Node Description
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.
This Premium Node is not available as part of the free Community Edition. Premium Nodes help clean and connect real-world data to Market Simulations, and provide advanced Market Science analysis. Note that these descriptions are often deliberately vague.
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Tag Importance
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.
Inputs
Product Array
The set of Products that define the Market. Each row corresponds to a Product that competes for customers in the Market.
Product Tags
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.
WTP Matrix
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.
Node
Configuration
The Tag Importance node can iterate over all of the Products in the Market or just a single Product.
Outputs
Tag Importance
Calculates the correlation between the Tag and the Sales Dimension for each Product, such as ‘Purchased’, indicating the strength and importance of the relationship.
