A Statistically Driven Solution to Understanding Customer Needs

A Statistically Driven Solution to Understanding Customer Needs

Marko Begonja, Samantha Pinkes & Asiri Silva • June 2, 2025
Marko Begonja, Samantha Pinkes & Asiri Silva • June 2, 2025

Share

A Common Problem: Understanding Customer Needs 

Investors and management teams often struggle to discern what customers say they want versus what they actually want. Traditional innovation frameworks and customer needs assessments (e.g., Clayton Christensen’s “Jobs to be Done” approach) rely on in-depth market conversations or rudimentary web survey analysis (e.g., ranking criteria on a scale from 1-7) to inform strategic decisions. While these approaches may often be sufficient, there remain many instances when a market’s purchasing dynamics are too complicated or nuanced for customers to clearly express their purchasing rationale. 


In these cases, there are meaningful risks, particularly for management teams seeking to refine product/market fit. The most effective way to mitigate such risk is to observe customers’ actions instead of trusting their stated intent (e.g., Eric Reiss’ “Build, Measure, and Learn” approach); though this requires a disciplined commitment to resourcing and iteration. 

A Statistically Driven Solution

At Grant Thornton Stax, we employ an alternative analytical approach to solve this issue. Our approach measures customers’ derived needs (as opposed to stated) without requiring lengthy product/market fit testing. The approach is rooted in a MaxDiff analysis, which begins with collecting data using best-worst scale web survey questioning. This questioning format presents respondents with a subset of criteria and asks them to select the most and least important on each screen. The answer options adapt based on respondents’ prior selections, thereby forcing tradeoffs while reducing survey fatigue. 


Using this data, we run a statistical analysis to quantify the relative magnitude of purchase criteria importance. The outputs from this analysis are meant to represent the “derived importance” of a customer’s purchasing criteria (i.e., what is truly meaningful versus stated as meaningful). 

Image of carious charts displaying examples of Derived Importance Analysis (Web Survey/Data Collection, Statistical Analysis, Data Synthesis)

This analysis can serve multiple purposes. In one case, on behalf of a B2B software client, we used these derived purchasing criteria and firmographic attributes, in combination with a statistical clustering analysis, to create a sophisticated market segmentation—versus segmenting based solely on firmographic attributes, like size or region. Ultimately, this enabled us to move beyond surface-level segmentation and deliver actionable strategic recommendations that changed the company’s product roadmap and commercial motion, in line with core customer needs. 

This analysis can serve multiple purposes. In one case, on behalf of a B2B software client, we used these derived purchasing criteria and firmographic attributes, in combination with a statistical clustering analysis, to create a sophisticated market segmentation—versus segmenting based solely on firmographic attributes, like size or region. Ultimately, this enabled us to move beyond surface-level segmentation and deliver actionable strategic recommendations that changed the company’s product roadmap and commercial motion, in line with core customer needs. 

Image of Asiri Silva
Image of Will Barden

Asiri Silva

Head of Data Science

Image of Sam Pinkes

Samantha Pinkes

Director

Image of Marko Begonja

Marko Begonja

Manager

Market Segmentation Based Behavioral and Firmographic Attributes

In a different case, a transportation service provider needed to pinpoint what marketing messaging would have highest resonance with school district customers. By running a similar MaxDiff analysis testing the relative importance of student outcomes, Grant Thornton Stax enabled the client to craft more targeted and effective sales and marketing materials, while also informing product development to strengthen its competitive differentiation. 

Chart of Messaging Reach: All Outcomes Resonance, TURF Analysis

Conclusion: A False Trade-Off 

Sophisticated customer insights can be achieved using a lean customer research approach. Using Grant Thornton Stax's web surveying and statistical techniques, customer needs be can more precisely assessed and implications can be incorporated into actionable sales, marketing, and product strategy. Visit www.stax.com or click here directly to learn how we can help develop strategy using deeper customer insights.

Read More

Featured by Wall Street Journal: Private Equity Looks to Consolidate HOA Management Companies
June 2, 2026
Tyler Veit was quoted in The Wall Street Journal's recent article, sharing his thoughts on the fragmentation challenges facing investors while also providing a positive outlook. Read more.
Feat. by Reuters: Ferrari's Luce leads bold leap into uncertain electric era
By Phil Dunne May 26, 2026
Phil Dunne was approached by Reuters to weigh in on Ferrari's first EV, Luce, and how this marks a shift for the luxury Italian supercar manufacturer. Read the full story here.
Stax Advises Orion Legal MSO on Partnership with Hughes & Coleman
May 26, 2026
Grant Thornton Stax congratulates Uplift Investors' Orion Legal MSO, a managed service organization, on its partnership with Hughes & Coleman Injury Lawyers. Read about the deal here.
AI Disruption in Education: Broad Framework for Risk & Defensibility
By Miriam El-Baz May 20, 2026
Artificial intelligence is reshaping education markets, potentially threatening the viability of entire product categories. Read what insights Miriam El-Baz has to share.
Closing the Sustainability Value Capture Gap
By Anuj A. Shah May 18, 2026
Anuj A. Shah recently attended the Reuters Responsible Business USA conference, during which he extracted several takeaways investors and impact managers can use today. Read more.
Why Embedded Payments are Becoming Critical to SaaS Value Creation
By Palash Misra May 18, 2026
Embedded payments are becoming a major growth engine for SaaS platforms. Palash Misra shares insights from his experience on how the market is evolving. Read more here.
Show More