lift phd decision maker needs survey - improved decision making
TRANSCRIPT
LIFT PhD Survey Report:The Needs of Corporate Decision Makers
Rob Schade Lance Bettencourt
© LIFT PhD 20151 © LIFT PhD 2015
Rob SchadeManaging PartnerLIFT PhD919‐617‐1359
Lance BettencourtManaging PartnerLIFT PhD812‐824‐2286
About the SurveyAbout the Survey
Objective To prioritize decision‐making needs uncovered from in‐depth telephone
interviews with 15 corporate executives (Example titles: Director, Innovation; SVP Strategy, Director, Marketing)
To determine which marketing topic areas corporate decision‐makers would most value additional expertise
Survey Administration The survey was administered in February 2014. The survey was sent to a list of corporate decision‐makers who were The survey was sent to a list of corporate decision makers who were
screened for company size, organizational level, position type, and decision‐making authority – 87 surveys (78 completes).
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Survey SampleSurvey Sample
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N = 87
Survey SampleSurvey Sample
Percentages do not add to 100% because some respondents were allowed to select multiple roles
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N = 87
Percentages do not add to 100% because some respondents were allowed to select multiple roles.
Survey – Sample Respondent CompaniesSurvey Sample Respondent Companies
Automatic Data Processing, Inc. John DeereAvaya Global Services KrollAvaya Global Services KrollBank of America Lockheed MartinCisco Met LifeColgate‐Palmolive MicrosoftComcast Corporation NetAppComcast Corporation NetAppCordis Philips MedicalCovidien Rockwell AutomationDex One Rockwell CollinsDi Sh i WilliDisney Sherwin‐WilliamsElsevier Sony MusicEquifax The Medicines CompanyGeneral Motors TransamericaGM T B d iGM Turner BroadcastingIBM United Technology CorpIngersoll Rand
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DECISION‐MAKING NEEDSDECISION MAKING NEEDS
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Decision‐making Need RatingsDecision making Need Ratings
Please indicate HOW IMPORTANT each of the f ll i d i i ki k i dfollowing decision‐making tasks is to you and your organization given your responsibilities. 5‐point scale: 1=Not Important at All; 2=Somewhat Important; 3=Important;
4=Very Important; 5=Extremely Important
Please indicate HOWMUCH BETTER OR WORSE you believe the proposed service model would be in helping your organization satisfy each task. 5‐point scale: Much Worse; 2=Worse; 3=About the Same; 4=Better; 5=Much p ; ; ; ;
Better
Service Model Concept Description (see next slide)
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Survey – Service Model Concept DescriptionA new service is being created to easily and reliably connect national and international companies who have complex business challenges and learning needs on specific marketing topics with a select
f f l h id h d i d i i l i d/ i d i
Survey Service Model Concept Description
group of faculty who can provide the desired expertise via consulting and/or executive education.
The service will specialize in helping companies to make better decisions on a range of marketing topics from pricing to social media in which faculty are especially capable of offering rigorous and
l i i h F l ill b lifi d h i i h i i d bili inovel insights. Faculty will be pre‐qualified on characteristics such as topic expertise and capabilities, prior consulting and exec ed experience, and interpersonal skills.
For a given company challenge, the service will recommend multiple faculty matches from which a h di i f d d I ddi i h i ill ff lcompany can choose according to its preferences and needs. In addition, the service will offer tools,
technologies, templates, and best practices to ensure the consulting and executive education efforts of faculty are high quality.
R f i j d i i ill b fi d b d d lRates for a given project or education session will be fixed based on an agreed‐upon proposal.
