New York, NY & Orlando, FL – Ipsos Loyalty and a team of academic researchers recently devised a new method to help marketers better understand and grow their share of wallet, and now the team is being recognized for their innovative thinking. The team has won the 2011 Next Gen Market Research ‘Disruptive Innovation’ Award. The announcement was made at The Market Research Event (TMRE) held in Orlando, FL from November 7 to 9.
Ipsos’ Tim Keiningham, Global Chief Strategy Officer & Executive Vice President, and Alex Buoye, Vice President of Analytics, worked closely with Lerzan Aksoy, Professor of Marketing at Fordham University, and Bruce Cooil, Professor of Management at Vanderbilt University, to develop the Wallet Allocation Rule, a new research tool designed to help businesses better map out their share of consumer spending. The award recognizes their work in bringing new thinking and approaches to consumer research to the market.
“This year, 10 individual finalists and 15 company finalists made our list of innovators worthy of recognition,” says Tom H. C. Anderson, Next Gen Market Researcher. “The Next Gen Market Research Board of Directors and I were hard at work reading the many excellent nominations submitted for the 2011 NGMR Disruptive Innovation Awards. I congratulate Tim and his winning team on their achievement and would especially like to thank board members Jan Fager (Managing Director Swedish Marketing Federation), Michael Gadd (President Gadd Research), and Jasper Lim (Managing Director Merlien Institute) for their speedy and thorough help.”
The Wallet Allocation Rule was developed by way of a tremendous R&D effort by the team, validated across more than a dozen different business sectors and product categories. Developed over a two-year period studying the purchasing habits among 17,000 consumers in more than a dozen industries, the Wallet Allocation Rule uses customer rankings of brands to predict the percentage—or share—of spending a company will capture in its segment.
By using the Rule, businesses will be able to link their customer survey data with the share of wallet that their customers allocate to their firm and to their competitors. As a result, managers will be able to clearly identify what it takes to drive share, the most important metric in driving growth. With the Wallet Allocation Rule, investments can be prioritized based upon the real impact that they will have on changes in customers spending with a product, service or brand, thereby insuring maximum return.
“We are honored by this recognition, especially given that it comes from peers and professionals in the market research community,” says Keiningham of the award. “Our basic premise with the Wallet Allocation Rule is that customer loyalty doesn’t always pay as it should. Businesses used to think, ‘The customer is always right.’ But what is truer is that it is the customer’s wallet that’s always right. And we’re pleased that Next Gen values our research and our findings enough to merit this exciting award.”
An in-depth article on the Wallet Allocation Rule appeared in the October 2011 issue of the prestigious Harvard Business Review. Ipsos Loyalty also offers an online recorded information session explaining the uses and value of the Wallet Allocation Rule. In the session, Keiningham and Luke Williams, Vice President with Ipsos Loyalty, demonstrate how to use the model to radically improve a firm's competitive position in the marketplace. Journalists and members of the media wishing to learn more about the Wallet Allocation Rule may do so by accessing the recording on following web page: www.ipsos-na.com/knowledge-ideas/loyalty/webinars/?q=grow-your-share-with-the-wallet-allocation-rule
Ipsos is a past winner at the event. In 2010, Ipsos won the inaugural Disruptive Innovative Individual award, an honor shared with Techneos of Vancouver, Canada. For more information about the NGMR Disruptive Innovation Award, visit www.tomhcanderson.com.
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Director, Marketing Services
Ipsos North America
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