Consumer decision process modeling: how leaders can better understand buyers’ choices

Abstract

Purpose – Knowing which of the hundreds of elements that comprise a consumer's purchasing decision are the most important is essential if leaders are to wisely allocate resources and support actions that will have an expedient impact on growth.Design/methodology/approach – IBM Consulting is testing consumer decision process (CDP) modeling in a variety of industries.Findings – A new tool, CDP modeling, offers companies a combination of traditional market research and unique quantitative modeling can take the guesswork out of why consumers do or do not buy.Research limitations/implications – Comparative testing with other consumer decision research tools needs to be done.Practical implications – Achieving the benefits of CDP requires starting with strategic issues like competitive gaps, selecting consumer decisions that provide the best information for this issue, like why consumers choose a particular retailer, and implementing changes based on insights discovered.Originality/value – Armed with insights ba...