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Decision‐Making Need PrioritiesDecision Making Need PrioritiesTOP2BOX % RANK
Decision‐making Jobs IMP ADV OPP IMP ADV OPPGain a unique perspective to think through a market orGain a unique perspective to think through a market or marketing challenge 71.30% 78.20% 71.80% 4 1 1
Gather the data/information to make informed market or marketing decisions 78.20% 71.80% 70.00% 3 2 2
Make better, more informed market or marketing decisions 80.50% 67.90% 66.70% 1 6 3Make better, more informed market or marketing decisions 80.50% 67.90% 66.70% 1 6 3Improve staff capabilities in marketing / sales decision‐making 71.30% 70.50% 65.80% 4 3 4
Give structure to ill‐defined market or marketing problems 67.80% 65.40% 65.40% 9 10 5Identify blind spots in market or marketing decision‐ 69 00% 69 20% 64 60% 7 4 6y p gmaking 69.00% 69.20% 64.60% 7 4 6
Get needed market or marketing expertise at a reasonable price 62.10% 66.70% 63.80% 12 8 7
Understand best practices for making particular market or 59 80% 67 90% 63 30% 13 6 8marketing decisions 59.80% 67.90% 63.30% 13 6 8
Get sophisticated market research and analyses done 57.50% 64.10% 60.80% 14 11 9Get cutting edge thinking on a particular market or marketing topic 57.50% 66.70% 60.80% 14 8 9
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IMP is the percent of respondents who rated a job as very or extremely important. ADV is the percent of respondents who rated the proposed service model as better or much better at helping the organization get the job done. OPP is the percent of respondents who rated the job as important, very important, or extremely important, and rated the ability to get the job done as better or much better.
Decision‐Making Need PrioritiesDecision Making Need PrioritiesTOP2BOX % RANK
Decision‐making Jobs IMP ADV OPP IMP ADV OPPDraw novel insights from existing research and market data 66 70% 64 10% 59 50% 10 11 11Draw novel insights from existing research and market data 66.70% 64.10% 59.50% 10 11 11Understand thoroughly the pros and cons of distinct market or marketing decision alternatives 71.30% 64.10% 55.70% 4 11 12
Find needed outside expertise for focused market or marketing challenges 49.40% 69.20% 55.60% 16 4 13marketing challengesLay out actionable strategy and tactics for a given market situation 80.50% 55.10% 53.20% 1 15 14
Gain internal credibility for market or marketing decisions and recommendations 69.00% 59.00% 53.20% 7 14 14
Monitor and evaluate the quality of market or marketing decisions 65.50% 52.60% 48.80% 11 16 16
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IMP is the percent of respondents who rated a job as very or extremely important. ADV is the percent of respondents who rated the proposed service model as better or much better at helping the organization get the job done. OPP is the percent of respondents who rated the job as important, very important, or extremely important, and rated the ability to get the job done as better or much better.
TOP 5 DECISION‐MAKING ADVANTAGES OFTOP 5 DECISION MAKING ADVANTAGES OF PROFESSORS*
Please indicate HOW MUCH BETTER OR WORSE you believe the proposed service model would be in helping yourPlease indicate HOW MUCH BETTER OR WORSE you believe the proposed service model would be in helping your organization satisfy each task.
78.20%Gain a unique perspective to think through a market or marketing challenge
70.50%
71.80%
Improve staff capabilities in marketing / sales decision-making
Gather the data/information to make informed market or marketing decisions
67.90%
69.20%
62% 64% 66% 68% 70% 72% 74% 76% 78% 80%
Understand best practices for making particular market or marketing decisions
Identify blind spots in market or marketing decision-making
*n=78 corporate decision-makers; US only; Percent shown is top two box percentage on 5-point scale: 1=much worse; 2=worse; 3=about the same; 4=better; 5=much better.
62% 64% 66% 68% 70% 72% 74% 76% 78% 80%
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* The task “Find needed outside expertise for focused market or marketing challenges” is excluded from this chart because it specifically concerns use of an outside expert.
