below, it may appear that the competitor has the upper hand, as they have higher scores in five of the eight attributes listed. One of these attributes, price, is typically the area of highest importance to customers, so immediately this data could sow some seeds of doubt – how do we make progress in areas where we are weaker without it impacting the overall price, which is already viewed as less advantageous than our competitor? What do we address? Where do we begin?

It is important to know how impactful each of these attributes are. By simply asking your customers to rate the IMPORTANCE of each attribute on the same scale, the picture becomes clearer.

In the above chart, the most important attributes will appear toward the top of the chart, and higher scores in satisfaction will appear toward the right. If you are performing well in an area that is of highest importance to your customers, the icons will appear in the upper right hand quadrant.

From this chart, we can identify that the company is performing better than their competitor in three of the four most important areas to customers. So, whereas before there was a lot of doubt about how far behind the competitor they may be, the client is now empowered with good news and potential key areas to focus future efforts (i.e. wireless connectivity).

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