How much is it worth to have customers willing to try your new products?
There’s a huge advantage in having customers who are looking to try your next offering versus customers who want nothing to do with your latest and greatest. That’s why we created the Temkin Innovation Equity Quotient (TIEQ).
The TIEQ is based on a simple question: “If <COMPANY> announced a new product or service, how likely would you be try it right away?” Respondents can select a response from 1 (Extremely unlikely) to 7 (Extremely likely), and we calculate the TIE Quotient as the percentage of 6s and 7s for each company.
In January of this year, we collected feedback from 10,000 consumers and ended up with at least 100 responses for 293 companies across 20 industries (see full list of companies (.pdf)). As you can see in the graphics below:
- Firms with highest TIEQ: ACE Rent A Car, JetBlue Airlines, Virgin America, Trader Joe’s, Sony, Apple, Victoria Secret, Apple, H-E-B, and Holiday Inn.
- Firms with lowest TIEQ: Citibank, Ace Hardware, BB&T, U.S. Bank, Frontier Communications, Cox Communications, Consolidated Edison of New York, Comcast, and Citizens Bank.
Purchase full 2015 TIEQ dataset for $195Download this sample excel file (.xls) to see what’s in the dataset.
The bottom line: Build up your Innovation Equity!