Company Opportunity Rank ComparisonsCompany Opportunity Rank Comparisons
Decision‐Making Jobs ALL SML MED LRG MFG SRVCC‐level / VP
Gain a unique perspective … 1 2 4 1 1 4 9Gather the data/information … 2 5 1 5 9 1 1Make better, more informed decisions 3 5 2 8 2 8 9Improve staff capabilities … 4 1 5 10 5 2 4Give structure to ill‐defined problems 5 15 2 4 2 5 2Identify blind spots in decision making 6 2 7 7 7 5 7Identify blind spots in decision‐making 6 2 7 7 7 5 7Get needed expertise at a reasonable price 7 4 7 5 13 2 2Understand best practices … 8 5 9 3 6 7 12Get sophisticated research/analyses done 9 5 6 10 7 10 7Get cutting edge thinking … 9 12 13 2 4 12 12g g gDraw novel insights … 11 5 9 9 14 11 5Understand thoroughly pros and cons … 12 5 11 14 10 12 16Find needed outside expertise … 13 12 11 13 16 8 5Lay out actionable strategy and tactics … 14 16 13 10 10 15 15G i i l dibili 1 16 1 10 1 11Gain internal credibility … 14 5 16 14 10 15 11Monitor and evaluate decisions 16 12 13 16 15 14 12SML = 500 to 999 employeesMED = 1000 to 24,999 employeesLRG = 25,000 or more employeesMFG = Manufacturing Construction Mining and Agriculture industries
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MFG = Manufacturing, Construction, Mining, and Agriculture industriesSRVC = Services and Information industries
MARKETING EXPERTISE NEEDSMARKETING EXPERTISE NEEDS
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Marketing Expertise Need RatingsMarketing Expertise Need Ratings
Please indicate HOW VALUABLE it would be to your i i i ddi i l i i h i h lorganization to gain additional insight or expertise to help
improve planning and decision‐making related to each of the following marketing topics. 5‐point scale: 1=Not Valuable at All; 2=Somewhat Valuable ; 3=Valuable;
4=Very Valuable; 5=Extremely Valuable
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Marketing Topics – Org Size ComparisonsMarketing Topics Org Size ComparisonsTOP2BOX % RANK
Marketing Topic Areas TOTAL SML MED LRG TOTAL SML MED LRGMarket Analysis & Strategy 83.10% 89.30% 73.50% 90.50% 1 3 2 1Market Analysis & StrategyCustomer Analysis: Needs, Motivation, & Decision‐making 80.70% 85.70% 73.50% 85.70% 2 5 2 2Innovation & New Product Development 78.30% 71.40% 79.40% 85.70% 3 12 1 2Competitive Intelligence & Analysis 77.10% 82.10% 70.60% 81.00% 4 7 5 4Market Sizing, Forecasting, & Revenue Management 74.70% 85.70% 73.50% 61.90% 5 5 2 9Service Quality & Customer Experience/Satisfaction 73.50% 92.90% 58.80% 71.40% 6 1 8 7y pPricing Strategy & Tactics 72.30% 89.30% 55.90% 76.20% 7 3 9 6Marketing Research & Analytics (including customer databases) 68.70% 67.90% 61.80% 81.00% 8 15 6 4Segmentation, Targeting, & Positioning 65.10% 67.90% 61.80% 66.70% 9 15 6 8Organization of Marketing & Customer‐facing Functions 59.00% 92.90% 47.10% 33.30% 10 1 11 18Product & Brand Management 56.60% 78.60% 44.10% 47.60% 11 9 12 13Global Marketing Management 56.60% 67.90% 50.00% 52.40% 11 15 10 10Market & Customer Orientation of the Firm 56.60% 75.00% 44.10% 52.40% 11 11 12 10Marketing Controls, Metrics, & Evaluation 55.40% 78.60% 44.10% 42.90% 14 9 12 14Marketing Mix Management & Optimization 54.20% 67.90% 44.10% 52.40% 15 15 12 10Channels & Distribution Management 50.60% 71.40% 38.20% 42.90% 16 12 16 14Promotions, Advertising, & Sponsorships 49.40% 82.10% 38.20% 23.80% 17 7 16 20Social Media & Content Marketing 47.00% 64.30% 38.20% 38.10% 18 19 16 16Personal Selling & Sales Management 44.60% 71.40% 26.50% 38.10% 19 12 19 16Socially Responsible Marketing & Sustainability 38.60% 57.10% 26.50% 33.30% 20 20 19 18SML = 500 to 999 employees
