Tag Importance Node
The Tag Importance node correlates the Features, Benefits, Attributes and Consumer Sentiment that describe a Product with the sales performance of that Product.
While many Customers may have Tagged a Product as having ‘Quick Delivery’ or as being ‘Accurately Described’ it may be that these Tags are not important to whether the Customer purchased the Product. Correlation among the Products in the Customer’s ‘Consideration Set’ may demonstrate that a less common Tag such as ‘Easy To Use’ more accurately predicts whether the Customer will purchase this Product or not. Companies should focus on improving a Product’s most important Tags.
The Tag Importance node correlates the Features, Benefits, Attributes and Consumer Sentiment that describe a Product with the sales performance of that Product. Each Tag is correlated against: Product Purchased, Product In Consideration Set, Product Ranking, Customer Willingness To Pay, Product Price, etc.
The set of Products that define the Market. Each row corresponds to a Product that competes for customers in the Market.
The set of Tags associated with each Product in the Market. Each row quantifies the value of the Tag for a Product. A Consumer Sentiment Tag may be ‘Quick Delivery’ for which a Count of 120 people may have commented. A Feature Tag may be ‘Pages Per Minute’ and could have a Weight of 15. A Quality Tag may be ‘Value For Money’ for which the Product received a Weight of 4.5 stars. A binary Feature Tag may be ‘Free Shipping’ and could have a Weight of 1 to indicate that shipping cost is included in the payment.
The Willingness To Pay (WTP) Customer Distribution matrix for each Product column in the Market by each Virtual Customer row. The total number of Virtual Available Customers is equal to the number of rows in the WTP Matrix.
The Tag Importance node can iterate over all of the Products in the Market or just a single Product.