Forethought in an Australian First
Forethought has recently become the first Marketing Research firm in Australia to patent a research methodology. Known simply as Prophecy®, this unique methodology was developed by the Marketing Science team at Forethought in conjunction with leading academics and practitioners. The ground breaking methodology picks up right where Customer Value Analysis (CVA) leaves off.
The CVA methodology acknowledges the linkage between customer value and the ability of organisations to occupy a share gaining position within the market. The methodology asserts that organisations perceived to be offering the best value product or services are positioned to obtain gains in market share. A further extension of the CVA methodology is Digital War Room, a software program that allows organisations to visually simulate changes in market share as a result of identifying and improving the key drivers of value.
Whilst CVA and DWR are effective tools to help organisations develop share gaining strategies, they are unable to estimate the extent of the gains should an organisation move into an improved market position. In other words, whilst it is extremely useful to be able to identify the key drivers of value and improve on them, what is more paramount to an organisation is knowing the expected financial outcome likely to result from such improvements.
Recognising this 'gap' in analysis, Forethought has developed Prophecy®, an algorithm that predicts changes in market share estimates as a result of changes in the performance scores of value drivers.
Prophecy® is a unique and innovative methodology, capable of taking quantitative research data and quantifying expected changes in market share estimates, when specific drivers of value are modified. As the first of its kind in Australia, Forethought has moved quickly to patent the methodology.