1000 24 999 l
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MED = 1000 to 24,999 employeesLRG = 25,000 or more employees
Marketing Topics – Industry ComparisonsMarketing Topics Industry ComparisonsTOP2BOX % RANK
Marketing Topic Areas TOTAL MFG SRVC TOTAL MFG SRVCMarket Analysis & Strategy 83.10% 82.80% 82.70% 1 2 2Market Analysis & Strategy % %Customer Analysis: Needs, Motivation, & Decision‐making 80.70% 86.20% 76.90% 2 1 5Innovation & New Product Development 78.30% 69.00% 84.60% 3 5 1Competitive Intelligence & Analysis 77.10% 65.50% 82.70% 4 7 2Market Sizing, Forecasting, & Revenue Management 74.70% 62.10% 80.80% 5 10 4Service Quality & Customer Experience/Satisfaction 73.50% 75.90% 73.10% 6 3 6y pPricing Strategy & Tactics 72.30% 75.90% 71.20% 7 3 7Marketing Research & Analytics (including customer databases) 68.70% 69.00% 69.20% 8 5 8Segmentation, Targeting, & Positioning 65.10% 65.50% 65.40% 9 7 9Organization of Marketing & Customer‐facing Functions 59.00% 55.20% 61.50% 10 12 11Product & Brand Management 56.60% 55.20% 59.60% 11 12 12Global Marketing Management 56.60% 65.50% 53.80% 11 7 15Market & Customer Orientation of the Firm 56.60% 48.30% 63.50% 11 14 10Marketing Controls, Metrics, & Evaluation 55.40% 48.30% 59.60% 14 14 12Marketing Mix Management & Optimization 54.20% 58.60% 51.90% 15 11 17Channels & Distribution Management 50.60% 48.30% 53.80% 16 14 15Promotions, Advertising, & Sponsorships 49.40% 41.40% 55.80% 17 17 14Social Media & Content Marketing 47.00% 41.40% 51.90% 18 17 17Personal Selling & Sales Management 44.60% 41.40% 48.10% 19 17 19Socially Responsible Marketing & Sustainability 38.60% 34.50% 42.30% 20 20 20MFG = Manufacturing, Construction, Mining, and Agriculture industriesS VC S i d I f i i d i
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SRVC = Services and Information industries
TOP 10 MARKETING TOPICS FOR HELPTOP 10 MARKETING TOPICS FOR HELPPlease indicate HOW VALUABLE it would be to your organization to gain additional insight or expertise to help improve planning and decision-making related to each of the following marketing topicsfollowing marketing topics.
78 30%
80.70%
83.10%
Innovation & New Product Development
Customer Analysis: Needs & Decision-making
Market Analysis & Strategy
73.50%
74.70%
77.10%
78.30%
Service Quality & Customer Experience/Satisfaction
Market Sizing, Forecasting, & Revenue Management
Competitive Intelligence & Analysis
Innovation & New Product Development
65.10%
68.70%
72.30%
Segmentation, Targeting, & Positioning
Marketing Research & Analytics
Pricing Strategy & Tactics
y p
59.00%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Organization of Marketing & Customer-facing Functions
*n=83 corporate decision-makers; US only; Percent shown is top two box percentage on 5-point scale: 1=not valuable at all; 2=somewhat valuable; 3=valuable; 4=very valuable; 5=extremely valuable.
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y y
For More InformationFor More Information
For questions on the survey: [email protected] For information on LIFT PhD: www.LIFTPhD.com
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